"Controlled project" defined
Sec. 1.1. As used in this chapter, "controlled project" means any
project financed by bonds or a lease, except for the following:
(1) A project for which the political subdivision reasonably
expects to pay:
(A) debt service; or
(B) lease rentals;
from funds other than property taxes that are exempt from the
levy limitations of IC 6-1.1-18.5 or IC 6-1.1-19. A project is not
a controlled project even though the political subdivision has
pledged to levy property taxes to pay the debt service or lease
rentals if those other funds are insufficient.
(2) A project that will not cost the political subdivision more
than two million dollars ($2,000,000).
(3) A project that is being refinanced for the purpose of
providing gross or net present value savings to taxpayers.
(4) A project for which bonds were issued or leases were
entered into before January 1, 1996, or where the state board of
tax commissioners has approved the issuance of bonds or the
execution of leases before January 1, 1996.
(5) A project that is required by a court order holding that a
federal law mandates the project.
As added by P.L.25-1995, SEC.40. Amended by P.L.178-2002,
SEC.30.
Last modified: May 28, 2006