(a) To provide for the cumulative building and equipment fund established under this chapter, the legislative body may levy a tax on all taxable property within the taxing district in compliance with IC 6-1.1-41. The tax rate may not exceed three and thirty-three hundredths cents ($0.0333) on each one hundred dollars ($100) of assessed valuation of property in the taxing district.(b) As the tax is collected, it shall be deposited in a qualified public depository or depositories and held in a special fund to be known as the 'building or remodeling, firefighting, and police radio equipment fund' in the case of a municipality or as the 'building or remodeling and fire equipment fund' in the case of a township or fire protection district.[Pre-Local Government Recodification Citations: 18-6-7-3; 18-6-9-3.]As added by Acts 1981, P.L.309, SEC.66. Amended by P.L.316-1989, SEC.3; P.L.171-1994, SEC.2; P.L.17-1995, SEC.23; P.L.6-1997, SEC.213.
Indiana Legal Code