§ 36-12-12-9 — Amending plan; emergencies; increasing tax rate and borrowing funds

Indiana § 36-12-12-9

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 12: LIBRARIES
• Ch. 12: Library Capital Projects Fund

Text

(a) A library board may amend an adopted
and approved plan to:
(1) provide money for the purposes described in section 2(b)(4)
of this chapter; or
(2) supplement money accumulated in the capital projects fund
for those purposes.
(b) If an emergency arises that results in costs that exceed the
amount accumulated in the fund for the purposes described in section
2(b)(4) of this chapter, the library board must immediately apply to the
department of local government finance for a determination that an
emergency exists. If the department of local government finance
determines that an emergency exists, the library board may adopt a
resolution to amend the plan. The amendment is not subject to the
deadline and the procedures for adoption described in section 3 of this
chapter. However, the amendment is subject to modification by the
department of local government finance.
(c) An amendment adopted under this section may require the
payment of eligible emergency costs from:
(1) money accumulated in the capital projects fund for other
purposes; or
(2) money to be borrowed from other funds of the library board or
from a financial institution.
The amendment may also provide for an increase in the property tax
rate for the capital projects fund to restore money to the fund or to pay
principal and interest on a loan. However, before the property tax rate
for the fund may be increased, the library board must submit and obtain
the approval of the appropriate fiscal body or bodies, as provided in
section 4 of this chapter. An increase to the property tax rate for the
capital projects fund is effective for property taxes first due and
payable for the year next certified by the department of local
government finance under IC 6-1.1-17-16. However, the property tax
rate may not exceed the maximum rate established under section 10 of
this chapter.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-13-11.]

Legislative History

As added by P.L.1-2005, SEC.49.