This section does not apply to an eligible entity that is an individual. The fiscal officer of an entity receiving a grant under this chapter shall:

1. (1) establish a separate account within the entity's general fund; and

2. (2) deposit any grant proceeds received under this chapter in the account.

   The department of local government finance may not reduce an entity's maximum or actual property tax levy under IC 6-1.1-18.5 on account of grant money deposited in the account.

   [Pre-2003 Recodification Citation: 10-4-1-29(k).]

As added by P.L.2-2003, SEC.5. Amended by P.L.107-2007, SEC.7.