Indiana Code 36-1-1.5-12. Outstanding indebtedness
(b) Except as provided in subsection (c), if the indebtedness consists of outstanding unpaid bonds or notes of the transferor township, the payments to the transferor township shall be made as the principal or interest on the bonds or notes becomes due. Except as provided in subsection (c), the township to which the territory is transferred may impose property taxes to pay the outstanding indebtedness only within the territory that is transferred, and the territory that is transferred constitutes a special taxing district for purposes of paying the outstanding indebtedness. The department of local government finance shall determine the amount of outstanding indebtedness, if any, for which taxpayers of the territory that has been transferred remain liable under this section.
Terms Used In Indiana Code 36-1-1.5-12
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- eligible municipality: means a municipality that:
Indiana Code 36-1-1.5-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- transferor township: means a township described in section 2(1) of this chapter. See Indiana Code 36-1-1.5-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) The township to which the territory is transferred is not liable for and is not required to pay any part of that indebtedness.
(2) A property tax may not be imposed on the taxpayers of the transferred territory to pay any part of that indebtedness.
(3) The territory that is transferred does not constitute a special taxing district for purposes of paying any part of that indebtedness.
As added by P.L.234-2013, SEC.10.