Interest rate in excess of 8%; approval by department of local
government finance
Sec. 7. When the proper officers of a political subdivision decide
to issue any bonds, notes, or warrants which will be payable from
property taxes and which will bear interest in excess of eight percent
(8%) per annum, the political subdivision shall submit the matter to
the department of local government finance for review. The
department of local government finance may either approve or
disapprove the rate of interest.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.23-1984,
SEC.8; P.L.90-2002, SEC.195.
Last modified: May 28, 2006