(A) Pursuant I.C. 6-1.1-18.5-17, there is hereby established a Civil City Levy Excess Fund 0710 for the purpose of accounting for the receipt and disbursements of the property taxes received which exceeds 100% of the taxing unit’s ad valorem property tax levy.
(B) Monies deposited in said Fund shall be used as provided by the Department of Local Government Finance approval of the taxing unit’s budget.
(C) Monies from said Fund may be disbursed only on approved claims allowed by the Common Council.
(D) Said fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, any balance in said Fund shall be disbursed as determined by the Department of Local Government Finance.
(Ord. 11-0014, passed 7-25-2011)