2017 Indiana Code
TITLE 20. Education
ARTICLE 46. LEVIES OTHER THAN GENERAL FUND LEVIES
CHAPTER 6. Capital Projects Levy
20-46-6-20. Allowable plan provisions; use of money raised for a different purpose; borrowing from other funds
Note: This version of section effective until 1-1-2019. See also following repeal of this chapter, effective 1-1-2019.
Sec. 20. An amendment adopted under section 18 or 19 of this chapter, may require any of the following:
(1) The payment of eligible costs from:
(A) money accumulated in the fund for other purposes; or
(B) money to be borrowed from other funds of the school corporation or from a financial institution.
(2) An increase in the property tax rate for the fund to restore money to the fund or to pay principal and interest on a loan. Any increase to the property tax rate for the fund is effective for property taxes first due and payable for the year next certified by the department of local government finance under IC 6-1.1-17-16. However, the property tax rate may not exceed the maximum rate established under section 5 of this chapter.
[Pre-2006 Recodification Citation: 21-2-15-10(d).]
As added by P.L.2-2006, SEC.169.
