Indiana § 20-48-1-12 Status of bonds issued under prior statute; debt service levies, property
tax levies

Indiana Statutes

§ 20-48-1-12 — Status of bonds issued under prior statute; debt service levies, property tax levies

Indiana·Title 20 EDUCATION·Art. 48 BORROWING AND BONDS

Notwithstanding the repeal of IC 20-5-4-1.5, the following provisions apply to bonds issued under IC 20-5-4-1.5, before December 2, 2000:

(1)The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.5 had not been repealed.

(2)Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation's other funds in an amount equal to the property tax levy needed for the debt service on the bonds.

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Notwithstanding the repeal of IC 20-5-4-1.5,
the following provisions apply to bonds issued under IC 20-5-4-1.5,
before December 2, 2000:
(1) The bonds remain valid and binding obligations of the school
corporation that issued them, as if IC 20-5-4-1.5 had not been
repealed.
(2) Each year that a debt service levy is needed for the bonds, the
school corporation that issued the bonds shall reduce its total
property tax levy for the school corporation's other funds in an
amount equal to the property tax levy needed for the debt service
on the bonds.

Indiana § 20-48-1-12 (Status of bonds issued under prior statute; debt service levies, property tax levies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.