Sec. 25. (a) Subject to subsection (c), the board may provide a cumulative building fund in compliance with IC 6-1.1-41 to provide for the acquisition of real property, and the construction, enlarging, improving, remodeling, repairing, or equipping of buildings, structures, runways, or other facilities for use in connection with the airport needed to carry out this chapter and to facilitate and support commercial air transportation.

(b) The board may levy in compliance with IC 6-1.1-41 a tax not to exceed:

(1) thirty-three hundredths of one cent ($0.0033) on each one hundred dollars ($100) of assessed value of taxable property within the district, if an eligible entity other than a city established the district or if the district was established jointly with an eligible entity that is not a city;

(2) one and thirty-three hundredths cents ($0.0133) on each one hundred dollars ($100) of assessed value of taxable property within the district, if the authority was established under IC 19-6-3 (before its repeal on April 1, 1980); and

(3) for any other district not described in subdivision (1) or (2), the tax rate specified in subsection (c).

As the tax is collected it may be invested in negotiable United States bonds or other securities that the federal government has the direct obligation to pay. Any of the funds collected that are not invested in government obligations shall be deposited in accordance with IC 5-13-6 and shall be withdrawn in the same manner as money is regularly withdrawn from the general fund but without further or additional appropriation. The levy authorized by this section is in addition to the levies authorized by section 11 and section 23 of this chapter.

(c) For any district not described in subsection (b)(1) or (b)(2), the board may impose a tax rate that does not exceed the following:

(1) If the total assessed valuation is three hundred million dollars ($300,000,000) or less, a tax rate of one and sixty-seven hundredths cents ($0.0167) per one hundred dollars ($100) of assessed valuation.

(2) If the total assessed valuation is more than three hundred million dollars ($300,000,000) but not more than four hundred fifty million dollars ($450,000,000), the tax rate necessary to raise property tax revenue equal to the sum of:

(A) fifty thousand one hundred dollars ($50,100); plus

(B) the amount that would be raised by applying a tax rate of one and thirty-three hundredths cents ($0.0133) (as adjusted under IC 6-1.1-18-12) per one hundred dollars ($100) of assessed valuation that exceeds three hundred million dollars ($300,000,000).

(3) If the total assessed valuation is more than four hundred fifty million dollars ($450,000,000) but not more than six hundred million dollars ($600,000,000), the tax rate necessary to raise property tax revenue equal to the sum of:

(A) fifty-nine thousand eight hundred fifty dollars ($59,850); plus

(B) the amount that would be raised by applying a tax rate of one cent ($0.01) (as adjusted under IC 6-1.1-18-12) per one hundred dollars ($100) of assessed valuation that exceeds four hundred fifty million dollars ($450,000,000).

(4) If the total assessed valuation is more than six hundred million dollars ($600,000,000) but not more than nine hundred million dollars ($900,000,000), the tax rate necessary to raise property tax revenue equal to the sum of:

(A) sixty thousand dollars ($60,000); plus

(B) the amount that would be raised by applying a tax rate of sixty-seven hundredths of a cent ($0.0067) (as adjusted under IC 6-1.1-18-12) per one hundred dollars ($100) of assessed valuation that exceeds six hundred million dollars ($600,000,000).

(5) If the total assessed valuation is more than nine hundred million dollars ($900,000,000), the tax rate necessary to raise property tax revenue equal to the sum of:

(A) sixty thousand three hundred dollars ($60,300); plus

(B) the amount that would be raised by applying a tax rate of thirty-three hundredths of a cent ($0.0033) (as adjusted under IC 6-1.1-18-12) per one hundred dollars ($100) of assessed valuation that exceeds nine hundred million dollars ($900,000,000).

(d) Spending under subsection (a) to facilitate and support commercial intrastate air transportation is subject to a maximum of one million dollars ($1,000,000) cumulatively for all years in which money is spent under that subsection.

[Pre-Local Government Recodification Citations: 19-6-2-27; 19-6-3-28; 19-6-3.5-29.]

As added by Acts 1980, P.L.8, SEC.73. Amended by Acts 1980, P.L.78, SEC.3; Acts 1981, P.L.11, SEC.69; Acts 1981, P.L.45, SEC.7; P.L.19-1987, SEC.27; P.L.3-1990, SEC.43; P.L.17-1995, SEC.11; P.L.6-1997, SEC.138; P.L.91-1997, SEC.1; P.L.2-1998, SEC.36; P.L.1-1999, SEC.23; P.L.1-1999, SEC.24; P.L.224-2003, SEC.281; P.L.139-2013, SEC.3; P.L.166-2014, SEC.38.