(A) Established, distribution, appropriations and deposit limitations. Fund 385 (Auditor’s Property Sale Fund for Commissioners’ Tax Sale Certificates) shall be established as an Auditor’s Working Fund Account from which tax certificate sales related expenses are paid. Fund No. 385 shall also act as a clearinghouse for the sales proceeds that are due to the taxing units where the property is located, minus administrative expenses which are determined and documented as follows.
(1) The Auditor’s Incentive Fund, the Treasurer’s Incentive Fund, the Lake County Board of Commissioners’ Incentive Fund and the Recorder’s Incentive Fund are hereby established.
(2) Distribution to the four funds shall be made by the Lake County Auditor who is directed to deposit monthly into each fund, 10% of the revenue received as a direct result of the Lake County Commissioners’ tax sale certificate auction.
(3) Distribution from the Funds shall be made to the Auditor’s office, the Treasurer’s office, the Lake County Board of Commissioners and Recorder’s Office respectively by appropriation from the county fiscal body as provided by law.
(4) Each of the four funds shall receive deposits pursuant to the this section until the sum of $100,000 is received in each calendar year. After the sum of $100,000 is reached in a respective fund, revenue destined for the particular fund shall remain in Fund No. 385.
(B) Distribution of remaining funds. The balance of the sale proceeds after deduction of expenses and the incentive funds shall be distributed in accordance with I.C. 6-1.1-24-6.4 out of Fund No. 385.
(Ord. 1254B, passed 8-10-2004; Ord. 1264E, passed 6-13-2005)
Cross-reference:
Lake County Commissioners Tax Certificate Sales Application Fee Fund, Fund No. 384, see § 37.207