Sec. 9. Money in the food and beverage tax receipts fund must be used by the city only for the following purposes:
(1) Rehabilitation, renovation, repurposing, improvement, or maintenance of historic property.
(2) Park and recreation purposes, including the purchase of land for park and recreation purposes.
(3) Economic development purposes.
(4) The pledge of money under IC 5-1-14-4 for bonds, leases, or other obligations incurred for a purpose described in subdivisions (1) through (3).
Revenue derived from the imposition of a tax under this chapter may be treated by the city as additional revenue for the purpose of fixing its budget for the budget year during which the revenues are to be distributed to the city.