Sec. 2-65 Establishment Procedures for a Cumulative Building Fund.

   a.   The Board may establish a cumulative building fund to provide money for;

      1.   Building, remodeling, and repair of parks and recreation facilities; or

      2.   Purchase of land for parks and recreation purposes.

   Before a fund may be established, the proposed action must be approved by the State Board of Tax Commissioners. In the event a cumulative building fund is established, it shall be administered pursuant to the provisions set forth in Indiana Code, § 36-10-3-21 (a) - (g), as amended from time to time.

(Ord. No. 1048, § 19, 11-10-87; Schererville Town Code, § 2-7-19)