§ 36-7.6-4-2 — Revenue transfers to fund

Indiana § 36-7.6-4-2

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.6: REGIONAL DEVELOPMENT AUTHORITIES
• Ch. 4: Financing; Issuance of Bonds; Leases

Text

(a) This section applies only to a development
authority and its member counties and municipalities to the extent
necessary to make required payments and maintain a required reserve
for debt obligations or leases that were issued or entered into by the
development authority before May 1, 2015.
(b) Beginning January 1 of the year following the year in which a
development authority is established, the fiscal officer of each county
and each municipality that is a member of the development authority
shall transfer the amount determined under subsection (c) to the
development authority for deposit in the development authority fund.
(c) The amount of the transfer required each year by subsection (b)
from each county and each municipality is equal to the following:
(1) Except as provided in subdivision (2), the amount that would
be distributed to the county or the municipality as certified
distributions of local income tax revenue raised from a local
income tax rate of five-hundredths of one percent (0.05%) in the
county that is dedicated to economic development purposes under
IC 6-3.6-6.
(2) In the case of a county or municipality that becomes a member
of a development authority after June 30, 2011, and before July 1,
2013, the amount that would be distributed to the county or
municipality as certified distributions of local income tax revenue
raised from a local income tax rate of twenty-five thousandths of
one percent (0.025%) in the county that is dedicated to economic
development purposes under IC 6-3.6-6.
(d) Notwithstanding subsection (c), if the additional local income
tax rate permitted under IC 6-3.6-7-24 is in effect in a county, the
obligations of the county and each municipality in the county under this
section are satisfied by the transfer to the development fund of all local
income tax revenue derived from the additional tax and deposited in
the county regional development authority fund.
(e) The following apply to the transfers required by this section:
(1) The transfers shall be made without appropriation by the fiscal
body of the county or the fiscal body of the municipality.
(2) Except as provided in subdivision (3), the fiscal officer of
each county and each municipality that is a member of the
development authority shall transfer twenty-five percent (25%) of
the total transfers due for the year before the last business day of
January, April, July, and October of each year.
(3) Local income tax revenue derived from the additional local
income tax rate permitted under IC 6-3.6-7-24 must be transferred
to the development fund not more than thirty (30) days after being
deposited in the county regional development fund.
(4) This subdivision does not apply to a county in which the
additional local income tax rate permitted under IC 6-3.6-7-24 has
been imposed or to any municipality in the county. The transfers
required by this section may be made from any local revenue
(other than property tax revenue) of the county or municipality,
including excise tax revenue, local income tax revenue, riverboat
tax revenue, distributions, incentive payments, or money
deposited in the county's or municipality's local major moves
construction fund under IC 8-14-16.

Legislative History

As added by P.L.232-2007, SEC.7. Amended by P.L.172-2011, SEC.158; P.L.178-2015, SEC.21; P.L.197-2016, SEC.145.