Creation
Sec. 1. There is hereby established a special fund to be known as
the "property tax replacement fund".
All taxes or other moneys deposited in the property tax
replacement fund, as provided by law, shall be held and distributed
in accordance with the provisions of this chapter and all funds in the
property tax replacement fund, remaining after any distribution
provided for in this chapter, shall not revert to the general fund of the
state but shall constitute a revolving fund for subsequent distribution
for the purposes provided for in this chapter. Any amount earned on
moneys deposited in the property tax replacement fund shall remain
in and become part of the property tax replacement fund.
(Formerly: Acts 1975, P.L.47, SEC.1.)
Last modified: May 28, 2006