Indiana Code 6-1.1-22.1-6. Limit on amount of loans; use of proceeds of a loan
(b) Subject to subsection (d), the amount of loans provided under this chapter to a qualified taxing unit may not exceed the remainder of:
Terms Used In Indiana Code 6-1.1-22.1-6
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified taxing unit: means a city, township, or school corporation located in Lake County that experienced a property tax revenue shortfall in one (1) or more tax years:
Indiana Code 6-1.1-22.1-2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(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.