§ 6-1.1-39-0.3 — Legalization of certain loans, loan agreements, and similar arrangements

Indiana § 6-1.1-39-0.3

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 39: Economic Development Districts

Text

3. (a) The definitions set forth in IC 4-4-8
(before its repeal) and this chapter apply to this section.
(b) Notwithstanding any other law, all loans, loan agreements, or
similar arrangements between the department and a qualified entity are
legalized and declared valid if these loans, loan agreements, or similar
arrangements have been delivered and the department has lent money
according to the loans, loan agreements, or similar arrangements before
March 5, 1988. All proceedings had and actions taken with respect to
these loans, loan agreements, or similar arrangements are fully
legalized and declared valid.
(c) Any economic development district created by any qualified
entity before March 5, 1988, is legalized and declared valid and is
declared a special taxing district that provides special benefits to
taxpayers in the economic development district by providing local
public improvements that are of public use and benefit. Any
indebtedness of the unit created before March 5, 1988, for local public
improvements shall be considered debt of the special taxing district and
not the general obligation of the unit that established the economic
development district.

Legislative History

As added by P.L.220-2011, SEC.131.