Sec. 2. (a) A municipality may, by ordinance, establish a cumulative building and sinking fund under IC 6-1.1-41 to provide money for one (1) or more of the following purposes:
(1) The planning, erection, remodeling, extension, and repair of sewage disposal plants and sewers to convey sanitary sewage to those plants.
(2) The construction, remodeling, repair, and extension of storm sewers.
(3) Relief sewers and drains in aid of the sanitary system or storm sewers.
(4) The payment of the municipality's part of the costs of any public sewer or drainage project that:
(A) lies partly or wholly within the municipality; and
(B) aids or is connected to the sewage collection or drainage system of the municipality.
(5) The payment of the part of any project that is allocable to property owners by special assessment under IC 36-9-39, for repayment to the cumulative building and sinking fund.
(b) The statement for repayment under subsection (a)(5) shall be mailed to the property owner separately from the property tax statement.