IN SB0462

Permits Madison County council to increase the food and beverage tax rate from 1% to 2% for the period July 1, 2011, through June 30, 2013, with adoption deadline of May 31, 2011.

Allocates revenue from the 2% tax rate as follows: 50% to the economic development project fund, 25% to cities, towns, and unincorporated county based on population (for general operating revenues), and 25% to a new Paramount Theater fund.

Establishes a Paramount Theater fund to be used solely for preserving, improving, equipping, operating, maintaining, and promoting the Paramount Theater and retiring debt secured by mortgage on the theater as of July 1, 2011.

Authorizes the county fiscal body to make grants from the Paramount Theater fund to a nonprofit foundation dedicated to theater preservation and debt retirement purposes.

Declares an emergency for the act, making it effective upon passage.