Indiana Code 5-1-18-8. Lease report requirements; uniformity; electronic submission
(1) The term of the lease.
Terms Used In Indiana Code 5-1-18-8
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- bonds: means any bonds, notes, or other evidences of indebtedness, including guaranteed energy savings contracts and advances from the common school fund, whether payable from property taxes, other taxes, revenues, or any other source. See Indiana Code 5-1-18-1
- department: refers to the department of local government finance. See Indiana Code 5-1-18-2
- lease: means a lease of real property that is entered into by a political subdivision for a term of at least twelve (12) months, whether payable from property taxes, other taxes, revenues, or any other source. See Indiana Code 5-1-18-3
- 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
- political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 5-1-18-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) The purposes of the lease.
(4) The itemized costs incurred by the political subdivision with respect to the preparation and execution of the lease, including fees for legal counsel and other professional advisors.
(5) If all or part of the lease rental payments are used by the lessor as debt service payments for bonds issued for the acquisition, construction, renovation, improvement, expansion, or use of a building, structure, or other public improvement for the political subdivision:
(A) the name of the lessor;
(B) the par value of the bond issue; and
(C) the purposes of the bond issue.
(6) Other information as required by the department.
(b) A political subdivision or a person acting on behalf of a political subdivision shall submit the debt issuance report information described in subsection (a) to the department electronically, in the manner prescribed by the department.
(c) For taxes due and payable for an assessment date after January 15, 2012, the department may not approve an appropriation or a property tax levy that is associated with a debt unless the debt issuance report for the debt has been submitted to the department, unless the department has granted a waiver under subsection (d).
(d) The department may for good cause grant a waiver to the requirement under subsection (c) and approve an appropriation or a property tax levy, notwithstanding a political subdivision’s failure to submit a required debt issuance report.
As added by P.L.199-2005, SEC.2. Amended by P.L.137-2012, SEC.6.