CHAPTER 8.2. SHORTFALL LOAN

IC 20-49-8.2
    Chapter 8.2. Shortfall Loan

IC 20-49-8.2-1
"Eligible school corporation"
    Sec. 1. As used in this chapter, "eligible school corporation"refers to a school corporation located in a county that has beenreassessed under IC 6-1.1-4-32 (before its repeal).
As added by P.L.211-2007, SEC.46. Amended by P.L.131-2008,SEC.52.

IC 20-49-8.2-2
"Fund"
    Sec. 2. As used in this chapter, "fund" refers to the commonschool fund in the custody of the treasurer of state.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-3
"Loan"
    Sec. 3. As used in this chapter, "loan" means a loan made from thefund under the provisions this chapter.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-4
Loans to eligible school corporations
    Sec. 4. The state board may loan money to an eligible schoolcorporation that has experienced a shortfall of at least five percent(5%) in the collection of property tax levies in the current year or thepreceding years for the eligible school corporation's general fund asa result of any of the following:
        (1) Erroneous assessed valuation amounts provided to theeligible school corporation.
        (2) Erroneous figures used to determine the eligible schoolcorporation's general fund property tax rate.
        (3) A change in the assessed valuation of property as the resultof appeals under IC 6-1.1 or IC 6-1.5.
        (4) The payment of refunds that resulted from appeals underIC 6-1.1 or IC 6-1.5.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-5
Application for loan
    Sec. 5. An eligible school corporation that desires to obtain a loanunder this chapter must submit an application to the state board onforms prescribed by the state board after consulting with thedepartment and the state budget agency.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-6
Terms of loan; maximum duration    Sec. 6. (a) Subject to subsection (b), the state board shalldetermine the terms of a loan after consulting with the department.The state budget agency must approve the terms of a loan before theloan is made.
    (b) An eligible school corporation receiving a loan under thischapter must be repay the loan within thirty-six (36) months of thedate on which the loan is made.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-7
Tax levy
    Sec. 7. An eligible school corporation that obtains a loan underthis chapter may annually levy a tax in the debt service fund to repaythe loan.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-8
Excessive tax levy not allowed if loan granted
    Sec. 8. If the state board recommends that an eligible schoolcorporation receive a loan under this chapter, the eligible schoolcorporation may not request an excessive tax levy for the sameamount.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-9
Repayment of loan before maximum duration not prohibited
    Sec. 9. This chapter may not be construed to prohibit an eligibleschool corporation from repaying a loan under this chapter before thedate specified in section 6(b) of this chapter.
As added by P.L.211-2007, SEC.46.

IC 20-49-8.2-10
Expiration
    Sec. 10. This chapter expires December 31, 2010.
As added by P.L.211-2007, SEC.46.