(A) In accordance with I.C. 6-1.1-18.5-7, there is hereby created a "Levy Excess Fund" into which there shall be receipted any portion of the town's annual ad valorem property tax distribution which exceeds 102% of the total ad valorem property tax levy, as provided in the approved and certified town budget for any budget year.
(B) Monies in the Levy Excess Fund may only be used for purposes authorized by the State Board of Tax Commissioners.
(Ord. 1C-1984, passed - -1984)