Sec. 9. (a) A library board may amend an adopted and approved plan to:
(1) provide money for the purposes described in section 2(b)(4) of this chapter; or
(2) supplement money accumulated in the capital projects fund for those purposes.
(b) If an emergency arises that results in costs that exceed the amount accumulated in the fund for the purposes described in section 2(b)(4) of this chapter, the library board must immediately apply to the department of local government finance for a determination that an emergency exists. If the department of local government finance determines that an emergency exists, the library board may adopt a resolution to amend the plan. The amendment is not subject to the deadline and the procedures for adoption described in section 3 of this chapter. However, the amendment is subject to modification by the department of local government finance.
(c) An amendment adopted under this section may require the payment of eligible emergency costs from:
(1) money accumulated in the capital projects fund for other purposes; or
(2) money to be borrowed from other funds of the library board or from a financial institution.
The amendment may also provide for an increase in the property tax rate for the capital projects fund to restore money to the fund or to pay principal and interest on a loan. However, before the property tax rate for the fund may be increased, the library board must submit and obtain the approval of the appropriate fiscal body or bodies, as provided in section 4 of this chapter. An increase to the property tax rate for the capital projects fund is effective for property taxes first due and payable for the year next certified by the department of local government finance under IC 6-1.1-17-16. However, the property tax rate may not exceed the maximum rate established under section 10 of this chapter.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-13-11.]
As added by P.L.1-2005, SEC.49.
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