Indiana § 6-1.1-21.3-3 Determination of terms of loan by board; loan conditions; disbursement
of installments by board; loan repayment; obligation to repay not basis
for excessive tax levy; deposit by board of loan payments received

Indiana Statutes

§ 6-1.1-21.3-3 — Determination of terms of loan by board; loan conditions; disbursement of installments by board; loan repayment; obligation to repay not basis for excessive tax levy; deposit by board of loan payments received

Indiana § 6-1.1-21.3-3

Art. 1.1PROPERTY TAXES

Ch. 21.3Rainy Day Fund Loans for Taxing Units Affected by

This text of Indiana § 6-1.1-21.3-3 (Determination of terms of loan by board; loan conditions; disbursement of installments by board; loan repayment; obligation to repay not basis for excessive tax levy; deposit by board of loan payments received) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-1.1-21.3-3 (2026).

Text

(a)The board, after review by the budget committee, shall determine the terms of a loan made under this chapter, subject to the following:

(1)The loan must be repaid not later than ten (10) years after the date on which the loan is made.

(2)The terms of the loan must allow for prepayment of the loan without penalty.

(3)The maximum amount of the loan that a qualified taxing unit may receive with respect to a default described in section 1(c)(3) of this chapter on one (1) or more payments of property taxes first due and payable in a calendar year is the amount, as determined by the board, of revenue shortfall for the qualified taxing unit that results from the default for that calendar year.

(b)The board may disburse in installments the proceeds of a loan made under this chapter.

(c)A

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(a) The board, after review by the budget
committee, shall determine the terms of a loan made under this chapter,
subject to the following:
(1) The loan must be repaid not later than ten (10) years after the
date on which the loan is made.
(2) The terms of the loan must allow for prepayment of the loan
without penalty.
(3) The maximum amount of the loan that a qualified taxing unit
may receive with respect to a default described in section 1(c)(3)
of this chapter on one (1) or more payments of property taxes first
due and payable in a calendar year is the amount, as determined
by the board, of revenue shortfall for the qualified taxing unit that
results from the default for that calendar year.
(b) The board may disburse in installments the proceeds of a loan
made under this chapter.
(c) A qualified taxing unit may repay a loan made under this chapter
from any of the following:
(1) Property tax revenues of the qualified taxing unit that are
subject to the levy limitations imposed by IC 6-1.1-18.5.
(2) Property tax revenues of the qualified taxing unit that are not
subject to levy limitations as provided in IC 6-1.1-18.5-21(a).
(3) The qualified taxing unit's debt service fund.
(4) Any other source of revenues (other than property taxes) that
is legally available to the qualified taxing unit.
The payment of any installment on a loan made under this chapter
constitutes a first charge against the property tax revenues described in
subdivision (1) or (2) that are collected by the qualified taxing unit
during the calendar year the installment is due and payable.
(d) The obligation to repay a loan made under this chapter is not a
basis for the qualified taxing unit to obtain an excessive tax levy under
IC 6-1.1-18.5 or IC 20-44-3.
(e) Whenever the board receives a payment on a loan made under
this chapter, the board shall deposit the amount paid in the
counter-cyclical revenue and economic stabilization fund.