Indiana Code 36-12-10-13. Tax levy to pay lease rentals
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Terms Used In Indiana Code 36-12-10-13
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 13. A municipal corporation that executes a lease under this chapter shall annually levy a special tax, in addition to other taxes authorized by law, sufficient to produce each year the necessary funds with which to pay the lease rental stipulated to be paid by the municipal corporation under the lease. A levy under this section shall be reviewed in accordance with IC 6-1.1-17. The first tax levy shall be made at the first annual tax levy period following the date of the execution of the lease. The first annual levy must be sufficient to pay the estimated amount of the first annual lease rental payment to be made under the lease.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-13.]
As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.58.