Loan money distributed within 30 days after grant of loan;
agreement between board and taxing unit; provisions
Sec. 8. The board shall make a loan from the counter-cyclical
revenue and economic stabilization fund to the taxing unit in the
amount specified in the order of the department of local government
finance under section 7 of this chapter not more than thirty (30) days
after the department notifies the board under section 7 of this chapter
that the appeal for emergency relief has been granted. The board and
the taxing unit shall enter into a written agreement governing the
terms and conditions of the loan. The agreement must contain the
following provisions:
(1) The taxing unit is obligated to pay an interest rate of five
percent (5%) simple interest per year on the outstanding balance
of the loan.
(2) The taxing unit is obligated to begin repaying the principal
of the loan after January 1 in the sixth year after the year in
which the loan is granted.
(3) The taxing unit shall repay the loan on the schedule agreed
to between the board and the taxing unit with the last payment
being made not later than December 1 in the tenth year after the
year in which the loan is granted.
(4) In addition to any other remedy available to the board, the
board is authorized to offset the amount of any delinquent
payment on the loan from property tax replacement credit or
homestead credit distributions otherwise due the taxing unit.
As added by P.L.58-1997, SEC.1. Amended by P.L.90-2002,
SEC.207.
Last modified: May 28, 2006