§ 16-22-8-41 — Cumulative building fund

(a) The board may provide a cumulative
building fund under IC 6-1.1-41 to erect hospital buildings, additions,
or other buildings, remodel buildings, or acquire equipment needed to
carry out this chapter. The cumulative building fund may be funded by
a property tax levy under subsection (b), a transfer into the fund of
other revenues of the hospital, or a combination of these two (2)
methods.
(b) The board may levy a tax in compliance with IC 6-1.1-41 on all
taxable property within the county where the corporation is established.
However, the levy may not exceed six and sixty-seven hundredths cents
($0.0667) on each one hundred dollars ($100) of taxable property.
(c) All money in the cumulative building fund may be invested or
reinvested in the following:
(1) Securities backed by the full faith and credit of the United
States Treasury, including direct obligations of the United States
government and obligations of a federal agency or a federal
instrumentality that are fully guaranteed by the United States
government.
(2) Participation in loans under the conditions and in the manner
set forth in IC 5-13-10.5-12.
(d) The treasurer of the corporation may lend any securities in the
cumulative building fund under the conditions and in the manner set
forth in IC 5-13-10.5-12. Money collected and not invested in
government obligations shall be deposited and withdrawn in the
manner authorized by law for the deposit, withdrawal, and safekeeping
of the general funds of municipalities.
[Pre-1993 Recodification Citation: 16-12-21-35.]

Legislative History

As added by P.L.2-1993, SEC.5. Amended by P.L.57-1993, SEC.13; P.L.17-1995, SEC.20; P.L.18-1996, SEC.30; P.L.6-1997, SEC.168.