Section 50 IAC 9-2-2 - Purpose of fund; levyAuthority: IC 36-12-12-12
Affected: IC 6-1.1-18.5-3; IC 36-12-12-2
Sec. 2.
(a) A district may establish a capital projects fund.(b) With respect to a facility used or to be used by a library, the board may expend money in the fund for the following: (1) Planned construction, repair, replacement, or remodeling.(4) Repair, replacement, or site acquisition necessitated by an emergency.(c) Money in the fund may be used to pay for the purchase, lease, or repair of equipment used or to be used by the library. Money in the fund may also be used for the maintenance or upgrading of computer hardware or software.(d) A board may levy ad valorem property taxes at a rate not to exceed five cents ($.05) per one hundred dollars ($100) of assessed valuation.(e) The maximum permissible levy limitations of IC 6-1.1-18.5-3 do not apply to that portion of ad valorem property taxes levied for a library capital projects fund at a rate not to exceed four cents ($.04) per hundred dollars ($100) of assessed valuation.Department of Local Government Finance; 50 IAC 9-2-2; filed Sep 21, 1990, 3:30 p.m.: 14 IR 254