§ 36-10-3-21 — Cumulative building fund; establishment; levy of tax; collection of tax

(a) The board may establish a cumulative
building fund under IC 6-1.1-41 to provide money for:
(1) building, remodeling, and repair of park and recreation
facilities; or
(2) purchase of land for park and recreation purposes.
In addition to the requirements of IC 6-1.1-41, before a fund may be
established, the proposed action must be approved by the fiscal body
of the unit.
(b) To provide for the cumulative building fund, the unit's fiscal
body may levy a tax in compliance with IC 6-1.1-41 not to exceed one
and sixty-seven hundredths cents ($0.0167) on each one hundred
dollars ($100) of assessed valuation of taxable property within the unit.
(c) The tax shall be collected and held in a special fund known as
the unit's park and recreation cumulative building fund.
[Pre-Local Government Recodification Citation:
19-7-4-25.5.]
As added by Acts 1981, P.L.309, SEC.110. Amended by Acts
1981, P.L.45, SEC.93; P.L.358-1987, SEC.2; P.L.17-1995, SEC.42;
P.L.6-1997, SEC.231.