Indiana Code — Title 6 (Taxation)
IC 6-1.1-22.1-6
Limit on amount of loans; use of proceeds of a loan
Sec. 6. (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).
As added by P.L.236-2023, SEC.43.
Amendment history
As added by P.L.236-2023, SEC.43.
Source: view the official text
Nearby sections (25 sections)
- 6-1.1-22-13.5 · Political subdivision liens; civil suits
- 6-1.1-22-14 · Persons to whom political subdivision owes money;
- 6-1.1-22-15 · Certification of delinquent taxpayer; setoff against…
- 6-1.1-22-16 · Deduction from state payments to delinquent taxpayers
- 6-1.1-22-17 · Application of funds toward payment of delinquent taxes
- 6-1.1-22-18 · Use of parcel carrier to send documents
- 6-1.1-22-19 · Deduction and credit information included on property tax
- 6-1.1-22.1-1 · "Board"
- 6-1.1-22.1-2 · "Qualified taxing unit"
- 6-1.1-22.1-3 · Application for loan from counter-cyclical revenue and
- 6-1.1-22.1-4 · Determination of the terms of loan
- 6-1.1-22.1-5 · Interest
- 6-1.1-22.1-6 · Limit on amount of loans; use of proceeds of a loan
- 6-1.1-22.1-7 · Requirement to repay loans
- 6-1.1-22.1-8 · Disbursement of loan proceeds in installments
- 6-1.1-22.1-9 · Source of loan repayment
- 6-1.1-22.1-10 · Exclusion of the loan obligation as basis to obtain an…
- 6-1.1-22.1-11 · Deposit of repayment amounts in the counter-cyclical…
- 6-1.1-22.1-12 · Loan proceeds; not considered part of ad valorem…
- 6-1.1-22.1-13 · Authority for the making of the loans; authorization;…
- 6-1.1-22.1-14 · Payment of unpaid amount due; funds held by the state…
- 6-1.1-22.1-15 · Loan; not bonded indebtedness
- 6-1.1-22.5-0.1 · Application of certain amendments to chapter
- 6-1.1-22.5-1 · "Commissioner"
- 6-1.1-22.5-2 · "Provisional statement"