2017 Indiana Code
TITLE 20. Education
ARTICLE 46. LEVIES OTHER THAN GENERAL FUND LEVIES
CHAPTER 6. Capital Projects Levy
20-46-6-6. Additional levy; qualified utility and insurance costs
Note: This version of section effective until 1-1-2019. See also following repeal of this chapter, effective 1-1-2019.
Sec. 6. (a) This section applies only for a calendar year for which IC 20-40-8-19 permits a school corporation to pay qualified utility and insurance costs from the fund.
(b) For a year in which a school corporation uses money from the school corporation's fund to pay for qualified utility and insurance costs, the school corporation may impose a property tax rate that exceeds the rate described in section 5 of this chapter. The amount by which the property tax rate may exceed the rate described in section 5 of this chapter equals the amount determined under STEP THREE of the following formula:
STEP ONE: Determine the school corporation's qualified utility and insurance costs for the calendar year.
STEP TWO: Determine the quotient of:
(A) the STEP ONE amount; divided by
(B) the school corporation's assessed valuation for the year.
STEP THREE: Determine the product of:
(A) the STEP TWO amount; multiplied by
(B) one hundred (100).
[Pre-2006 Recodification Citation: 21-2-15-11(e).]
As added by P.L.2-2006, SEC.169.
