Sec. 15. The commission shall use the development funds to provide purses and other funding for the activities described in section 9 of this chapter. The commission may pay:

(1) the operating costs of the development programs;

Terms Used In Indiana Code 4-31-11-15

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) other costs of administering this chapter; and

(3) costs incurred to promote the horse racing industry in Indiana;

from one (1) or more of the development funds. However, the amount used for each state fiscal year from these development funds to pay these costs may not exceed four percent (4%) of the amount distributed to those funds during the immediately preceding state fiscal year under IC 4-35-7-12.

As added by P.L.341-1989(ss), SEC.2. Amended by P.L.229-2011, SEC.59; P.L.256-2015, SEC.8; P.L.268-2017, SEC.14.

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