Indiana Code 16-23-1-24. Loans in anticipation of taxes
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Sec. 24. (a) If the city fiscal body authorizes the borrowing by ordinance, the board of directors may borrow money by negotiating a temporary loan in anticipation of taxes already levied and in process of collection or distribution in the current year.
(1) be executed by the city executive and attested by the clerk-treasurer; and
(b) The notes, warrants, or other evidences of indebtedness must:
Terms Used In Indiana Code 16-23-1-24
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) be payable not later than the end of the calendar year in which the auditor of the county or the clerk-treasurer of the city will collect and distribute the taxes in anticipation of which the temporary loan is made and the money borrowed.
[Pre-1993 Recodification Citation: 16-12.2-5-15.]
As added by P.L.2-1993, SEC.6.