IC 6-1.1-21.4
Chapter 21.4. Rainy Day Fund Loans for Eligible School
Corporations
IC 6-1.1-21.4-1 "Board"
Sec. 1. As used in this chapter, "board" refers to the state board of
finance. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-2 "Eligible school corporation"
Sec. 2. As used in this chapter, "eligible school corporation"
refers to a school corporation located in a county in which
distributions of property tax revenue for 2007 or 2008 to the taxing
units (as defined in IC 6-1.1-1-21) of the county:
(1) have not been made; or
(2) were delayed by more than sixty (60) days after either due
date specified in IC 6-1.1-22-9. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-3 Eligible school corporation; loan application terms
Sec. 3. An eligible school corporation may apply to the board for
a loan from the counter-cyclical revenue and economic stabilization
fund. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-4 Board determination of loan amount; disbursement of funds; loan
repayment; no excessive levy; deposit of payments received
Sec. 4. (a) The board, after review by the budget committee, shall
determine the terms of any loan made under this chapter. However,
the interest rate on the loan may not exceed one percent (1%).
(b) The total amount of all loans under this chapter for all
calendar years may not exceed six million dollars ($6,000,000).
(c) An eligible school corporation receiving a loan under this
chapter must repay the loan within seventy-two (72) months after the
date on which the loan is made.
(d) The board may disburse in installments the proceeds of a loan
made under this chapter.
(e) An eligible school corporation may repay a loan made under
this chapter from any sources of revenue.
(f) The obligation to repay a loan made under this chapter is not
a basis for an eligible school corporation to obtain an excessive tax
levy under IC 6-1.1-19.
(g) 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.131-2008, SEC.5. IC 6-1.1-21.4-5 Effects on levy excess funds
Sec. 5. The proceeds of a loan received by an eligible school
corporation under this chapter are not considered to be part of the ad
valorem property tax levy actually collected by the eligible school
corporation for taxes first due and payable during a particular
calendar year for the purpose of calculating levy excess. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-6 Loan is not bonded indebtedness
Sec. 6. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4
Chapter 21.4. Rainy Day Fund Loans for Eligible School
Corporations
IC 6-1.1-21.4-1 "Board"
Sec. 1. As used in this chapter, "board" refers to the state board of
finance. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-2 "Eligible school corporation"
Sec. 2. As used in this chapter, "eligible school corporation"
refers to a school corporation located in a county in which
distributions of property tax revenue for 2007 or 2008 to the taxing
units (as defined in IC 6-1.1-1-21) of the county:
(1) have not been made; or
(2) were delayed by more than sixty (60) days after either due
date specified in IC 6-1.1-22-9. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-3 Eligible school corporation; loan application terms
Sec. 3. An eligible school corporation may apply to the board for
a loan from the counter-cyclical revenue and economic stabilization
fund. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-4 Board determination of loan amount; disbursement of funds; loan
repayment; no excessive levy; deposit of payments received
Sec. 4. (a) The board, after review by the budget committee, shall
determine the terms of any loan made under this chapter. However,
the interest rate on the loan may not exceed one percent (1%).
(b) The total amount of all loans under this chapter for all
calendar years may not exceed six million dollars ($6,000,000).
(c) An eligible school corporation receiving a loan under this
chapter must repay the loan within seventy-two (72) months after the
date on which the loan is made.
(d) The board may disburse in installments the proceeds of a loan
made under this chapter.
(e) An eligible school corporation may repay a loan made under
this chapter from any sources of revenue.
(f) The obligation to repay a loan made under this chapter is not
a basis for an eligible school corporation to obtain an excessive tax
levy under IC 6-1.1-19.
(g) 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.131-2008, SEC.5. IC 6-1.1-21.4-5 Effects on levy excess funds
Sec. 5. The proceeds of a loan received by an eligible school
corporation under this chapter are not considered to be part of the ad
valorem property tax levy actually collected by the eligible school
corporation for taxes first due and payable during a particular
calendar year for the purpose of calculating levy excess. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-6 Loan is not bonded indebtedness
Sec. 6. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4
Chapter 21.4. Rainy Day Fund Loans for Eligible School
Corporations
IC 6-1.1-21.4-1 "Board"
Sec. 1. As used in this chapter, "board" refers to the state board of
finance. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-2 "Eligible school corporation"
Sec. 2. As used in this chapter, "eligible school corporation"
refers to a school corporation located in a county in which
distributions of property tax revenue for 2007 or 2008 to the taxing
units (as defined in IC 6-1.1-1-21) of the county:
(1) have not been made; or
(2) were delayed by more than sixty (60) days after either due
date specified in IC 6-1.1-22-9. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-3 Eligible school corporation; loan application terms
Sec. 3. An eligible school corporation may apply to the board for
a loan from the counter-cyclical revenue and economic stabilization
fund. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-4 Board determination of loan amount; disbursement of funds; loan
repayment; no excessive levy; deposit of payments received
Sec. 4. (a) The board, after review by the budget committee, shall
determine the terms of any loan made under this chapter. However,
the interest rate on the loan may not exceed one percent (1%).
(b) The total amount of all loans under this chapter for all
calendar years may not exceed six million dollars ($6,000,000).
(c) An eligible school corporation receiving a loan under this
chapter must repay the loan within seventy-two (72) months after the
date on which the loan is made.
(d) The board may disburse in installments the proceeds of a loan
made under this chapter.
(e) An eligible school corporation may repay a loan made under
this chapter from any sources of revenue.
(f) The obligation to repay a loan made under this chapter is not
a basis for an eligible school corporation to obtain an excessive tax
levy under IC 6-1.1-19.
(g) 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.131-2008, SEC.5. IC 6-1.1-21.4-5 Effects on levy excess funds
Sec. 5. The proceeds of a loan received by an eligible school
corporation under this chapter are not considered to be part of the ad
valorem property tax levy actually collected by the eligible school
corporation for taxes first due and payable during a particular
calendar year for the purpose of calculating levy excess. As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-6 Loan is not bonded indebtedness
Sec. 6. A loan under this chapter is not bonded indebtedness for
purposes of IC 6-1.1-18.5. As added by P.L.131-2008, SEC.5.
