Sec. 57. (a) The board of directors of a public transportation corporation may, by resolution, establish an improvement reserve fund for the purpose of accumulating money over two (2) or more fiscal years for the following:
(1) The purchase of specified real property.
(2) The purchase of specified major equipment, including buses.
(3) The making of improvements to real property owned by the public transportation corporation.
(b) Transfers that are placed in an improvement reserve fund established under this section must be included in the annual budget of the public transportation corporation.
(c) The board of directors of a public transportation corporation may make an expenditure of money from an improvement reserve fund only after:
(1) holding a public meeting in accordance with section 22 of this chapter;
(2) the adoption by the board of a resolution under subsection (d); and
(3) approval by the department of local government finance.
(d) A resolution for expenditure from an improvement reserve fund established under this section must include the following:
(1) The specific amount of the expenditure.
(2) The specific use of the expenditure.
(3) A finding by the board of directors that the proposed use of funds complies with the restrictions under subsection (a).
(e) The money in the improvement reserve fund may not be considered in determining the corporation's property tax levy under this chapter or IC 6-1.1.
(f) The money in the improvement reserve fund at the end of the fiscal year does not revert to the general fund.
As added by P.L.317-1989, SEC.1. Amended by P.L.90-2002, SEC.508.