§ 6-1.1-17-20.5 — Circumstances under which a taxing unit's proposed bonds or lease must be reviewed by the city, town, or county fiscal body

Indiana § 6-1.1-17-20.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 17: Procedures for Fixing and Reviewing Budgets, Tax

Text

5. (a) This section applies to the governing
body of a taxing unit unless a majority of the governing body is
comprised of officials who are elected to serve on the governing body.
For purposes of this section, an individual who qualifies to be
appointed to a governing body or serves on a governing body because
of the individual's status as an elected official of another taxing unit
shall be treated as an official who was not elected to serve on the
governing body.
(b) As used in this section, "taxing unit" has the meaning set forth
in IC 6-1.1-1-21, except that the term does not include:
(1) a school corporation; or
(2) an entity whose tax levies are subject to review and
modification by a city-county legislative body under IC 36-3-6-9.
(c) If:
(1) the assessed valuation of a taxing unit is entirely contained
within a city or town; or
(2) the assessed valuation of a taxing unit is not entirely contained
within a city or town but the taxing unit was originally established
by the city or town;
the governing body of the taxing unit may not issue bonds or enter into
a lease payable in whole or in part from property taxes unless it obtains
the approval of the city or town fiscal body.
(d) However, in the case of a public library that is subject to this
section and is described in subsection (c), the public library may not
issue bonds or enter into a lease payable in whole or in part from
property taxes unless it obtains the approval of the county fiscal body,
rather than the city or town fiscal body, if more than fifty percent (50%)
of the parcels of real property within the jurisdiction of the public
library are located outside the city or town. The requirement that the
public library must obtain the approval of the county fiscal body (rather
than the city or town fiscal body) if more than fifty percent (50%) of
the parcels of real property within the jurisdiction of the public library
are located outside the city or town does not apply to the issuance of
bonds or the execution of a lease:
(1) for which a decision or preliminary determination was made
under IC 6-1.1-20 before December 31, 2010; or
(2) that is approved by the city or town fiscal body or the county
fiscal body before December 31, 2010.
(e) This subsection applies to a taxing unit not described in
subsection (c) or (d). The governing body of the taxing unit may not
issue bonds or enter into a lease payable in whole or in part from
property taxes unless it obtains the approval of the county fiscal body
in the county where the taxing unit has the most net assessed valuation.

Legislative History

As added by P.L.146-2008, SEC.164. Amended by P.L.182-2009(ss), SEC.125; P.L.113-2010, SEC.30.