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2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 18. Limitations on Property Tax Rates and Appropriations
6-1.1-18-7. Insurance funds; appropriations
Universal Citation: IN Code § 6-1.1-18-7 (2018)
IC 6-1.1-18-7 Insurance funds; appropriations
Sec. 7. Notwithstanding the other provisions of this chapter, the fiscal officer of a political subdivision may appropriate funds received from an insurance company if:
(1) the funds are received as a result of damage to property of the political subdivision; and
(2) the funds are appropriated for the purpose of repairing or replacing the damaged property.
However, this section applies only if the funds are in fact expended to repair or replace the property within the twelve (12) month period after they are received.
[Pre-1975 Property Tax Recodification Citation: 6-1-1-24 part.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.173-2003, SEC.8.
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