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 been
reassessed 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 common
school 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 the
fund 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 school
corporation that has experienced a shortfall of at least five percent
(5%) in the collection of property tax levies in the current year or the
preceding years for the eligible school corporation's general fund as
a result of any of the following:
(1) Erroneous assessed valuation amounts provided to the
eligible school corporation.
(2) Erroneous figures used to determine the eligible school
corporation's general fund property tax rate.
(3) A change in the assessed valuation of property as the result
of appeals under IC 6-1.1 or IC 6-1.5.
(4) The payment of refunds that resulted from appeals under
IC 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 loan
under this chapter must submit an application to the state board on
forms prescribed by the state board after consulting with the
department 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 shall
determine the terms of a loan after consulting with the department.
The state budget agency must approve the terms of a loan before the
loan is made.
(b) An eligible school corporation receiving a loan under this
chapter must be repay the loan within thirty-six (36) months of the
date 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 under
this chapter may annually levy a tax in the debt service fund to repay
the 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 school
corporation receive a loan under this chapter, the eligible school
corporation may not request an excessive tax levy for the same
amount. 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 eligible
school corporation from repaying a loan under this chapter before the
date 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.
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 been
reassessed 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 common
school 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 the
fund 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 school
corporation that has experienced a shortfall of at least five percent
(5%) in the collection of property tax levies in the current year or the
preceding years for the eligible school corporation's general fund as
a result of any of the following:
(1) Erroneous assessed valuation amounts provided to the
eligible school corporation.
(2) Erroneous figures used to determine the eligible school
corporation's general fund property tax rate.
(3) A change in the assessed valuation of property as the result
of appeals under IC 6-1.1 or IC 6-1.5.
(4) The payment of refunds that resulted from appeals under
IC 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 loan
under this chapter must submit an application to the state board on
forms prescribed by the state board after consulting with the
department 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 shall
determine the terms of a loan after consulting with the department.
The state budget agency must approve the terms of a loan before the
loan is made.
(b) An eligible school corporation receiving a loan under this
chapter must be repay the loan within thirty-six (36) months of the
date 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 under
this chapter may annually levy a tax in the debt service fund to repay
the 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 school
corporation receive a loan under this chapter, the eligible school
corporation may not request an excessive tax levy for the same
amount. 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 eligible
school corporation from repaying a loan under this chapter before the
date 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.
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 been
reassessed 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 common
school 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 the
fund 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 school
corporation that has experienced a shortfall of at least five percent
(5%) in the collection of property tax levies in the current year or the
preceding years for the eligible school corporation's general fund as
a result of any of the following:
(1) Erroneous assessed valuation amounts provided to the
eligible school corporation.
(2) Erroneous figures used to determine the eligible school
corporation's general fund property tax rate.
(3) A change in the assessed valuation of property as the result
of appeals under IC 6-1.1 or IC 6-1.5.
(4) The payment of refunds that resulted from appeals under
IC 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 loan
under this chapter must submit an application to the state board on
forms prescribed by the state board after consulting with the
department 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 shall
determine the terms of a loan after consulting with the department.
The state budget agency must approve the terms of a loan before the
loan is made.
(b) An eligible school corporation receiving a loan under this
chapter must be repay the loan within thirty-six (36) months of the
date 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 under
this chapter may annually levy a tax in the debt service fund to repay
the 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 school
corporation receive a loan under this chapter, the eligible school
corporation may not request an excessive tax levy for the same
amount. 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 eligible
school corporation from repaying a loan under this chapter before the
date 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.
