§ 36-10-3-41 — Approval of bond issuance by county council; reduction of innkeeper's tax rate

Indiana § 36-10-3-41

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 3: General Park and Recreation Law

Text

The bonds may not be issued until they have
been approved by the county council. After the county council has
approved the issuance of the bonds, the county council may not reduce
the innkeeper's tax rate below a rate that would produce one and
twenty-five hundredths (1.25) times the highest annual debt service on
the bonds to their final maturity, based on an average of the
immediately preceding three (3) years tax collections, if the tax has
been levied for the last preceding three (3) years. If the tax has not been
levied for the last preceding three (3) years, the county council may not
reduce the rate below a rate which would produce one and twenty-five
hundredths (1.25) times the highest debt service, based upon a study by
a qualified public accountant or financial advisor.

Legislative History

As added by P.L.74-1986, SEC.8.