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2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 21.8. Rainy Day Fund Loans to Qualified Taxing Units
6-1.1-21.8-3. Loan application; prerequisites to grant of loan
Universal Citation: IN Code § 6-1.1-21.8-3 (2018)
IC 6-1.1-21.8-3 Loan application; prerequisites to grant of loan
Sec. 3. A qualified taxing unit may apply to the board for one (1) or more loans from the counter-cyclical revenue and economic stabilization fund. The board may make a loan from the fund to the qualified taxing unit if:
(1) a taxpayer with tangible property subject to taxation by the qualified taxing unit has filed a petition to reorganize under the federal bankruptcy code;
(2) the taxpayer has defaulted on one (1) or more of its property tax payments;
(3) the qualified taxing unit has experienced and will continue to experience a significant revenue shortfall as a result of the default; and
(4) the taxpayer is a steel manufacturer.
As added by P.L.157-2002, SEC.1.
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