Each precinct election board shall count the affirmative votes and the negative votes cast in the referendum and shall certify those two (2) totals to the county election board of each county in which the referendum is held. The circuit court clerk of each county shall, immediately after the votes cast in the referendum have been counted, certify the results of the referendum to the department of local government finance. If a majority of the individuals who voted in the referendum voted "yes" on the referendum question:

1. (1) the department of local government finance shall promptly notify the school corporation that the school corporation is authorized to collect, for the calendar year that next follows the calendar year in which the referendum is held, a levy not greater than the amount approved in the referendum;
2. (2) the levy may be imposed for the number of calendar years approved by the voters following the referendum for the school corporation in which the referendum is held; and

3. (3) the school corporation shall establish a fund under IC 20-40-3-1 .

   [Pre-2006 Recodification Citation: 6-1.1-19-4.5(c) part.]

As added by P.L.2-2006, SEC.169. Amended by P.L.146-2008, SEC.501; P.L.198-2011, SEC.8.