Sec. 16.5. This section applies in each case in which the department of local government finance has the power to approve or disapprove the tax levy for a cumulative building or sinking fund proposed to be established by a political subdivision. The department may:
(1) approve the tax levy;
(2) disapprove the tax levy; or
(3) modify the tax levy by approving it at any amount less than the tax levy proposed to be established.
[Pre-Local Government Recodification Citation: 18-6-16-1.]
As added by Acts 1981, P.L.11, SEC.23. Amended by P.L.90-2002, SEC.157.