Note: This version of section effective until 1-1-2019. See also following repeal of this chapter, effective 1-1-2019.

1. (1) the school corporation's maximum permissible levy determined under this section for the previous year, after eliminating the effects of temporary excessive levy appeals and any other temporary adjustments made to the levy for the calendar year (regardless of whether the school corporation imposed the entire amount of the maximum permissible levy in the immediately preceding year); by
2. (2) the assessed value growth quotient determined under IC 6-1.1-18.5-2 .

3. (b) The department of local government finance may, upon petition by a school corporation, adjust the school corporation's levy for the fund to reflect the school corporation's plan adopted or amended under this chapter.

   [Pre-2006 Recodification Citation: 21-2-11.5-3(e).]

Sec. 4. (a) Each school corporation may levy for a calendar year a property tax for the fund in accordance with the school bus acquisition plan adopted under this chapter. The levy imposed for the March 1, 2011, and January 15, 2012, assessment dates may not exceed the amount approved by the department of local government finance under section 5 of this chapter and IC 6-1.1-17 . In setting the levy for the March 1, 2011, and January 15, 2012, assessment dates, the department of local government finance shall evaluate whether the levy proposed by a school corporation exceeds the reasonable needs of the school corporation to carry out the purposes of the fund and approve a levy that does not exceed the reasonable needs of the school corporation to carry out the purposes of this chapter. In making its determination, the department of local government finance may consider whether a school corporation has in a previous year transferred money from the fund to the school corporation's rainy day fund or a fund other than the school bus replacement fund. Except as provided in subsection (b), a levy imposed for an assessment date after January 15, 2012, may not exceed an amount determined by multiplying:

As added by P.L.2-2006, SEC.169. Amended by P.L.172-2011, SEC.123; P.L.145-2012, SEC.26.