§ 6-1.1-21.5-5 — Terms of loan; interest; repayment; depository

Indiana § 6-1.1-21.5-5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 21.5: Loans to Qualified Taxing Units

Text

(a) The board shall determine the terms of
a loan made under this chapter. However, interest may not be charged
on the loan, and the loan must be repaid not later than ten (10) years
after the date on which the loan was made.
(b) The loan shall be repaid only from property tax revenues of the
qualified taxing unit that are subject to the levy limitations imposed by
IC 6-1.1-18.5. The payment of any installment of principal constitutes
a first charge against such property tax revenues as collected by the
qualified taxing unit during the calendar year the installment is due and
payable.
(c) The obligation to repay the loan is not a basis for the qualified
taxing unit to obtain an excessive tax levy under IC 6-1.1-18.5.
(d) 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.
(e) This section may not be construed to prevent the qualified taxing
unit from repaying a loan made under this chapter before the date
specified in subsection (a) if a taxpayer described in section 3 of this
chapter resumes paying property taxes to the qualified taxing unit.

Legislative History

As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001, SEC.209; P.L.2-2006, SEC.59; P.L.146-2008, SEC.242.