HB 1495 Summary

• Changes the West Baden Springs historic hotel preservation and maintenance fund to allow use of all money in the fund (not just interest) for qualified historic hotel maintenance and related facilities.

• Sets withdrawal limits for fiscal year 2013-2014 at 5% of the fund balance as of July 1, 2013.

• Requires the fund to maintain a minimum balance of $20,000,000 before claims can be paid in subsequent fiscal years, with annual withdrawals capped at 5% of the fund balance.

• Prohibits interest accruing to the fund from being withheld, transferred, or reassigned for any purpose other than reimbursing maintenance claims.

• Effective July 1, 2013.