Recommendations for distributions
Sec. 1. Before January 1, 2002, a school corporation may apply to
the school property tax control board for a recommendation
concerning a distribution to the school corporation from the property
tax replacement fund. The school property tax control board shall
recommend a distribution from the fund to the school corporation if
the board finds that the following conditions are met:
(1) At least two (2) installments of personal and real property
taxes due on tangible property subject to taxation by the school
corporation are delinquent.
(2) The assessed value of the tangible property described in
subdivision (1) is at least nine percent (9%) of the assessed
value of all tangible property subject to taxation by the school
corporation.
(3) The school corporation has experienced and will continue
to experience a significant revenue shortfall as a result of the
default.
(4) The school corporation is presented with unique fiscal
challenges to finance its operations due to the taxpayer's filing
of a petition under the federal bankruptcy code.
As added by P.L.291-2001, SEC.238. Amended by P.L.1-2002,
SEC.23.
Last modified: May 28, 2006