§ 36-7-14-3.5 — Annexation of area in county; redevelopment districts; property tax proceeds; outstanding obligations; special tax

Indiana § 36-7-14-3.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 14: Redevelopment of Areas Needing Redevelopment

Text

5. (a) This section applies whenever:
(1) a municipality with a redevelopment district is annexing an
area in a county; or
(2) a municipality establishes a redevelopment district;
after the county in which the municipality is located has established a
redevelopment district.
(b) This subsection applies whenever:
(1) the area to be annexed or to be included in the municipality's
district includes all or part of an allocation area established by a
county redevelopment commission for purposes of section 39 of
this chapter; and
(2) bonds or lease obligations are outstanding that are payable by
the county redevelopment commission in whole or in part from
property tax proceeds allocated from the allocation area under
section 39 of this chapter.
The county redevelopment commission shall continue to receive
allocations of property tax proceeds from the area annexed or included
in the municipality's district for the commission's allocation fund as if
the annexation or establishment of the district had not occurred as long
as any bonds or lease obligations payable by the county from allocated
property tax proceeds are outstanding. After the final effectiveness of
the annexation or the establishment of the municipality's district, the
county redevelopment commission may not issue bonds or enter into
leases that are payable from allocated property tax proceeds from the
part of the allocation area annexed or included unless the legislative
body of the municipality adopts an ordinance approving the issuance
and this use of allocated property tax proceeds from that part of the
allocation area.
(c) This subsection applies whenever bonds or lease obligations are
outstanding that are payable by the county redevelopment commission
in whole or in part from the special tax levied under section 27 of this
chapter. The county redevelopment commission shall continue to levy
a special tax on property in the area annexed or included in the
municipality's district as long as any bonds or lease obligations payable
by the county are outstanding. After the final effectiveness of the
annexation or the establishment of the municipality's district, the
county redevelopment commission may not levy the special tax for new
bonds or lease obligations in the annexed or included area unless the
legislative body of the municipality adopts an ordinance approving the
levy.

Legislative History

As added by P.L.35-1990, SEC.52.