§ 12-20-25-38 — Advance of state general fund money; repayment

(a) If the county fiscal body adopts an
ordinance adopting the control board's financial plan as provided in
section 35 of this chapter and the plan includes a proposal to adopt the
local income tax, the control board may request an advance of state
general fund money in the year the county fiscal body adopts the plan
and in any subsequent year in anticipation of the local income tax
revenue. However, the state, acting through the state board of finance,
may not advance an amount that is greater than the amount of local
income tax revenue expected to be collected within the year in which
the advancement is made. The department of state revenue shall
estimate and certify to the state board of finance the amount of local
income tax revenue expected to be collected.
(b) If the county fiscal body adopts an ordinance adopting the
control board's financial plan as provided in section 35 of this chapter
and the plan includes a proposal to adopt the local income tax, a state
advance from the state general fund must be repaid before any money
is distributed to the county. The treasurer of state shall withhold
sufficient money from the county's local income tax account to repay
the state the amount of state advances provided to the county from the
state general fund. The treasurer of state shall disburse any balance in
the county's account to the county, to be used as provided in section 40
of this chapter.
(c) This section does not impose liability on the state for the
township assistance debts of the county.
[Pre-1992 Revision Citation: 12-2-14-33.]

Legislative History

As added by P.L.2-1992, SEC.14. Amended by P.L.73-2005, SEC.137; P.L.197-2016, SEC.106.