IC 6-1.1-21.6
    Chapter 21.6. Distributions to Certain School Corporations

IC 6-1.1-21.6-1
Recommendations for distributions
    Sec. 1. Before January 1, 2002, a school corporation may apply tothe school property tax control board for a recommendationconcerning a distribution to the school corporation from the propertytax replacement fund. The school property tax control board shallrecommend a distribution from the fund to the school corporation ifthe board finds that the following conditions are met:
        (1) At least two (2) installments of personal and real propertytaxes due on tangible property subject to taxation by the schoolcorporation are delinquent.
        (2) The assessed value of the tangible property described insubdivision (1) is at least nine percent (9%) of the assessedvalue of all tangible property subject to taxation by the schoolcorporation.
        (3) The school corporation has experienced and will continueto experience a significant revenue shortfall as a result of thedefault.
        (4) The school corporation is presented with unique fiscalchallenges to finance its operations due to the taxpayer's filingof a petition under the federal bankruptcy code.
As added by P.L.291-2001, SEC.238. Amended by P.L.1-2002,SEC.23.

IC 6-1.1-21.6-2
Approval, modification, or rejection of distributions
    Sec. 2. If the school property tax control board recommends adistribution from the property tax replacement fund under section 1of this chapter, the school property tax control board shallimmediately forward a copy of its recommendation and findings tothe department of local government finance. The department of localgovernment finance shall review the recommendation and findingsof the school property tax control board and may approve, modifyand approve, or reject the recommendation of the school property taxcontrol board. The department of local government finance may notapprove a distribution from the property tax replacement fund thatexceeds the amount of the school corporation's property tax shortfallattributable to the delinquent installment or installments of propertytaxes described in section 1 of this chapter, as determined by thedepartment.
As added by P.L.291-2001, SEC.238. Amended by P.L.90-2002,SEC.203.

IC 6-1.1-21.6-3
Warrants; payments
    Sec. 3. If the department of local government finance approves adistribution from the property tax replacement fund under section 2

of this chapter, the department shall immediately notify the auditorof state, who shall draw warrants for the distribution on the treasurerof state. A distribution made under this chapter is payable in two (2)equal installments. The first installment shall be paid in the firstmonth following the approval of the distribution by the departmentof local government finance, and the second installment shall be paidin the second month following the approval of the distribution by thedepartment.
As added by P.L.291-2001, SEC.238. Amended by P.L.90-2002,SEC.204.