(A) In accordance with the requirements of IC 6-1.1-18.5-7, there is hereby established a Levy Excess Fund, into which shall be receipted, in any tax year for which the town's actual receipts from ad valorem property tax levies exceed 102% of the total nominal ad valorem levy as provided in the approved and certified town budget, the lesser of the following amounts:
(1) The actual amount by which receipts exceed 102% of the nominal levy; or
(2) $100.
(B) Money deposited in the Levy Excess Fund may only be used for purposes authorized by the state Board of Tax Commissioners, but may be invested and any earnings distributed in the same manner as for other town money.
('85 Code, § 2-7-2) (Ord. 1985-C10, passed 9-16-85)