IC 6-1.1-21.3
Chapter 21.3. Rainy Day Fund Loans for Taxing Units Affected
by Transmission Manufacturer Bankruptcy
IC 6-1.1-21.3-1 "Board", "qualified taxing unit", and "qualifying taxpayer"
Sec. 1. (a) As used in this chapter, "board" refers to the state
board of finance.
(b) As used in this chapter, "qualified taxing unit" means a taxing
unit:
(1) in which a qualifying taxpayer has tangible property subject
to taxation; and
(2) that has experienced or is expected to experience a
significant revenue shortfall as a result of a default or an
expected default described in subsection (c)(3).
(c) As used in this chapter, "qualifying taxpayer" means a
taxpayer that:
(1) casts and manufactures motor vehicle transmissions as part
of its business;
(2) has filed a petition to reorganize under the federal
bankruptcy code; and
(3) has defaulted, or has notified the county fiscal body of the
county in which the taxpayer is subject to property taxes that
the taxpayer will default, on all or part of one (1) or more of its
property tax payments with respect to taxes first due and
payable in 2009 or 2010, or both. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-2 Qualifying taxing unit may apply to board for loan
Sec. 2. A qualified taxing unit may apply to the board for one (1)
or more loans from the counter-cyclical revenue and economic
stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-3 Determination of terms of loan by board; loan conditions;
disbursement of installments by board; loan repayment; obligation
to repay not basis for excessive tax levy; deposit by board of loan
payments received
Sec. 3. (a) The board, after review by the budget committee, shall
determine the terms of a loan made under this chapter, subject to the
following:
(1) The loan must be repaid not later than ten (10) years after
the date on which the loan is made.
(2) The terms of the loan must allow for prepayment of the loan
without penalty.
(3) The maximum amount of the loan that a qualified taxing
unit may receive with respect to a default described in section
1(c)(3) of this chapter on one (1) or more payments of property
taxes first due and payable in a calendar year is the amount, as
determined by the board, of revenue shortfall for the qualified
taxing unit that results from the default for that calendar year.
(b) The board may disburse in installments the proceeds of a loan
made under this chapter.
(c) A qualified taxing unit may repay a loan made under this
chapter from any of the following:
(1) Property tax revenues of the qualified taxing unit that are
subject to the levy limitations imposed by IC 6-1.1-18.5.
(2) Property tax revenues of the qualified taxing unit that are
not subject to levy limitations as provided in IC 6-1.1-18.5-21.
(3) The qualified taxing unit's debt service fund.
(4) Any other source of revenues (other than property taxes)
that is legally available to the qualified taxing unit.
The payment of any installment on a loan made under this chapter
constitutes a first charge against the property tax revenues described
in subdivision (1) or (2) that are collected by the qualified taxing unit
during the calendar year the installment is due and payable.
(d) The obligation to repay a loan made under this chapter is not
a basis for the qualified taxing unit to obtain an excessive tax levy
under IC 6-1.1-18.5 or IC 20-44-3.
(e) Whenever the board receives a payment on a loan made under
this chapter, the board shall deposit the amount paid in the
counter-cyclical revenue and economic stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-4 Certain amounts not considered for determination of levy excess;
use of delinquent tax and effect on remaining loan balance; use of
loan proceeds
Sec. 4. (a) As used in this section, "delinquent tax" means any tax
not paid during the calendar year in which the tax was first due and
payable.
(b) Except as provided in subsection (c), the following are not
considered to be part of the ad valorem property tax levy actually
collected by the qualified taxing unit for taxes first due and payable
during a particular calendar year for the purpose of calculating the
levy excess under IC 6-1.1-18.5-17 and IC 20-44-3:
(1) The proceeds of a loan received by the qualified taxing unit
under this chapter.
(2) The receipt by a qualified taxing unit of any payment of
delinquent tax owed by a qualifying taxpayer.
(c) Delinquent tax owed by a qualifying taxpayer received by a
qualified taxing unit:
(1) must first be used toward the retirement of an outstanding
loan made under this chapter; and
(2) is considered, only to the extent that the amount received
exceeds the amount of the outstanding loan, to be part of the ad
valorem property tax levy actually collected by the qualified
taxing unit for taxes first due and payable during a particular
calendar year for the purpose of calculating the levy excess
under IC 6-1.1-18.5-17 and IC 20-44-3.
(d) If a qualifying taxpayer pays delinquent tax during the term of
repayment of an outstanding loan made under this chapter, the
remaining loan balance is repayable in equal installments over the
remainder of the original term of repayment.
(e) Proceeds of a loan made under this chapter may be expended
by a qualified taxing unit only to pay obligations of the qualified
taxing unit that have been incurred under appropriations for
operating expenses made by the qualified taxing unit and approved
by the department of local government finance. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-5 Loan not bonded indebtedness
Sec. 5. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3
Chapter 21.3. Rainy Day Fund Loans for Taxing Units Affected
by Transmission Manufacturer Bankruptcy
IC 6-1.1-21.3-1 "Board", "qualified taxing unit", and "qualifying taxpayer"
Sec. 1. (a) As used in this chapter, "board" refers to the state
board of finance.
