§ 36-7.5-4-16 — Transfers; failure to make; duty of state treasurer or fiscal officer; deduct and transfer payment

Indiana § 36-7.5-4-16

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 4: Financing; Issuance of Bonds; Leases

Text

Note: This version of section amended by P.L.229-2017, SEC.40.
See also following version of this section amended by P.L.248-2017,
SEC.8.
Sec. 16. (a) This section applies if a political
subdivision or city or county described in IC 36-7.5-2-3 fails to make
a transfer or a part of a transfer required by section 2 of this chapter or
fails to pay or transfer any amounts a political subdivision or a city or
county described in IC 36-7.5-2-3 has agreed to pay or transfer to the
development authority pursuant to the terms of any bond, note,
debenture, warrant, contractual agreement, or any other promise or
agreement.
(b) The development authority shall notify the treasurer of state or
the fiscal officer of a city or county described in IC 36-7.5-2-3 when a
city, county, or political subdivision has failed to pay or transfer all or
part of a payment or transfer due under this section. Upon receiving
notice from the development authority, the treasurer of state or fiscal
officer shall:
(1) Deduct from amounts otherwise payable to the city or county
under IC 4-33-13 or other political subdivision:
(A) an amount equal to the amount of the transfer or part of the
transfer under section 2 of this chapter that the city, county, or
subdivision failed to make; and
(B) an amount equal to any other amounts due to the
development authority that the city, county, or political
subdivision failed to make.
(2) Pay the amount deducted under subdivision (1) to the
development authority.
(3) Notify the city, county, or political subdivision that the amount
that would otherwise be available for distribution to the city,
county, or political subdivision has been reduced by an amount
necessary to satisfy all or part of the transfers required under
section 2 of this chapter or any other amounts due to the
development authority.
(c) A deduction under subsection (b) must be made as follows:
(1) First, from amounts otherwise payable to the city, county, or
other political subdivision under IC 4-33-13.
(2) Second, from local income tax distributions under IC 6-3.6-9
that would otherwise be distributed to the city, county, or other
political subdivision under the schedules in IC 6-3.6-9-12 and IC 6-3.6-9-16.
(3) Third, from any other revenues or money otherwise available
for distribution from the city, county, or other political
subdivision.

Legislative History

As added by P.L.214-2005, SEC.73. Amended by P.L.192-2015, SEC.15; P.L.229-2017, SEC.40.