(a)An allocation provision adopted under
this chapter must:
(1)apply to the entire flood control improvement district; and
(2)require that any property tax on taxable property subsequently
levied by or for the benefit of any public body entitled to a
distribution of property taxes in the flood control improvement
district be allocated and distributed as provided in subsections (b)
and (c).
(b)Except as otherwise provided in this section:
(1)the proceeds of the taxes attributable to the lesser of:
(A)the assessed value of the taxable property for the
assessment date with respect to which the allocation and
distribution is made; or
(B)the base assessed value;
shall be allocated and, when collected, paid into the funds of the
respective taxing units; and
(2)the proceeds of the propert
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(a) An allocation provision adopted under
this chapter must:
(1) apply to the entire flood control improvement district; and
(2) require that any property tax on taxable property subsequently
levied by or for the benefit of any public body entitled to a
distribution of property taxes in the flood control improvement
district be allocated and distributed as provided in subsections (b)
and (c).
(b) Except as otherwise provided in this section:
(1) the proceeds of the taxes attributable to the lesser of:
(A) the assessed value of the taxable property for the
assessment date with respect to which the allocation and
distribution is made; or
(B) the base assessed value;
shall be allocated and, when collected, paid into the funds of the
respective taxing units; and
(2) the proceeds of the property taxes imposed for the assessment
date with respect to which the allocation and distribution is made
that are attributable to taxes imposed after being approved by the
voters in a referendum or local public question and not otherwise
included in subdivision (1), shall be allocated to and, when
collected, paid into the funds of the taxing unit for which a
referendum or local public question was conducted.
(c) Except as provided in section 20 of this chapter and as provided
in subsection (d), all the property tax proceeds that exceed those
described in subsection (b) shall be allocated to the commission, when
collected, and paid into the flood control improvement fund established
for the district under section 16 of this chapter.
(d) Before July 15 of each year, the commission shall do the
following:
(1) Determine the amount, if any, by which the property tax
proceeds to be deposited in the flood control improvement fund
will exceed the amount of assessed value needed to provide the
property taxes necessary to make, when due, principal and interest
payments on bonds described in section 17 of this chapter, or on
bonds described in section 19(a) of this chapter, whichever is
applicable, plus the amount necessary for other purposes
described in section 17 of this chapter.
(2) Provide a written notice to the county auditor, the legislative
body of the unit that established the commission, and the officers
who are authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 for each of the other taxing units that are wholly or
partly located within the allocation area. The notice must:
(A) state the amount, if any, of excess tax proceeds that the
commission has determined may be allocated to the respective
taxing units in the manner prescribed in subsection (c); or
(B) state that the commission has determined that there is no
excess assessed value that may be allocated to the respective
taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the
amount, if any, of excess assessed value determined by the
commission. The commission may not authorize an allocation of
property tax proceeds under this subdivision if to do so would
endanger the interests of the holders of bonds described in section
17 of this chapter.
(e) If the amount of excess assessed value determined by the
commission is expected to generate more than two hundred percent
(200%) of the amount of allocated tax proceeds:
(1) necessary to make, when due, principal and interest payments
on bonds described in section 17 of this chapter, or on bonds
described in section 19(a) of this chapter, whichever is applicable;
or
(2) necessary to maintain and repair the flood control works in the
district, if the fiscal body of the unit has adopted an ordinance
providing for the maintenance and repair of the flood control
works following the maturity of the bonds under section 20(a) or
20(b) of this chapter;
the commission shall submit to the legislative body of the unit its
determination of the excess assessed value that the commission
proposes to allocate to the respective taxing units in the manner
prescribed in subsection (b). The legislative body of the unit may
approve the commission's determination or modify the amount of the
excess assessed value that will be allocated to the respective taxing
units in the manner prescribed in subsection (b).
(f) Notwithstanding any other law, the assessed value of all taxable
property in the flood control improvement district, for purposes of tax
limitation, property tax replacement, and formulation of the budget, tax
rate, and tax levy for each political subdivision in which the property
is located is the lesser of:
(1) the assessed value of the taxable property as valued without
regard to this section; or
(2) the base assessed value.