HB 1604 - CIB bailout bill - what is in the bill

HB 1604 is the bill that would allow the Indianapolis-Marion County City-County Council to increase a variety of taxes, the revenues of which would go to the Capital Improvements Board (CIB). The bill also contains changes in taxes for CIBs in other cities throughout the State of Indiana. The Marion County CIB provisions are summarized below (taken from the HB 1604 Legislative summary):

Permits the Marion County city-county council to increase: (1) the county supplemental auto rental excise tax from 4% to 6%; (2) the county admissions tax from 6% to 10%; and (3) the county innkeepers tax from 9% to 10%.
Establishes a Marion County option to impose an off-premises alcoholic beverage tax at a rate not to exceed the state alcoholic beverage tax rate.
Permits Indianapolis to impose a new commercial parking fee.
Expires the tax increases and fee January 1, 2020.
Deposits the revenue from these increases in a new sports and convention facilities operating fund for the Marion County capital improvement board of managers (Marion County CIB).
Restricts the use of the new operating fund to paying usual and customary operating expenses that have a positive economic impact with respect to capital improvements operated by the Marion County CIB.
Allows for an addition to the Marion County professional sports development area to include a hotel complex located within 0.5 miles from the Indiana Convention Center. Provides for the deposit of the state sales taxes from the additional area in the new Marion County CIB sports and convention facilities operating fund. Adds an offset to the captured taxes from the new tax area addition if local tax and fee revenue from the increases exceed $21,000,000.
Eliminates the capture of state sales taxes in the tax area addition not later December 31, 2040.
Requires the Marion County CIB to present a long range financial plan to the city-county council before January 1, 2010.
Requires the state board of accounts to audit annually the accounts, books, and records of the Marion County capital improvement board. Requires the SBOA to do a financial and compliance audit of the capital improvement board. Requires the board to submit the SBOA reports to the Marion County legislative body.
Requires the Marion County legislative body to review the SBOA reports at a public hearing. Requires the board to post its proposed budget, its adopted budget, and the SBOA reports on the internet.
Requires the Marion County legislative body to approve the issuance of revenue and general obligation bonds by the capital improvement board. Removes the Marion County board of commissioners from the review and approval of general obligation bonds and adds a requirement for the mayor's approval.
Adds two members to the Marion County CIB who are appointed by the governor. Requires one of these appointments to be a resident of a county (other than Marion County) that has a food and beverage tax in effect that provides revenue to the Indiana Stadium and Convention Building Authority.
Permits Indianapolis to use parking meter revenue for costs associated with the acquisition, construction, renovation, operation, and maintenance of public infrastructure and improvements and securitize parking system revenues in the city.
Makes an appropriation for the distribution of various local taxes and state sales tax in the additional Marion County professional sports development area.