Indiana § 6-1.1-21.9-3 Board determines terms of loan and disburses installments; loan
repayment; no excessive levy; deposit of payments received

Indiana Statutes

§ 6-1.1-21.9-3 — Board determines terms of loan and disburses installments; loan repayment; no excessive levy; deposit of payments received

Indiana § 6-1.1-21.9-3

Art. 1.1PROPERTY TAXES

Ch. 21.9Rainy Day Fund Loans for Qualified Taxing Units

This text of Indiana § 6-1.1-21.9-3 (Board determines terms of loan and disburses installments; loan repayment; no excessive levy; deposit of 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 § 6-1.1-21.9-3 (2026).

Text

(a)The board, not later than December 31, 2009, and after review by the budget committee, shall determine the terms of a loan made under this chapter, subject to the following:

(1)The board may not charge interest on the loan.

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

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

(4)The maximum amount of the loan that a qualifying 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 qualifying taxing unit that results from the default for that calendar year.

(5)T

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(a) The board, not later than December 31,
2009, and after review by the budget committee, shall determine the
terms of a loan made under this chapter, subject to the following:
(1) The board may not charge interest on the loan.
(2) The loan must be repaid not later than ten (10) years after the
date on which the loan was made.
(3) The terms of the loan must allow for prepayment of the loan
without penalty.
(4) The maximum amount of the loan that a qualifying 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 qualifying taxing unit
that results from the default for that calendar year.
(5) The total amount of all loans under this chapter for all
calendar years may not exceed thirteen million dollars
($13,000,000).
(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 or (before
January 1, 2009) IC 6-1.1-19.
(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) or
(before January 1, 2009) IC 6-1.1-19-13.
(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 (before January 1, 2009) IC 6-1.1-19.
(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.