Indiana Code 20-48-1-2.5. Status of bonds issued under prior statute; debt service levies, property tax levies
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Sec. 2.5. Notwithstanding the repeal of IC 20-5-4-1.7, as added by P.L.253-2001, the following provisions apply to bonds issued under IC 20-5-4-1.7, as added by P.L.253-2001, before December 31, 2004:
(2) Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation’s operations fund in an amount equal to the property tax levy needed for the debt service on the bonds.
(1) The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.7 had not been repealed.
Terms Used In Indiana Code 20-48-1-2.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
As added by P.L.220-2011, SEC.340. Amended by P.L.244-2017, SEC.114.