Sec. 18. The county council shall set a rate for the tax that will produce the total amount of the entitlements of the qualified school corporations for the next calendar year. However, the amount of the tax levy may not be greater than the amount determined under STEP TWO of the following formula:
STEP ONE: Determine the total dollar amount of that tax levy for 1972, payable in calendar year 1973, assuming one hundred percent (100%) tax collection.
STEP TWO: Multiply the STEP ONE amount by the ADA ratio.
[Pre-2006 Recodification Citation: 21-2-12-4.1(a) part.]As added by P.L.2-2006, SEC.168.