§ 6-1.1-22.1-6 — Limit on amount of loans; use of proceeds of a loan

Indiana § 6-1.1-22.1-6

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 22.1: Loans to Qualified Taxing Units in Lake County

Text

(a) The total amount of all loans under this
chapter for all calendar years may not exceed the total amount of
property tax revenue shortfall for all qualified taxing units that resulted
from erroneous assessed valuation amounts being provided to the
qualified taxing units, as determined by the treasurer of state.
(b) Subject to subsection (d), the amount of loans provided under
this chapter to a qualified taxing unit may not exceed the remainder of:
(1) two percent (2%) of the true tax value of property in the
qualified taxing unit as of the date of the loan; minus
(2) the amount of any loans previously received by the qualified
taxing unit under this chapter, together with the amount of any
other indebtedness of the qualified taxing unit regardless of the
nature of the indebtedness, other than items payable out of current
expenses.
(c) The qualified taxing unit may use the proceeds of a loan under
this chapter to refund any bonds of the qualified taxing unit previously
issued to offset the qualified taxing unit's property tax revenue
shortfall.
(d) The amount of loans provided to all qualified taxing units under
this chapter may not exceed thirty-five million dollars ($35,000,000).

Legislative History

As added by P.L.236-2023, SEC.43.