Indiana Statutes
§ 36-1-15-6 — Restrictions on indebtedness
Subject to section 7 of this chapter, a political
subdivision may not become indebted in any manner or for any purpose
in an amount in the aggregate that exceeds two percent (2%) of the
latest adjusted value of taxable property determined for the political
subdivision immediately preceding the incurring of the indebtedness.
However, if a statute limits the debt of a political subdivision to a
percentage other than two percent (2%) of the value of taxable property
in the political subdivision, the political subdivision may not become
indebted in an amount that exceeds the percentage set by statute
multiplied by the latest adjusted value of taxable property determined
for the political subdivision immediately preceding the incurring of the
indebtedness.
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Related
Scopelite v. Indiana Department of Local Government Finance
939 N.E.2d 1138 (Indiana Tax Court, 2010)
Legislative History
As added by P.L.6-1997, SEC.203.
Nearby Sections
15
§ 36-1-10-1
Application of chapter§ 36-1-10-10
Plans, specifications, and estimates for structures, systems, and
transportation projects§ 36-1-10-11
Property held in fee simple; sale procedure§ 36-1-10-12
Lease in anticipation of acquisition or construction of structure, system,
or transportation project§ 36-1-10-13
Hearing; procedure; execution of lease§ 36-1-10-17
Annual appropriation and tax levy§ 36-1-10-18
Tax exemption of leased structures, systems, and transportation
projects; taxation of rental paid lessor§ 36-1-10-19
Assignment or conveyance of lease; conveyance of structure, system,
or transportation project§ 36-1-10-2
Definitions§ 36-1-10-20
Repealed