Sec. 19. (a) The fiscal body may establish a cumulative building fund under IC 6-1.1-41 to provide money for:
(1) building, remodeling, and repair of park and recreation facilities; or
(2) purchase of land for park and recreation purposes.
(b) To provide for the cumulative building fund, the township fiscal body may levy a tax in compliance with IC 6-1.1-41 not greater than one and sixty-seven hundredths cents ($0.0167) on each one hundred dollars ($100) of assessed valuation of taxable property within the township.
(c) The tax shall be collected and held in a special fund known as the township park and recreation cumulative building fund.