CHAPTER 21.1. RAINY DAY FUND LOANS TO THE CITY OF LAPORTE
IC 6-1.1-21.1
Chapter 21.1. Rainy Day Fund Loans to the City of LaPorte
IC 6-1.1-21.1-1
"Board"
Sec. 1. As used in this chapter, "board" refers to the state board offinance.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-2
Findings of general assembly
Sec. 2. The general assembly finds that:
(1) distributions of property tax revenue for 2008 and 2009 tothe city of LaPorte either:
(A) have not been made; or
(B) have been delayed by more than sixty (60) days aftereither due date specified in IC 6-1.1-22-9;
as a result of a state ordered reassessment of property in thecounty; and
(2) the city is having severe difficulty carrying out thegovernmental functions committed to it by law as a result of thedelay in the distribution of tax revenue to the city.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-3
City may apply to board for loan
Sec. 3. The city of LaPorte, with the approval of the fiscal bodyof the city, 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.153.
IC 6-1.1-21.1-4
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.153.
IC 6-1.1-21.1-5
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.153.
IC 6-1.1-21.1-6
Limit on amount of loan
Sec. 6. The total amount of all loans under this chapter for allcalendar years may not exceed the amount of revenue that the boarddetermines has not been collected by the city of LaPorte from
property taxes in 2008 and 2009 on the date of the loan.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-7
Term of loan repayment; penalty
Sec. 7. If the city of LaPorte receives a loan under this chapter,the city must repay the loan within seventy-two (72) months after thedate on which the loan is made. No penalty may be imposed forrepaying a loan before the term of the loan.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-8
Disbursement of loan proceeds by board
Sec. 8. The board may disburse in installments the proceeds of aloan made under this chapter.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-9
Repayment of loan by city from any revenue sources
Sec. 9. The city of LaPorte may repay a loan made under thischapter from any sources of revenue.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-10
Obligation to repay loan not basis to obtain excessive tax levy
Sec. 10. The obligation to repay a loan made under this chapter isnot a basis for the city of LaPorte to obtain an excessive tax levy.
As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-11
Deposit by board of loan payments
Sec. 11. 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.153.
IC 6-1.1-21.1-12
Loan proceeds received not considered part of levy excess
Sec. 12. The proceeds of a loan received by an eligible taxing unitunder this chapter are not considered to be part of the ad valoremproperty tax levy actually collected by the city of LaPorte 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.153.
IC 6-1.1-21.1-13
Chapter constitutes complete authority for loans
Sec. 13. 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. This
chapter 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.153.
IC 6-1.1-21.1-14
Treasurer of state payment of delinquent loan payments from cityfunds held by state
Sec. 14. Upon the failure of the city of LaPorte to make any of thecity's payments on a loan granted under this chapter when due, thetreasurer of state, upon being notified of the failure by the board,may pay the unpaid amount that is due from the funds held by thestate that would be otherwise distributable to the city.
As added by P.L.182-2009(ss), SEC.153.