Indiana Code Title 20. Education § 20-46-9-17

(1) the department of local government finance shall promptly notify the school corporation that the school corporation is authorized to collect, for the calendar year that next follows the calendar year in which the referendum is held, a levy not greater than the amount approved in the referendum;

(2) the levy may be imposed for the number of calendar years approved by the voters following the referendum for the school corporation in which the referendum is held;  and

(3) the school corporation shall establish a fund under IC 20-40-20-4.