§ 36-9-36-64 — Funding for payment of certificates of indebtedness; special tax levy

Indiana § 36-9-36-64

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 36: Barrett Law Funding for Counties and Municipalities

Text

(a) For the purpose of raising money for the
payment of certificates of indebtedness issued under section 62 of this
chapter (or under IC 36-9-18 before its repeal in 1993) the fiscal body
of the unit may do any of the following:
(1) Levy a special tax on all property in the unit each year.
(2) Issue and sell the bonds of the unit.
(3) Appropriate money from the general fund of the unit or from
any other source.
(b) A special tax levied under this section shall be fixed at a rate on
each one hundred dollars ($100) of assessed valuation of taxable
property in the unit sufficient for the payment of the certificates,
together with interest, that were or will be issued between July 1 of the
preceding year and July 1 of the year in which the levy of taxes is
made.
(c) A special tax levied under this section shall be:
(1) levied, certified to the county auditor, and collected in the
same manner as other taxes are levied, certified, and collected;
and
(2) deposited in a separate fund known as the county (or
municipal) improvement certificate fund for application to the
payment of the certificates.
(d) The balance of the improvement certificate fund does not revert
to the unit's general fund at the end of the unit's fiscal year, but remains
in the fund for the next fiscal year.

Legislative History

As added by P.L.98-1993, SEC.7.