Maximum loan amount for a particular qualified taxing unit
Sec. 5. The maximum amount that the board may loan to a
qualified taxing unit is determined under STEP FOUR of the
following formula:
STEP ONE: Determine the amount of the taxpayer's property
taxes due and payable in November 2001 that are attributable
to the qualified taxing unit as determined by the department of
local government finance.
STEP TWO: Multiply the STEP ONE amount by one and
thirty-one thousandths (1.031).
STEP THREE: Multiply the STEP TWO product by two (2).
STEP FOUR: Add the STEP ONE amount to the STEP THREE
product.
However, in the case of a qualified taxing unit that is a school
corporation, the amount determined under STEP FOUR shall be
reduced by the board to the extent that the school corporation
receives relief in the form of adjustments to the school corporation's
assessed valuation under IC 21-3-1.6-1.1 or IC 6-1.1-17-0.5.
As added by P.L.157-2002, SEC.1.
Last modified: May 28, 2006