Sec. 7. (a) If a tax is levied under section 6 of this chapter, the county treasurer shall establish a lake enhancement fund. Except as provided in subsection (c) and section 8 of this chapter, the county treasurer shall deposit in this fund all amounts received under section 6 of this chapter.

     (b) Money in this fund may be expended only to enhance lakes located in the county, including silt trap maintenance.

     (c) This subsection applies if the tax levied under section 6 of this chapter is increased by an ordinance adopted by the county fiscal body after June 30, 2011. The county treasurer shall deposit in the lake enhancement fund:

(1) the amount received under section 6 of this chapter; multiplied by

(2) a fraction, the numerator of which is three (3) and the denominator of which is the product of:

(A) the tax rate in effect after the adoption of the ordinance to increase the tax; multiplied by

(B) one hundred (100).

As added by P.L.68-1997, SEC.1. Amended by P.L.172-2011, SEC.103.