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 to
the school property tax control board for a recommendation
concerning a distribution to the school corporation from the property
tax replacement fund. The school property tax control board shall
recommend a distribution from the fund to the school corporation if
the board finds that the following conditions are met:
(1) At least two (2) installments of personal and real property
taxes due on tangible property subject to taxation by the school
corporation are delinquent.
(2) The assessed value of the tangible property described in
subdivision (1) is at least nine percent (9%) of the assessed
value of all tangible property subject to taxation by the school
corporation.
(3) The school corporation has experienced and will continue
to experience a significant revenue shortfall as a result of the
default.
(4) The school corporation is presented with unique fiscal
challenges to finance its operations due to the taxpayer's filing
of 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 a
distribution from the property tax replacement fund under section 1
of this chapter, the school property tax control board shall
immediately forward a copy of its recommendation and findings to
the department of local government finance. The department of local
government finance shall review the recommendation and findings
of the school property tax control board and may approve, modify
and approve, or reject the recommendation of the school property tax
control board. The department of local government finance may not
approve a distribution from the property tax replacement fund that
exceeds the amount of the school corporation's property tax shortfall
attributable to the delinquent installment or installments of property
taxes described in section 1 of this chapter, as determined by the
department. 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 a
distribution from the property tax replacement fund under section 2
of this chapter, the department shall immediately notify the auditor
of state, who shall draw warrants for the distribution on the treasurer
of state. A distribution made under this chapter is payable in two (2)
equal installments. The first installment shall be paid in the first
month following the approval of the distribution by the department
of local government finance, and the second installment shall be paid
in the second month following the approval of the distribution by the
department. As added by P.L.291-2001, SEC.238. Amended by P.L.90-2002,
SEC.204.
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 to
the school property tax control board for a recommendation
concerning a distribution to the school corporation from the property
tax replacement fund. The school property tax control board shall
recommend a distribution from the fund to the school corporation if
the board finds that the following conditions are met:
(1) At least two (2) installments of personal and real property
taxes due on tangible property subject to taxation by the school
corporation are delinquent.
(2) The assessed value of the tangible property described in
subdivision (1) is at least nine percent (9%) of the assessed
value of all tangible property subject to taxation by the school
corporation.
(3) The school corporation has experienced and will continue
to experience a significant revenue shortfall as a result of the
default.
(4) The school corporation is presented with unique fiscal
challenges to finance its operations due to the taxpayer's filing
of 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 a
distribution from the property tax replacement fund under section 1
of this chapter, the school property tax control board shall
immediately forward a copy of its recommendation and findings to
the department of local government finance. The department of local
government finance shall review the recommendation and findings
of the school property tax control board and may approve, modify
and approve, or reject the recommendation of the school property tax
control board. The department of local government finance may not
approve a distribution from the property tax replacement fund that
exceeds the amount of the school corporation's property tax shortfall
attributable to the delinquent installment or installments of property
taxes described in section 1 of this chapter, as determined by the
department. 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 a
distribution from the property tax replacement fund under section 2
of this chapter, the department shall immediately notify the auditor
of state, who shall draw warrants for the distribution on the treasurer
of state. A distribution made under this chapter is payable in two (2)
equal installments. The first installment shall be paid in the first
month following the approval of the distribution by the department
of local government finance, and the second installment shall be paid
in the second month following the approval of the distribution by the
department. As added by P.L.291-2001, SEC.238. Amended by P.L.90-2002,
SEC.204.
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 to
the school property tax control board for a recommendation
concerning a distribution to the school corporation from the property
tax replacement fund. The school property tax control board shall
recommend a distribution from the fund to the school corporation if
the board finds that the following conditions are met:
(1) At least two (2) installments of personal and real property
taxes due on tangible property subject to taxation by the school
corporation are delinquent.
(2) The assessed value of the tangible property described in
subdivision (1) is at least nine percent (9%) of the assessed
value of all tangible property subject to taxation by the school
corporation.
(3) The school corporation has experienced and will continue
to experience a significant revenue shortfall as a result of the
default.
(4) The school corporation is presented with unique fiscal
challenges to finance its operations due to the taxpayer's filing
of 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 a
distribution from the property tax replacement fund under section 1
of this chapter, the school property tax control board shall
immediately forward a copy of its recommendation and findings to
the department of local government finance. The department of local
government finance shall review the recommendation and findings
of the school property tax control board and may approve, modify
and approve, or reject the recommendation of the school property tax
control board. The department of local government finance may not
approve a distribution from the property tax replacement fund that
exceeds the amount of the school corporation's property tax shortfall
attributable to the delinquent installment or installments of property
taxes described in section 1 of this chapter, as determined by the
department. 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 a
distribution from the property tax replacement fund under section 2
of this chapter, the department shall immediately notify the auditor
of state, who shall draw warrants for the distribution on the treasurer
of state. A distribution made under this chapter is payable in two (2)
equal installments. The first installment shall be paid in the first
month following the approval of the distribution by the department
of local government finance, and the second installment shall be paid
in the second month following the approval of the distribution by the
department. As added by P.L.291-2001, SEC.238. Amended by P.L.90-2002,
SEC.204.
