(a) A cumulative transportation fund to provide money for the acquisition of buses and for the planning, establishment, and maintenance of routes and schedules to assist in implementing this chapter may be established under IC 6-1.1-41 by:

1. (1) the legislative body of a municipality that:

   1. (A) is making grants to an urban mass transportation system; or
   2. (B) has purchased buses for operation under lease by an urban mass transportation system; or
2. (2) the board of directors of a public transportation corporation.

(b) In addition to other notices required under IC 6-1.1-41 , notices of hearings under IC 6-1.1-41 must be given to the following:

1. (1) the municipal executive, for a tax levy by a municipality; and
2. (2) the chair of the board of directors, for a tax levy by a public transportation corporation.

(c) A tax levy to finance the cumulative transportation fund may be levied in compliance with IC 6-1.1-41 . The tax levied under this section may not exceed six and sixty-seven hundredths cents ($0.0667) on each one hundred dollars ($100) of taxable property within the corporate boundaries of the municipality or the taxing district of the public transportation corporation, as the case may be.

[Pre-Local Government Recodification Citations: 19-5-2-30.4; 19-5-2-30.5; 19-5-2-30.6.]

As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.45, SEC.40; P.L.17-1995, SEC.24; P.L.6-1997, SEC.216; P.L.127-2017, SEC.285.