Tax repeal; ordinance
Sec. 15. (a) If there are no obligations of the capital improvement
board described in section 12(a) of this chapter then outstanding and
there are no bonds, leases, or other obligations then outstanding for
which a pledge has been made under section 14 of this chapter, the
fiscal body may adopt an ordinance, after December 31, 2009, and
before December 1, 2010, or any year thereafter, that repeals the
ordinance adopted under section 5 of this chapter.
(b) An ordinance adopted under subsection (a) takes effect
January 1 immediately following the date of its adoption. If the fiscal
body adopts such an ordinance, the clerk shall immediately send a
certified copy of the ordinance to the commissioner of the
department of state revenue.
(c) A tax imposed under this chapter terminates on January 1 of
the year immediately following the year in which the last payment
obligation of the capital improvement board is made with respect to
any bond, lease, or other obligation described in section 12(a) of this
chapter that existed on July 1, 2006.
As added by P.L.214-2005, SEC.44.
Last modified: May 28, 2006