Indiana Code 6-3.6-7-3. Permitted purposes for special purpose rates; repayment of bonds or leases; balance transfer to county highway fund
(b) The rate permitted under the section in this chapter authorizing the special purpose tax rate may include a rate to repay bonds issued or leases entered into for the special purpose. However, for a bond or lease entered into after December 31, 2015, the term of the bonds issued (including any refunding bonds) or a lease entered into under this section may not exceed twenty (20) years, unless the section in this chapter authorizing the special purpose tax rate specifies a different term. The adopting body shall provide a notice to the budget agency, the department of local government finance, and the department of state revenue specifying that the date for the termination of the tax rate has occurred.
Terms Used In Indiana Code 6-3.6-7-3
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- 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
(1) the redemption of bonds issued; or
(2) the final payment of lease rentals due under a lease entered into under this section;
the money accumulated shall be transferred to the county highway fund to be used for construction, resurfacing, restoration, and rehabilitation of county highways, roads, and bridges.
As added by P.L.243-2015, SEC.10. Amended by P.L.197-2016, SEC.57.