CHAPTER 21. CUMULATIVE IMPROVEMENT FUND
IC 14-33-21
Chapter 21. Cumulative Improvement Fund
IC 14-33-21-1
"Fund" defined
Sec. 1. As used in this chapter, "fund" refers to a cumulativeimprovement fund established under this chapter.
As added by P.L.1-1995, SEC.26.
IC 14-33-21-2
Purpose of fund
Sec. 2. A district may establish a cumulative improvement fundunder IC 6-1.1-41 to provide money for the construction, additionalconstruction, or repair of the works of improvement the district:
(1) is authorized to construct; and
(2) states in the district plan, or part of or amendment to theplan, is a purpose of the fund.
As added by P.L.1-1995, SEC.26. Amended by P.L.17-1995, SEC.14.
IC 14-33-21-3
Establishment of fund
Sec. 3. (a) The board of a district that determines to establish afund shall state this determination in the district plan or in any partor amendment to the plan. Notice to this effect shall be made a partof all notices concerning approval of the district plan or a part of oramendment to the plan, including implementation of the plan. Theplan must specify the:
(1) works of improvement;
(2) additions to the works of improvement; or
(3) repair of the works of improvement;
that are to be financed by the fund.
(b) When:
(1) the district plan;
(2) part of the district plan; or
(3) an amendment to the district plan;
is approved by the court having jurisdiction of the district, the fundis established.
As added by P.L.1-1995, SEC.26.
IC 14-33-21-4
Financing the fund
Sec. 4. (a) To provide money for the fund, the board may place inthe fund the following:
(1) Gifts or grants from a person or state or federal agency.
(2) Receipts of revenue from the sale of services or propertyproduced incident to the accomplishment of the purpose forwhich the district is organized.
(3) Any other form of miscellaneous receipt, including tap-infees and connection fees.
(4) Levy of a special benefits tax in accordance with sections 5
through 10 of this chapter.
(5) Collection of the exceptional benefits assessments orinstallments of the assessments, but only in accordance withsection 11 of this chapter.
(b) The board shall state in the district plan or part of oramendment to the plan the source or combination of sources that willfinance the fund.
As added by P.L.1-1995, SEC.26.
IC 14-33-21-5
Special benefits tax
Sec. 5. The board may levy a special benefits tax in compliancewith IC 6-1.1-41 in an amount not to exceed three and thirty-threehundredths cents ($0.0333) on each one hundred dollars ($100) ofreal property in the district, except the property that is exempt underIC 14-33-7-4. The board shall file with the district plan or part of oramendment to the plan:
(1) the approval of the department of local government finance;and
(2) any action taken to reduce or rescind the tax levy.
As added by P.L.1-1995, SEC.26. Amended by P.L.17-1995, SEC.15;P.L.6-1997, SEC.161; P.L.90-2002, SEC.377.
IC 14-33-21-6
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 14-33-21-7
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 14-33-21-8
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 14-33-21-9
Approval of proposal
Sec. 9. The approval of the department of local governmentfinance:
(1) does not have to be filed with the district plan or part of oramendment to the plan at the time of the submission to thecommission; and
(2) only has to be filed with the court having jurisdiction of thedistrict.
As added by P.L.1-1995, SEC.26. Amended by P.L.17-1995, SEC.16;P.L.90-2002, SEC.378.
IC 14-33-21-10
Reduction or rescission of tax levy by amendment
Sec. 10. A tax levy under section 5 of this chapter may be reduced
or rescinded by an approved amendment to the district plan.
As added by P.L.1-1995, SEC.26. Amended by P.L.17-1995, SEC.17.
IC 14-33-21-11
Exceptional benefits assessments
Sec. 11. (a) If the board determines to collect exceptional benefitassessments or installments of the assessments to provide for thefund in whole or in part, the board shall file with the district plan orpart of or amendment to the plan the description of the land that theboard has determined to be exceptionally benefited by the:
(1) works of improvement;
(2) addition to the works of improvement; or
(3) repair of the works of improvement.
(b) The board shall have written notice mailed first class postageprepaid to the owners of record of the land to the effect that thefinancing of the fund has been determined. The notice must state thetime and place of the court hearing on the determination.
(c) Notwithstanding this section:
(1) the determination by the board of the land to beexceptionally benefited; and
(2) the notice on the determination;
does not bind the determination with regard to the existence andamount of exceptional benefits of appraisers appointed underIC 14-33-8.
As added by P.L.1-1995, SEC.26.
IC 14-33-21-12
Excess money
Sec. 12. If:
(1) there is a savings resulting from the cost of the works ofimprovement that are provided in the district plan, including thenecessary engineering, legal, and administrative fees, being lessthan the proceeds of a bond issue or other borrowing to pay thecosts;
(2) the district plan is amended to provide that the excessmoney may be placed in the fund for further necessary works ofimprovement or additions to those works constructed with thoseproceeds; and
(3) the use of the excess money is not restricted by the terms ofthe bond issue or other borrowing;
the excess money may be placed in the fund for the purposesdescribed in subdivision (2).
As added by P.L.1-1995, SEC.26.
IC 14-33-21-13
(Repealed by P.L.17-1995, SEC.45.)
IC 14-33-21-14
Discharge of obligation
Sec. 14. If a federal or state agency, according to statute or
contractual obligation, demands immediate or prompt action by thedistrict in construction of, adding to, or repairing works ofimprovement, the district:
(1) may not defend that not enough money for the work hasaccumulated in the fund; and
(2) shall use the accumulation of money in the fund, includingthe proceeds of:
(A) borrowing;
(B) the collection of tax or assessments; or
(C) both borrowing and the collection of tax or assessments;
to discharge the obligation.
As added by P.L.1-1995, SEC.26.