§ 36-9-4-57 — Improvement reserve fund

(a) The board of directors of a public
transportation corporation may, by resolution, establish an
improvement reserve fund for the purpose of accumulating money over
two (2) or more fiscal years for the following:
(1) The purchase of specified real property.
(2) The purchase of specified major equipment, including buses.
(3) The making of improvements to real property owned by the
public transportation corporation.
(b) Transfers that are placed in an improvement reserve fund
established under this section must be included in the annual budget of
the public transportation corporation.
(c) The board of directors of a public transportation corporation may
make an expenditure of money from an improvement reserve fund only
after:
(1) holding a public meeting in accordance with section 22 of this
chapter;
(2) the adoption by the board of a resolution under subsection (d);
and
(3) approval by the department of local government finance.
(d) A resolution for expenditure from an improvement reserve fund
established under this section must include the following:
(1) The specific amount of the expenditure.
(2) The specific use of the expenditure.
(3) A finding by the board of directors that the proposed use of
funds complies with the restrictions under subsection (a).
(e) The money in the improvement reserve fund may not be
considered in determining the corporation's property tax levy under this
chapter or IC 6-1.1.
(f) The money in the improvement reserve fund at the end of the
fiscal year does not revert to the general fund.

Legislative History

As added by P.L.317-1989, SEC.1. Amended by P.L.90-2002, SEC.508.