CHAPTER 20.2. RAINY DAY FUND LOANS TO CERTAIN COUNTIES

IC 6-1.1-20.2
    Chapter 20.2. Rainy Day Fund Loans to Certain Counties

IC 6-1.1-20.2-1
"Board"
    Sec. 1. As used in this chapter, "board" refers to the state board offinance.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-2
"Eligible county"
    Sec. 2. As used in this chapter, "eligible county" refers to a countyin which voting equipment has been damaged or destroyed in anatural disaster.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-3
Eligible county may apply to board for loan
    Sec. 3. An eligible county, with the approval of the fiscal body ofthe eligible county, may apply to the board for a loan from thecounter-cyclical revenue and economic stabilization fund.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-4
Board determines terms of any loan after review by budgetcommittee
    Sec. 4. Subject to this chapter, the board, after review by thebudget committee, shall determine the terms of any loan made underthis chapter.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-5
Interest on loan
    Sec. 5. Interest may be imposed on the loan at a rate determinedby the board.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-6
Term of loan repayment; penalty
    Sec. 6. An eligible county receiving a loan under this chapter mustrepay the loan within seventy-two (72) months after the date onwhich the loan is made. No penalty may be imposed for repaying aloan before the term of the loan.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-7
Disbursement of loan proceeds by board
    Sec. 7. The board may disburse in installments the proceeds of aloan made under this chapter.
As added by P.L.182-2009(ss), SEC.150.
IC 6-1.1-20.2-8
Repayment of loan by eligible county from any revenue sources
    Sec. 8. An eligible county may repay a loan made under thischapter from any sources of revenue.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-9
Obligation to repay loan not basis to obtain excessive tax levy
    Sec. 9. The obligation to repay a loan made under this chapter isnot a basis for the eligible county to obtain an excessive tax levy.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-10
Deposit by board of loan payments
    Sec. 10. Whenever the board receives a payment on a loan madeunder this chapter, the board shall deposit the amount paid in thecounter-cyclical revenue and economic stabilization fund.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-11
Loan proceeds received not considered part of levy excess
    Sec. 11. The proceeds of a loan received by an eligible countyunder this chapter are not considered to be part of the ad valoremproperty tax levy actually collected by the eligible county for taxesfirst due and payable during a particular calendar year for thepurpose of calculating levy excess.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-12
Chapter constitutes complete authority for loans
    Sec. 12. The notes and the authorization, issuance, sale, anddelivery of the notes are not subject to any general statute concerningobligations issued by the local governmental entity borrower. Thischapter contains full and complete authority for the making of theloan, the authorization, issuance, sale, and delivery of the notes, andthe repayment of the loan by the borrower, and no law, procedure,proceedings, publications, notices, consents, approvals, orders, oracts by any officer, department, agency, or instrument of the state orof any political subdivision is required to make the loan, issue thenotes, or repay the loan except as prescribed in this chapter.
As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-13
Treasurer of state payment of delinquent loan payments fromeligible county funds held by state
    Sec. 13. Upon the failure of an eligible county to make any of theeligible county's payments on a loan granted under this chapter whendue, the treasurer of state, upon being notified of the failure by theboard, may pay the unpaid amount that is due from the funds held bythe state that would be otherwise distributable to the eligible county.As added by P.L.182-2009(ss), SEC.150.

IC 6-1.1-20.2-14
Restriction on use of loans
    Sec. 14. Notwithstanding any other provision of this chapter, if aneligible county receives a loan under this chapter from thecounter-cyclical revenue and economic stabilization fund (rainy dayfund), the money must be used to replace voting equipment damagedby a flood and may not be used to equip any voting centers.
As added by P.L.182-2009(ss), SEC.516.