Indiana § 36-7-15.6-20 Distribution and allocation of taxes following the maturity date of
bonds

Indiana Statutes

§ 36-7-15.6-20 — Distribution and allocation of taxes following the maturity date of bonds

Indiana § 36-7-15.6-20

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 15.6Flood Control Improvement Districts

This text of Indiana § 36-7-15.6-20 (Distribution and allocation of taxes following the maturity date of bonds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7-15.6-20 (2026).

Text

(a)Beginning the day after the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, whichever is applicable, the allocation and distribution provisions under section 13 of this chapter do not apply, and property taxes shall not be allocated and paid into the flood control improvements fund, unless the following requirements are met:

(1)Not later than thirty (30) days before the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, the fiscal body of the unit that established the commission adopts an ordinance to continue the allocation and distribution of property taxes in the district as provided in section 13 of this chapter.

(2)The ordinance a

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(a) Beginning the day after the maturity
date of the bonds issued under section 17 of this chapter, or the bonds
described in section 19(a) of this chapter, whichever is applicable, the
allocation and distribution provisions under section 13 of this chapter
do not apply, and property taxes shall not be allocated and paid into the
flood control improvements fund, unless the following requirements
are met:
(1) Not later than thirty (30) days before the maturity date of the
bonds issued under section 17 of this chapter, or the bonds
described in section 19(a) of this chapter, the fiscal body of the
unit that established the commission adopts an ordinance to
continue the allocation and distribution of property taxes in the
district as provided in section 13 of this chapter.
(2) The ordinance adopted under subdivision (1) must specify that
property tax proceeds allocated to the fund after the maturity date
of the bonds issued under section 17 of this chapter, or the bonds
described in section 19(a) of this chapter, must be used solely for
the maintenance and repair of flood control works within the
district.
(3) The ordinance adopted under subdivision (1) must expire on
the date that is one (1) year after the maturity date of the bonds
issued under section 17 of this chapter, or the bonds described in
section 19(a) of this chapter, whichever is applicable.
(b) Subject to subsection (c), if the fiscal body of a unit adopts an
ordinance under subsection (a) to continue the allocation and
distribution of property taxes in the district for one (1) year, the fiscal
body of the unit may adopt a substantially similar ordinance in the
following year or any subsequent year thereafter to continue the
allocation and distribution of property taxes in the district according to
the same requirements set forth in subsection (a).
(c) The fiscal body of a unit may not adopt an ordinance to continue
the allocation and distribution of property taxes in a district after the
date that is fifty (50) years after the maturity date of the bonds issued
under section 17 of this chapter, or the bonds described in section 19(a)
of this chapter, whichever is applicable.
(d) A commission shall not issue or reissue debt obligations for a
district that extend beyond twenty-five (25) years after the date of the
initial bond issue for the district.