2020 Indiana Code
Title 20. Education
Article 48. Borrowing and Bonds
Chapter 1. Borrowing and Bonds
20-48-1-12. Status of Bonds Issued Under Prior Statute; Debt Service Levies, Property Tax Levies

Universal Citation: IN Code § 20-48-1-12 (2020)

Sec. 12. Notwithstanding the repeal of IC 20-5-4-1.5, the following provisions apply to bonds issued under IC 20-5-4-1.5, before December 2, 2000:

(1) The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.5 had not been repealed.

(2) Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation's other funds in an amount equal to the property tax levy needed for the debt service on the bonds.

As added by P.L.220-2011, SEC.341.

Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.