§ 36-7-14-27 — Certain bonds or leases; special tax levy; legislative body approval; disposition of accumulated revenues; review of sufficiency of levies

(a) This section applies only to:
(1) bonds that are issued under section 25.1 of this chapter; and
(2) leases entered into under section 25.2 of this chapter;
which are payable from a special tax levied upon all of the property in
the special taxing district. This section does not apply to bonds or
leases that are payable solely from tax proceeds allocated under section
39(b)(4) of this chapter, other revenues of the redevelopment
commission, or any combination of these sources.
(b) The redevelopment commission, with the prior approval of the
legislative body, shall levy each year a special tax on all of the property
of the redevelopment taxing district, in such a manner as to meet and
pay the principal of the bonds as they mature, together with all accruing
interest on the bonds or lease rental payments under section 25.2 of this
chapter. The commission shall cause the tax levied to be certified to the
proper officers as other tax levies are certified, and to the auditor of the
county in which the redevelopment district is located, before the
second day of October in each year. The tax shall be estimated and
entered on the tax duplicate by the county auditor and shall be collected
and enforced by the county treasurer in the same manner as other state
and county taxes are estimated, entered, collected, and enforced. The
amount of the tax levied to pay bonds or lease rentals payable from the
tax levied under this section shall be reduced by any amount available
in the allocation fund established under section 39(b)(4) of this chapter
or other revenues of the redevelopment commission to the extent such
revenues have been set aside in the redevelopment bond fund.
(c) As the tax is collected, it shall be accumulated in a separate fund
to be known as the redevelopment district bond fund and shall be
applied to the payment of the bonds as they mature and the interest on
the bonds as it accrues, or to make lease payments and to no other
purpose. All accumulations of the fund before their use for the payment
of bonds and interest or to make lease payments shall be deposited with
the depository or depositories for other public funds of the unit in
accordance with IC 5-13, unless they are invested under IC 5-13-9.
(d) If there are no outstanding bonds that are payable solely or in
part from tax proceeds allocated under section 39(b)(4) of this chapter
and that were issued to pay costs of redevelopment in an allocation area
that is located wholly or in part in the special taxing district, then all
proceeds from the sale or leasing of property in the allocation area
under section 22 of this chapter shall be paid into the redevelopment
district bond fund and become a part of that fund. In arriving at the tax
levy for any year, the redevelopment commission shall take into
account the amount of the proceeds deposited under this subsection and
remaining on hand.
(e) The tax levies provided for in this section are reviewable by
other bodies vested by law with the authority to ascertain that the levies
are sufficient to raise the amount that, with other amounts available, is
sufficient to meet the payments under the lease payable from the levy
of taxes.
[Pre-Local Government Recodification Citations: 18-7-7-24
part; 18-7-7-25; 18-7-7.1-25.]
As added by Acts 1981, P.L.309, SEC.33. Amended by Acts
1981, P.L.180, SEC.11; P.L.72-1983, SEC.4; P.L.19-1987, SEC.49;
P.L.380-1987(ss), SEC.14; P.L.146-2008, SEC.734; P.L.203-2011,
SEC.8; P.L.149-2014, SEC.15; P.L.236-2023, SEC.178.