Indiana § 8-1.5-4-19 Tax levy

Indiana Statutes

§ 8-1.5-4-19 — Tax levy

Indiana § 8-1.5-4-19

Art. 1.5MUNICIPAL UTILITIES

Ch. 4Department of Waterworks in Certain Municipalities

This text of Indiana § 8-1.5-4-19 (Tax levy) 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 § 8-1.5-4-19 (2026).

Text

(a)To raise the necessary revenues to pay for the bonds issued, and interest on the bonds, the board:

(1)may levy a special benefit tax upon all the property of the waterworks district in the amount necessary to meet and pay the principal of the bonds as they severally mature, together with all accruing interest; and

(2)shall certify the tax levied each year to the fiscal officers of the municipality and of the county in which the waterworks district is located, at the same time the levy of the municipality is certified. The tax levied and certified shall be estimated and entered upon the tax duplicate and shall be collected and enforced in the same manner as state and county taxes are estimated, entered, collected, and enforced.

(b)In fixing the amount of the necessary levy, the board

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(a) To raise the necessary revenues to pay for
the bonds issued, and interest on the bonds, the board:
(1) may levy a special benefit tax upon all the property of the
waterworks district in the amount necessary to meet and pay the
principal of the bonds as they severally mature, together with all
accruing interest; and
(2) shall certify the tax levied each year to the fiscal officers of the
municipality and of the county in which the waterworks district
is located, at the same time the levy of the municipality is
certified.
The tax levied and certified shall be estimated and entered upon the tax
duplicate and shall be collected and enforced in the same manner as
state and county taxes are estimated, entered, collected, and enforced.
(b) In fixing the amount of the necessary levy, the board:
(1) shall consider the amount of revenues derived by the board
from the operation of the waterworks plant and system under its
jurisdiction above the amount of revenues required to pay the cost
of operation and maintenance of the waterworks plant and system;
and
(2) may, in lieu of making the levy in this section, set aside, by
resolution, a specific amount of the surplus revenues to be
collected before maturity of the principal and interest of the bonds
payable in the following calendar year.
(c) The special tax shall be accumulated and kept in a separate fund
to be known as the "waterworks district bond fund", and applied to the
payment of the district bonds and interest as they severally mature and
are payable. All accumulations in the fund before their use for the
payment of bonds and interest shall be deposited at interest with the
depository of other public funds of the municipality, and all interest
collected belongs to that fund.
(d) If the board adopts the resolution, the board may not use any part
of the amount set aside out of its net revenues for any purpose other
than the monthly payment of the bonds and interest to the sinking fund.
Any amount of net revenues derived from the operation of the
waterworks plant and system under the jurisdiction of the board, not
required for the payment of the principal and interest on the
outstanding waterworks district bonds, shall be paid over to the
municipality and deposited in the sinking fund established for the
purpose of redeeming and retiring outstanding bonds that the
municipality may have issued for the benefit of its waterworks plant.
This section does not relieve the municipality from the obligation to
pay outstanding bonds according to their terms and conditions.
As added by Acts 1982, P.L.74, SEC.1.