(A) A City Levy Excess Fund is hereby established.
(B) The Clerk-Treasurer may invest money in the Levy Excess Fund in the same manner in which money in the General Fund may be invested. However, any income derived from investment of this money shall be deposited in and become a part of the Levy Excess Fund.
(C) Money in the Levy Excess Fund may not be expended until the expenditures of the money has been included in a budget that has been approved by the Department of Local Government Finance.
(D) Money in the Levy Excess Fund may be transferred to other funds to reimburse those funds for amounts withheld from the city as a result of refunds paid under I.C. 6-1.1-26.
(E) Subject to limitation of Indiana law, the money in the City Levy Excess Fund may be used for any lawful purpose for which money in any of the city’s other funds may be used.
(Ord. 97-43, passed 11-10-97; Am. Ord. 05-16, passed 6-27-05)