Indiana Code 36-9-15-10. Debt service fund; creation; purposes; tax levy
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Sec. 10. (a) The county fiscal body may establish a debt service fund for the payment of:
(2) a lease to provide capital construction under IC 36-1-10.
(1) a debt or other obligation arising out of money borrowed or advanced for a jail that it purchases from the proceeds of a bond issue for capital construction under IC 36-2-6-18; or
Terms Used In Indiana Code 36-9-15-10
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The county fiscal body shall levy a tax each year in an amount sufficient to pay all debt service obligations for jails for that year. IC 6-1.1-18.5-8 applies to such a tax levy.
[Pre-Local Government Recodification Citation: 17-3-84.8-1.]
As added by Acts 1981, P.L.309, SEC.88. Amended by P.L.73-1983, SEC.21.