Sec. 28. (a) A tax at a rate not to exceed three and thirty-three hundredths cents ($0.0333) per one hundred dollars ($100) of assessed valuation in a municipality and a tax at a rate not to exceed one and thirty-three hundredths cents ($0.0133) per one hundred dollars ($100) of assessed valuation in a county may be levied each year for the purposes of this chapter, including:

(1) the payment, in whole or in part, of planning and survey costs;

(2) the costs of property acquisition and redevelopment; and

(3) the payment of all general expenses of the department of redevelopment.

However, a county may not levy this tax within the jurisdiction of a city redevelopment commission.

(b) Each year the redevelopment commission shall formulate and file a budget for the tax levy, in the same manner as executive departments of the unit are required to formulate and file budgets. This budget is subject to review and modification in the same manner as the budgets and tax levies formulated by executive departments of the unit.

(c) Revenues obtained from the tax levy for the payment in whole or in part of the costs of acquisition of land, rights-of-way, or other properties shall be deposited in the redevelopment district capital fund established under section 26 of this chapter. Other revenues obtained from the tax levy shall be deposited in a fund to be known as the redevelopment district general fund.

[Pre-Local Government Recodification Citations: 18-7-7-26; 18-7-7.1-26.]

As added by Acts 1981, P.L.309, SEC.33. Amended by P.L.380-1987(ss), SEC.15; P.L.6-1997, SEC.210.