Indiana § 14-33-9-3 Deductions from operation and maintenance expenses

Indiana Statutes

§ 14-33-9-3 — Deductions from operation and maintenance expenses

Indiana·Art. 33 CONSERVANCY DISTRICTS·Ch. 9 Budget and Tax Levy Procedures

(a)The board shall deduct from the operation and maintenance expenses estimated under section 2 of this chapter the following:

(1)Any revenue actually received during the current year.

(2)Other money not obligated to paying or protecting the bonds or notes of the district.

(b)The board shall carry forward the balance after making the deduction required by subsection (a).

(c)The board shall next determine the amount of interest due and the principal amount of bonds maturing the second year after the year in which the board is meeting. To this amount the board shall add five percent (5%) in the first year the board meets with bonds outstanding to provide for contingencies. After that time and until all bonds are retired, the board shall add the necessary amount to maintain a five percen

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The board shall deduct from the operation
and maintenance expenses estimated under section 2 of this chapter the
following:
(1) Any revenue actually received during the current year.
(2) Other money not obligated to paying or protecting the bonds
or notes of the district.
(b) The board shall carry forward the balance after making the
deduction required by subsection (a).
(c) The board shall next determine the amount of interest due and
the principal amount of bonds maturing the second year after the year
in which the board is meeting. To this amount the board shall add five
percent (5%) in the first year the board meets with bonds outstanding
to provide for contingencies. After that time and until all bonds are
retired, the board shall add the necessary amount to maintain a five
percent (5%) contingency reserve.
(d) If the board has been forced to borrow money for a short term for
a legitimate purpose, the board shall also determine the amount of
principal and interest due on the loan.
(e) The board shall then total the balance.
(f) From the assessment roll, the board shall then determine the
amount of unpaid installments due in the next year on assessments that
have been made and deduct this from the total. The board shall then
determine the necessary levy of the special benefits tax to provide
money to meet the expenses thus calculated.
(g) After review by the department of local government finance as
provided in section 1 of this chapter, the board of directors shall certify
to the auditor of each county for collection the levy of the tax and the
installment of any assessment.
[Pre-1995 Recodification Citation: 13-3-3-92.]

Indiana § 14-33-9-3 (Deductions from operation and maintenance expenses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.