(b) As used in this chapter, "qualified taxing unit" means a taxing
unit:
(1) in which a qualifying taxpayer has tangible property subject
to taxation; and
(2) that has experienced or is expected to experience a
significant revenue shortfall as a result of a default or an
expected default described in subsection (c)(3).
(c) As used in this chapter, "qualifying taxpayer" means a
taxpayer that:
(1) casts and manufactures motor vehicle transmissions as part
of its business;
(2) has filed a petition to reorganize under the federal
bankruptcy code; and
(3) has defaulted, or has notified the county fiscal body of the
county in which the taxpayer is subject to property taxes that
the taxpayer will default, on all or part of one (1) or more of its
property tax payments with respect to taxes first due and
payable in 2009 or 2010, or both. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-2 Qualifying taxing unit may apply to board for loan
Sec. 2. A qualified taxing unit may apply to the board for one (1)
or more loans from the counter-cyclical revenue and economic
stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-3 Determination of terms of loan by board; loan conditions;
disbursement of installments by board; loan repayment; obligation
to repay not basis for excessive tax levy; deposit by board of loan
payments received
Sec. 3. (a) The board, after review by the budget committee, shall
determine the terms of a loan made under this chapter, subject to the
following:
(1) The loan must be repaid not later than ten (10) years after
the date on which the loan is made.
(2) The terms of the loan must allow for prepayment of the loan
without penalty.
(3) The maximum amount of the loan that a qualified taxing
unit may receive with respect to a default described in section
1(c)(3) of this chapter on one (1) or more payments of property
taxes first due and payable in a calendar year is the amount, as
determined by the board, of revenue shortfall for the qualified
taxing unit that results from the default for that calendar year.
(b) The board may disburse in installments the proceeds of a loan
made under this chapter.
(c) A qualified taxing unit may repay a loan made under this
chapter from any of the following:
(1) Property tax revenues of the qualified taxing unit that are
subject to the levy limitations imposed by IC 6-1.1-18.5.
(2) Property tax revenues of the qualified taxing unit that are
not subject to levy limitations as provided in IC 6-1.1-18.5-21.
(3) The qualified taxing unit's debt service fund.
(4) Any other source of revenues (other than property taxes)
that is legally available to the qualified taxing unit.
The payment of any installment on a loan made under this chapter
constitutes a first charge against the property tax revenues described
in subdivision (1) or (2) that are collected by the qualified taxing unit
during the calendar year the installment is due and payable.
(d) The obligation to repay a loan made under this chapter is not
a basis for the qualified taxing unit to obtain an excessive tax levy
under IC 6-1.1-18.5 or IC 20-44-3.
(e) Whenever the board receives a payment on a loan made under
this chapter, the board shall deposit the amount paid in the
counter-cyclical revenue and economic stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-4 Certain amounts not considered for determination of levy excess;
use of delinquent tax and effect on remaining loan balance; use of
loan proceeds
Sec. 4. (a) As used in this section, "delinquent tax" means any tax
not paid during the calendar year in which the tax was first due and
payable.
(b) Except as provided in subsection (c), the following are not
considered to be part of the ad valorem property tax levy actually
collected by the qualified taxing unit for taxes first due and payable
during a particular calendar year for the purpose of calculating the
levy excess under IC 6-1.1-18.5-17 and IC 20-44-3:
(1) The proceeds of a loan received by the qualified taxing unit
under this chapter.
(2) The receipt by a qualified taxing unit of any payment of
delinquent tax owed by a qualifying taxpayer.
(c) Delinquent tax owed by a qualifying taxpayer received by a
qualified taxing unit:
(1) must first be used toward the retirement of an outstanding
loan made under this chapter; and
(2) is considered, only to the extent that the amount received
exceeds the amount of the outstanding loan, to be part of the ad
valorem property tax levy actually collected by the qualified
taxing unit for taxes first due and payable during a particular
calendar year for the purpose of calculating the levy excess
under IC 6-1.1-18.5-17 and IC 20-44-3.
(d) If a qualifying taxpayer pays delinquent tax during the term of
repayment of an outstanding loan made under this chapter, the
remaining loan balance is repayable in equal installments over the
remainder of the original term of repayment.
(e) Proceeds of a loan made under this chapter may be expended
by a qualified taxing unit only to pay obligations of the qualified
taxing unit that have been incurred under appropriations for
operating expenses made by the qualified taxing unit and approved
by the department of local government finance. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-5 Loan not bonded indebtedness
Sec. 5. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3
Chapter 21.3. Rainy Day Fund Loans for Taxing Units Affected
by Transmission Manufacturer Bankruptcy
IC 6-1.1-21.3-1 "Board", "qualified taxing unit", and "qualifying taxpayer"
Sec. 1. (a) As used in this chapter, "board" refers to the state
board of finance.
