Section 36-7.5-3-1.5 - Expenditure of money to fund economic development projects; requirements; submission of funding proposals to budget committee; exceptions(a) Except as provided in section 1.7 of this chapter, this section applies to revenue received by the authority to the extent that the revenue has not been pledged or otherwise obligated to pay bonds or leases entered into before July 1, 2015, for a project other than a rail project.(b) The authority may expend money received under this article to fund economic development projects only to the extent that:(1) the development board finds that the economic development project is a destination based economic development project evaluated under IC 36-7.5-2-1(4) or is consistent with:(A) a duty imposed upon the development authority under section 1(2) or 1(4) of this chapter; or(B) the Marquette Plan; and(2) funding the project is reviewed by the budget committee under subsection (c).(c) The development board shall submit to the budget committee for review and comment any proposal to fund an economic development project (including any destination based economic development project) under this article. The budget committee shall review any proposal received under this subsection and may request that the authority appear at a public meeting of the budget committee concerning the funding proposal. This subsection does not apply to a rail project financed under IC 5-1.3.Amended by P.L. 189-2018,SEC. 169, eff. 3/21/2018.Amended by P.L. 204-2016, SEC. 38, eff. 7/1/2016.Added by P.L. 192-2015, SEC. 12, eff. 7/1/2015.