Financial relief granted within 30 days after filing appeal;
calculation of amounts
Sec. 7. (a) The department of local government finance shall grant
emergency financial relief to a taxing unit that qualifies under section
6 of this chapter not more than thirty (30) days after the appeal is
filed by the taxing unit. The department of local government finance
shall compute the amount of the loan that a taxing unit is eligible to
receive in a calendar year under this chapter. The amount of the loan
is the lesser of the amount sought by the taxing unit or the maximum
loan allowed under section 9 of this chapter. The department of local
government finance shall include the amount of the approved loan
for the initial year of the loan in the order granting emergency
financial relief.
(b) Upon approval of emergency financial relief under this
chapter, the department of local government finance shall transmit
sufficient information to the board to consider the application of the
taxing unit. During the term of the loan, the department of local
government finance shall annually compute and transmit to the board
the amount of loan proceeds for which the taxing unit is eligible in
a calendar year after the initial year of the loan.
As added by P.L.58-1997, SEC.1. Amended by P.L.90-2002,
SEC.206.
Last modified: May 28, 2006