§ 14-27-6-48 — Cumulative building fund

Indiana § 14-27-6-48

• Jurisdiction: Indiana
• Art. 27: LEVEES, DAMS, AND DRAINAGE
• Ch. 6: Levee Authority in Vanderburgh County

Text

(a) The board may provide a cumulative
building fund in compliance with IC 6-1.1-41 to provide for the
erection of:
(1) levees, gates, and pumping stations; or
(2) other facilities or the addition to or improvement of the
facilities on the levees;
needed to carry out this chapter.
(b) In compliance with IC 6-1.1-41, the board may levy a property
tax not to exceed sixty-seven hundredths of one cent ($0.0067) on each
one hundred dollars ($100) of taxable property within the district. As
the tax is collected, the tax may be invested in negotiable United States
bonds or other securities that the federal government has the direct
obligation to pay.
(c) Any money of the cumulative building fund not invested in
government obligations shall be withdrawn from the cumulative
building fund in the same manner as money is regularly withdrawn
from a general fund but without further or additional appropriation.
[Pre-1995 Recodification Citation: 13-2-31-26.]

Legislative History

As added by P.L.1-1995, SEC.20. Amended by P.L.17-1995, SEC.13; P.L.6-1997, SEC.159.