(b) As used in this chapter, "qualified taxing unit" means a taxing
unit:
(1) in which a qualifying taxpayer has tangible property subject
to taxation; and
(2) that has experienced or is expected to experience a
significant revenue shortfall as a result of a default or an
expected default described in subsection (c)(3).
(c) As used in this chapter, "qualifying taxpayer" means a
taxpayer that:
(1) casts and manufactures motor vehicle transmissions as part
of its business;
(2) has filed a petition to reorganize under the federal
bankruptcy code; and
(3) has defaulted, or has notified the county fiscal body of the
county in which the taxpayer is subject to property taxes that
the taxpayer will default, on all or part of one (1) or more of its
property tax payments with respect to taxes first due and
payable in 2009 or 2010, or both. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-2 Qualifying taxing unit may apply to board for loan
Sec. 2. A qualified taxing unit may apply to the board for one (1)
or more loans from the counter-cyclical revenue and economic
stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-3 Determination of terms of loan by board; loan conditions;
disbursement of installments by board; loan repayment; obligation
to repay not basis for excessive tax levy; deposit by board of loan
payments received
Sec. 3. (a) The board, after review by the budget committee, shall
determine the terms of a loan made under this chapter, subject to the
following:
(1) The loan must be repaid not later than ten (10) years after
the date on which the loan is made.
(2) The terms of the loan must allow for prepayment of the loan
without penalty.
(3) The maximum amount of the loan that a qualified taxing
unit may receive with respect to a default described in section
1(c)(3) of this chapter on one (1) or more payments of property
taxes first due and payable in a calendar year is the amount, as
determined by the board, of revenue shortfall for the qualified
taxing unit that results from the default for that calendar year.
(b) The board may disburse in installments the proceeds of a loan
made under this chapter.
(c) A qualified taxing unit may repay a loan made under this
chapter from any of the following:
(1) Property tax revenues of the qualified taxing unit that are
subject to the levy limitations imposed by IC 6-1.1-18.5.
(2) Property tax revenues of the qualified taxing unit that are
not subject to levy limitations as provided in IC 6-1.1-18.5-21.
(3) The qualified taxing unit's debt service fund.
(4) Any other source of revenues (other than property taxes)
that is legally available to the qualified taxing unit.
The payment of any installment on a loan made under this chapter
constitutes a first charge against the property tax revenues described
in subdivision (1) or (2) that are collected by the qualified taxing unit
during the calendar year the installment is due and payable.
(d) The obligation to repay a loan made under this chapter is not
a basis for the qualified taxing unit to obtain an excessive tax levy
under IC 6-1.1-18.5 or IC 20-44-3.
(e) Whenever the board receives a payment on a loan made under
this chapter, the board shall deposit the amount paid in the
counter-cyclical revenue and economic stabilization fund. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-4 Certain amounts not considered for determination of levy excess;
use of delinquent tax and effect on remaining loan balance; use of
loan proceeds
Sec. 4. (a) As used in this section, "delinquent tax" means any tax
not paid during the calendar year in which the tax was first due and
payable.
(b) Except as provided in subsection (c), the following are not
considered to be part of the ad valorem property tax levy actually
collected by the qualified taxing unit for taxes first due and payable
during a particular calendar year for the purpose of calculating the
levy excess under IC 6-1.1-18.5-17 and IC 20-44-3:
(1) The proceeds of a loan received by the qualified taxing unit
under this chapter.
(2) The receipt by a qualified taxing unit of any payment of
delinquent tax owed by a qualifying taxpayer.
(c) Delinquent tax owed by a qualifying taxpayer received by a
qualified taxing unit:
(1) must first be used toward the retirement of an outstanding
loan made under this chapter; and
(2) is considered, only to the extent that the amount received
exceeds the amount of the outstanding loan, to be part of the ad
valorem property tax levy actually collected by the qualified
taxing unit for taxes first due and payable during a particular
calendar year for the purpose of calculating the levy excess
under IC 6-1.1-18.5-17 and IC 20-44-3.
(d) If a qualifying taxpayer pays delinquent tax during the term of
repayment of an outstanding loan made under this chapter, the
remaining loan balance is repayable in equal installments over the
remainder of the original term of repayment.
(e) Proceeds of a loan made under this chapter may be expended
by a qualified taxing unit only to pay obligations of the qualified
taxing unit that have been incurred under appropriations for
operating expenses made by the qualified taxing unit and approved
by the department of local government finance. As added by P.L.182-2009(ss), SEC.156.
IC 6-1.1-21.3-5 Loan not bonded indebtedness
Sec. 5. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.182-2009(ss), SEC.156.
