Indianapolis-Marion County Revised Code § 135-287 Delinquent business personal property settlement fund.
Sec. 135-287. - Delinquent business personal property settlement fund.
(a) There is hereby created an agency fund, to be designated and known as the "delinquent business personal property settlement fund." This fund shall be a continuing, nonreverting fund, with all balances remaining therein at the end of each year. Such balances shall not lapse into the county general fund, or ever be directly or indirectly diverted in any manner to uses other than those stated in this section.
(b) All deposits made under contract for the collection of delinquent business personal property taxes, shall be deposited in the delinquent business personal property settlement fund.
(c) The fund shall be administered by the county auditor's office. The county treasurer shall deposit the amount of taxes, including penalties and interest that result from additional assessments on undervalued or omitted property collected from all taxing jurisdictions in the county after deducting the amount of any property tax credits that reduce the owner's property tax liability for the undervalued or omitted property.
(d) The fund shall remain in existence during the term of the contract for the collection of delinquent personal property taxes.
(e) Distributions shall be made from the fund without appropriation only for the following purposes: (1) All contract fees and other costs related to the contract; (2) After the payments required by the contract have been made and the contract has expired, the county auditor shall distribute all money in the fund to the appropriate taxing units in the county using the property tax rates of each taxing unit in effect at the time of the distribution.
(G.O. 4, 2005, § 1; G.O. 16, 2012, § 1)