Indiana Code 15-14-1-12. County allowance to association; lien; repayment
(b) The county executive may make an allowance out of the general fund of the county to a corporation incorporated under this chapter.
Terms Used In Indiana Code 15-14-1-12
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) name and date of organization of the association; and
(2) amount expended for fairgrounds and permanent improvements needed for the fairgrounds and the amount necessary to complete the improvements.
(d) After receiving a sworn statement under subsection (c), the county executive may make an allowance that the county executive considers necessary, but that does not exceed either of the following:
(1) Ten thousand dollars ($10,000).
(2) One-half (1/2) the amount shown by the statement to be expended on the grounds and improvements.
(e) The amount appropriated under this section is a lien on the real and personal property of the association.
(f) Dividends may not be declared or paid to the incorporators or stockholders until the appropriation made by the board is repaid to the county treasurer with interest.
[Pre-2008 Recodification Citation: 15-1-2-12.]
As added by P.L.2-2008, SEC.5. Amended by P.L.86-2008, SEC.8.