Loan application; prerequisites to grant of loan
Sec. 3. Before January 1, 2002, a qualified taxing unit may apply
to the board for a loan from the counter-cyclical revenue and
economic stabilization fund. The board may make a loan from the
fund to the taxing unit if:
(1) a taxpayer with tangible property subject to taxation by the
qualified taxing unit has filed a petition to reorganize under the
federal bankruptcy code;
(2) the taxpayer has defaulted on one (1) of its property tax
payments;
(3) the qualified taxing unit has experienced and will continue
to experience a significant revenue shortfall as a result of the
default; and
(4) the taxpayer is a steel manufacturer that owns at least
eighteen percent (18%) of the assessed value within the taxing
unit.
As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001,
SEC.207.
Last modified: May 28, 2006