CHAPTER 36.2. LEVY REPLACEMENT GRANT
IC 20-20-36.2
Chapter 36.2. Levy Replacement Grant
IC 20-20-36.2-1
"Credit"
Sec. 1. As used in this chapter, "credit" refers to a credit grantedunder IC 6-1.1-20.6.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-2
"Circuit breaker replacement amount"
Sec. 2. As used in this chapter, "circuit breaker replacementamount" refers to the amount determined under section 5 of thischapter.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-3
"Grant"
Sec. 3. As used in this chapter, "grant" refers to a grant distributedunder this chapter.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-4
Eligibility for grant
Sec. 4. (a) Notwithstanding any other provision, a schoolcorporation is eligible for a grant under this chapter in a particularyear only if for that year the school corporation's total property taxrevenue is expected to be reduced by more than two percent (2%)because of the application of credits in that year.
(b) Subject to subsection (a), an eligible school corporation isentitled to a grant in:
(1) 2009 equal to the eligible school corporation's circuitbreaker replacement amount for property taxes imposed for theMarch 1, 2008, and January 15, 2009, assessment dates; and
(2) 2010 equal to the eligible school corporation's circuitbreaker replacement amount for property taxes imposed for theMarch 1, 2009, and January 15, 2010, assessment dates.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-5
Amount of grant
Sec. 5. (a) An eligible school corporation's circuit breakerreplacement amount for 2009 is equal to the result determined underSTEP FOUR of the following formula:
STEP ONE: Determine the amount of credits granted againstthe eligible school corporation's combined levy for the eligibleschool corporation's debt service fund, capital projects fund,transportation fund, school bus replacement fund, and racialbalance fund.
STEP TWO: Determine the sum of the STEP ONE amounts for
all eligible school corporations in Indiana.
STEP THREE: Divide the lesser of the STEP TWO amount orforty million dollars ($40,000,000) by the STEP TWO amount,rounding to the nearest ten thousandth (0.0001).
STEP FOUR: Multiply the STEP THREE result by the STEPONE amount, rounding to the nearest dollar ($1).
(b) An eligible school corporation is entitled to a grant under thischapter in a calendar year. The grant is equal to the eligible schoolcorporation's circuit breaker replacement amount, as determined forcalendar year 2010. An eligible school corporation's circuit breakerreplacement amount for 2010 is equal to the result determined underSTEP SIX of the following formula:
STEP ONE: Determine the amount of credits granted againstthe eligible school corporation's combined levy for the schoolcorporation's debt service fund, capital projects fund,transportation fund, school bus replacement fund, and racialbalance fund.
STEP TWO: Determine an amount equal to two percent (2%)of the school corporation's total combined property tax levy for2010, rounded to the nearest one dollar ($1).
STEP THREE: Determine the greater of zero (0) or the result ofthe STEP ONE amount minus the STEP TWO amount.
STEP FOUR: Determine the sum of the STEP THREE amountsfor all eligible school corporations in Indiana.
STEP FIVE: Determine the result of the lesser of:
(A) one (1); or
(B) the result of sixty million dollars ($60,000,000) dividedby the STEP FOUR amount, rounding to the nearest tenthousandth (0.0001).
STEP SIX: Multiply the STEP FIVE result by the STEPTHREE amount, rounding to the nearest dollar ($1).
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),SEC.306.
IC 20-20-36.2-6
Administration by department
Sec. 6. The department shall administer the grant program.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-7
Certification by budget agency of circuit breaker replacementamount
Sec. 7. (a) Not later than July 30 of a calendar year, the budgetagency shall certify to the department an initial estimate of the circuitbreaker replacement amount attributable to each school corporationfor the calendar year.
(b) Not later than November 1 of a calendar year, the budgetagency shall certify to the department a final estimate of the circuitbreaker replacement amount attributable to each eligible schoolcorporation for the calendar year. (c) The budget agency shall compute an amount certified underthis section using the best information available to the budget agencyat the time the certification is made.
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),SEC.307.
IC 20-20-36.2-8
Distribution of grants
Sec. 8. Subject to section 9 of this chapter, the department shalldistribute a grant to an eligible school corporation equal to fiftypercent (50%) of the eligible school corporation's estimated circuitbreaker replacement amount for the calendar year in two (2)installments.
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),SEC.308.
IC 20-20-36.2-9
Settlement of overpayment or underpayment
Sec. 9. Based on the final estimate of the circuit breakerreplacement amount certified to the department by the budgetagency, the department shall settle any overpayment orunderpayment of circuit breaker replacement amounts to an eligibleschool corporation. The department may offset overpayments ofcircuit breaker replacement amounts for a particular calendar yearagainst:
(1) a grant; or
(2) state tuition support distribution;
that the eligible school corporation would otherwise be entitled toreceive.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-10
Deposit and use of grants
Sec. 10. An eligible school corporation shall deposit and use theamount received from a grant as follows:
(1) An amount equal to the revenue lost to the eligible schoolcorporation's debt service fund as the result of the granting ofcredits shall be deposited in the eligible school corporation'sdebt service fund for purposes of the debt service fund.
(2) Any part of a grant remaining after making the depositrequired under subdivision (1) may be deposited in anycombination of the eligible school corporation's capital projectsfund, transportation fund, school bus replacement fund, andracial balance fund, as determined by the school corporation.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-11
Expiration of chapter
Sec. 11. This chapter expires January 1, 2011.
As added by P.L.182-2009(ss), SEC.309.