Sec. 20.4. (a) This section applies only if a public library's cash on hand plus its expected revenues is greater than one hundred fifty percent (150%) of the public library's proposed budget.

(b) As used in this section, "cash on hand" refers to the public library's cash and investments balance in nondebt funds as of the date the public library proposes a budget for the following budget year. The term does not include cash derived from gifts, bequests, or philanthropic funds.

(c) As used in this section, "expected revenues" refers to the total of a public library's expected revenues in the public library's nondebt funds in the following budget year.

(d) Notwithstanding section 20.3(a)(2) of this chapter, the fiscal body of a city, town, or county that established a public library described in section 20.3(a)(1) of this chapter may adopt a resolution to require the public library to submit its proposed budget and property tax levy to the city, town, or county fiscal body as set forth in section 20.3(c) or 20.3(d) of this chapter (whichever is applicable) for binding review and approval as set forth under section 20.3 of this chapter. However, the fiscal body of the city, town, or county may not reduce a public library's proposed budget or tax levy in a budget year under this section by more than ten percent (10%) of the public library's operating levy in the immediately preceding budget year.

(e) A resolution may be adopted under this section not later than July 1. A resolution adopted under this section remains in full force and effect until repealed by the fiscal body.

(f) Before a fiscal body may adopt a resolution under this section, the fiscal body must hold a public hearing on the proposed resolution and provide the public with notice of the time and place where the public hearing will be held. The notice required by this subsection must be given in accordance with IC 5-3-1 and include the proposed resolution. In addition to the notice required by this subsection, the fiscal body shall also provide a copy of the notice to all taxing units in the city, town, or county at least thirty (30) days before the public hearing.

(g) A resolution adopted by a fiscal body under this section shall be submitted to:

(1) the department of local government finance; and

(2) the public library;

not later than five (5) days after the date the resolution is adopted.

As added by P.L.252-2019, SEC.2.