Sec. 16.5. This section applies in each case in which the department of local government finance has the power to approve or disapprove the tax levy for a cumulative building or sinking fund proposed to be established by a political subdivision. The department may: (1) approve the tax levy; (2) disapprove the tax levy; or (3) modify the tax levy by approving it at any amount less than the tax levy proposed to be established. [Pre-Local Government Recodification Citation: 18-6-16-1.]
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