INDIANAPOLIS -- A bipartisan group of state legislators proposed a plan Monday to shore up the Capital Improvement Board's funding shortfall without raising taxes.

The organization, which oversees Indianapolis' professional sporting venues and the Indiana Convention Center, is expected to be more than $47 million in the red due to operating expenses.

At issue are two payments totaling more than $43 million due later this year -- one to the state to cover expenses form the original issuance of the bonds for Lucas Oil Stadium and the expansion of the Convention Center, and one to the company that insures those bonds, 6News' Norman Cox reported.

The plan from the Marion County lawmakers -- two Democrats and one Republican -- proposes the state extend the due date on the CIB's payment and that the organization borrow the rest from the surpluses of the nine Marion County township trustees.

"I would hope the public would say that if I have $50 million in my left pocket and my right pocket needs it, maybe I ought to borrow it from my left pocket," said Rep. Ed DeLaney, D-Indianapolis. "I mean, it's just that simple. I want the public to come out and say that we shouldn't be spending money in order to not have reform."

The lawmakers admit that they haven't gotten a rousing reception from the township trustees, most of whom deny that they have excessive amounts in their rainy day funds.

A CIB bailout bill passed by the Senate last week would allow increases in Marion County's alcohol, car rental, hotel and ticket taxes with the extra cash going to the board.

Senate Appropriations Chairman Luke Kenley, R-Noblesville, had previously proposed doubling alcohol taxes statewide to help the CIB, a plan that would have meant adding an extra penny to the price of a 12-ounce beer, or about a dime to a bottle of wine. But the idea proved unpopular among many from outside Indianapolis and lawmakers removed that part of the plan.