§ 36-10-4-36 — Cumulative building and sinking fund; establishment; levy of tax

(a) To raise money for any of the purposes
for which bonds may be issued under section 35 of this chapter, the
board may request that the city legislative body adopt an ordinance
establishing a cumulative building and sinking fund. The legislative
body may establish a cumulative building and sinking fund under IC 6-1.1-41. The tax may not exceed three and thirty-three hundredths
cents ($0.0333) on each one hundred dollars ($100) of taxable personal
and real property in the district.
(b) The tax, when collected, shall be held in a public depository in
a special fund to be known as the park district cumulative building and
sinking fund.
[Pre-Local Government Recodification Citation:
19-7-30-31.]
As added by Acts 1981, P.L.309, SEC.111. Amended by Acts
1981, P.L.45, SEC.100; P.L.17-1995, SEC.43; P.L.6-1997,
SEC.233.