(A) Levy Excess Fund. Pursuant to I.C. 6-1.1-18.5-17, there is hereby established the Levy Excess Fund.
(B) Transfer of levy excess. Following the passage of this section, the Town Clerk-Treasurer shall hereafter transfer and deposit that part of the town’s ad valorem property tax levy actually collected in any calendar year that exceeds 102% of the town’s ad valorem property tax levy for that calendar year (the “levy excess”) to the Levy Excess Fund. Notwithstanding the foregoing, in the event that the levy excess for any calendar year is less than $100, no money shall be deposited in the Levy Excess Fund for that calendar year.
(C) Investment of Fund. The town may invest money in the Levy Excess Fund in the same manner in which money in the town’s General Fund may be invested. However, any income derived from investment of the Levy Excess Fund shall be deposited in and become a part of the Levy Excess Fund.
(D) Appropriations. The Levy Excess Fund may not be appropriated until the expenditure of the money has been included in a budget that has been approved by the state’s Board of Tax Commissioners under I.C. 6-1.1-17, except that the town may transfer money from its Levy Excess Fund to other funds to reimburse those funds for amounts withheld as a result of refunds paid under I.C. 6-1.1-26. Subject to the limitations set forth in this division (D) and I.C. 6-1.1-18.5-17, as such may be amended from time to time, the town may use money in the Levy Excess Fund for any lawful purpose for which money in any of its other funds may be used.
(Ord. 2002-8, passed 5-13-2002)