CHAPTER 3. APPLICATION OF LEVY EXCESS TO REDUCE PROPERTY TAXES

IC 20-44-3
    Chapter 3. Application of Levy Excess to Reduce Property Taxes

IC 20-44-3-1
"Fund"
    Sec. 1. As used in this chapter, "fund" refers to a levy excess fundestablished under IC 20-40-10-2.
As added by P.L.2-2006, SEC.167. Amended by P.L.1-2007,SEC.153.

IC 20-44-3-2
"Levy excess" defined; limitation
    Sec. 2. As used in this chapter, "levy excess" means that part ofthe property tax levy actually collected by a school corporation fortaxes first due and payable during a particular calendar year thatexceeds the school corporation's total levy, as approved by thedepartment of local government finance under IC 6-1.1-17, for thoseproperty taxes. The term does not include delinquent ad valoremproperty taxes collected during a particular year that were assessedfor an assessment date that precedes the assessment date for thecurrent year in which the ad valorem property taxes are collected.
As added by P.L.2-2006, SEC.167. Amended by P.L.154-2006,SEC.68.

IC 20-44-3-3
Validity; levy excess
    Sec. 3. A school corporation's levy excess is valid.
As added by P.L.2-2006, SEC.167. Amended by P.L.146-2008,SEC.491.

IC 20-44-3-4
Required deposit of levy excess; levy excess fund
    Sec. 4. Except as provided in section 9 of this chapter, a schoolcorporation shall deposit its levy excess in a fund to be known as theschool corporation's levy excess fund.
As added by P.L.2-2006, SEC.167.

IC 20-44-3-5
Inclusion of balance in budget
    Sec. 5. The department of local government finance shall requirea school corporation to include the amount in the schoolcorporation's fund in the school corporation's budget fixed underIC 6-1.1-17.
As added by P.L.2-2006, SEC.167.

IC 20-44-3-6
Expenditure after appropriation; reduction of maximum levy
    Sec. 6. Except as provided in section 7 of this chapter, a schoolcorporation may not spend money in its fund until the expenditure ofthe money has been included in a budget that has been approved by

the department of local government finance under IC 6-1.1-17. Forpurposes of fixing its budget and for purposes of the property taxlevy limits fixed by law, a school corporation shall treat the moneyin its fund that the department of local government finance permitsthe school corporation to spend during a particular calendar year aspart of the school corporation's property tax levy for that samecalendar year.
As added by P.L.2-2006, SEC.167.

IC 20-44-3-7
Transfer between funds
    Sec. 7. A school corporation may transfer money from its fund toits other funds to reimburse those funds for amounts withheld fromthe school corporation as a result of refunds paid under IC 6-1.1-26.
As added by P.L.2-2006, SEC.167.

IC 20-44-3-8
Uses
    Sec. 8. Subject to the limitations imposed by this chapter, a schoolcorporation may use money in its fund for any lawful purpose forwhich money in any of its other funds may be used.
As added by P.L.2-2006, SEC.167.

IC 20-44-3-9
Minimum balance
    Sec. 9. If the amount that would be deposited in the fund of aschool corporation for a particular calendar year is less than onehundred dollars ($100), no money shall be deposited in the fund ofthe school corporation for that year.
As added by P.L.2-2006, SEC.167.