(A) The Lake County Council now establishes the Undervalued and Omitted Property Fund, Fund No. 387, a non-reverting fund, established for the deposit of funds collected pursuant to I.C. 6-1.1-36-12 to be used for the deposit of taxes, including penalties and interest that result from additional assessments on undervalued or omitted property collected through the contract with Tax Management Associates.
(B) The Fund shall remain in existence during the term of the contract with Tax Management Associates. Distribution shall be made from the Fund without appropriation only for the following purposes:
(1) All contract fees and other costs related to the contract.
(2) After payment required by division (B)(1) have been made and the contract has expired, the County Auditor shall distribute all money remaining in the Fund to the appropriate taxing units in the county using the property tax rates of each taxing unit in effect at the time of the distribution.
(C) Appropriations from the Fund shall be subject to approval by the Lake County Council, or as otherwise provided by law.
(D) Any money remaining in the Fund at the end of the year shall not revert to the General Fund but continue in the Undervalued and Omitted Property Fund, Fund No. 387, subject to appropriation by the Lake County Council, or as otherwise provided by law.
(Ord. 1350B, passed 7-10-2012)