1. (a) In addition to complying with the budget, tax rate, and tax levy requirements applicable to other tax levies, a political subdivision may:

   1. (1) establish a cumulative fund and impose a property tax for the cumulative fund; or

   2. (2) increase the tax rate for a cumulative fund;

      only after the proposal is adopted and approved in compliance with this chapter.

2. (b) If an action described in this section is not adopted or approved in conformity with this chapter, the political subdivision may not levy a tax for the fund in the ensuing year.

As added by P.L.17-1995, SEC.6.