(b) The bank account referenced in subsection (a):(1) must allow expenditures only in accordance with the terms of the development agreement;(2) must be used to account for and report the proceeds of economic development payments; and(3) must be maintained at an FDIC insured bank that is located in and has a corporate presence in the State of Indiana.As added by P.L.82-2011, SEC.1.
Indiana Legal Code