Indiana Code 36-8-7-15. Insufficient funds for appropriations; loans; tax levy to repay loans
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Terms Used In Indiana Code 36-8-7-15
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Statute: A law passed by a legislature.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 15. If the appropriations for any of the purposes contemplated in section 14 of this chapter are exhausted before the end of the fiscal year for which the appropriations have been made, the unit’s fiscal body shall make the necessary additional appropriations according to IC 6-1.1-18-5. If the amount of money in the general fund not otherwise appropriated is less than the additional appropriations found to be necessary, the fiscal body shall borrow the necessary money in the manner prescribed by statute for making loans by the unit. A tax shall be levied for the next year sufficient to repay the loan and the interest that has accrued.
[Pre-Local Government Recodification Citation: 19-1-37-16 part.]
As added by Acts 1981, P.L.309, SEC.57.