§ 36-9-13-34 — Tax levy to pay lease rentals

Indiana § 36-9-13-34

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 13: County Building Authority

Text

(a) Except as provided by subsection (d), an
eligible entity that executes a lease under this chapter shall annually
levy a tax sufficient to produce each year the necessary money with
which to pay the lease rental required by the lease. These levies may be
reviewed by other bodies vested by law with that authority, in order to
determine that the levies are sufficient to raise the amount required to
meet the rental under the lease.
(b) The first tax levy shall be made at the first annual tax levy period
following the date of the execution of the lease. However, if the lease
was entered into in anticipation of the purchase of land, construction
or purchase of a government building, or acquisition of a system, the
first tax levy shall be made at the first annual tax levy period
immediately before the date fixed in the lease for the beginning of the
lease rental. The first annual levy shall be made in an amount sufficient
to pay the estimated amount of the first annual lease rental to be made
under the lease.
(c) The annual lease rental shall be paid to the authority
semiannally, following settlements for tax collections.
(d) If a consolidated city executes a lease agreement for all or part
of any land, government building, or system, and its use and benefit is
for a certain special service district within the consolidated city, the
authority may determine that the annual tax required under subsection
(a) shall be levied by the special service district benefited by the lease
agreement.
[Pre-Local Government Recodification Citation:
19-8-4-23.]
As added by Acts 1981, P.L.309, SEC.86. Amended by
P.L.37-1988, SEC.40.