1. (a) Before a library board may collect property taxes for a capital projects fund in a particular year, the library board must, after January 1 and before May 15 of the immediately preceding year, hold a public hearing on a proposed plan, pass a resolution to adopt a plan, and submit the plan for approval or rejection by the fiscal body designated in section 4 of this chapter.

2. (b) The department of local government finance shall prescribe the format of the plan. A plan must apply to at least the three (3) years immediately following the year the plan is adopted. A plan must estimate for each year to which the plan applies the nature and amount of proposed expenditures from the capital projects fund. A plan must estimate:

   1. (1) the source of all revenue to be dedicated to the proposed expenditures in the upcoming budget year; and
   2. (2) the amount of property taxes to be collected in that year and retained in the fund for expenditures proposed for a later year.

3. (c) If a hearing is scheduled under subsection (a), the governing body shall publish the proposed plan and a notice of the hearing in accordance with IC 5-3-1-2 (b).

   [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-13-5.]

As added by P.L.1-2005, SEC.49.