2020 Indiana Code
Title 6. Taxation
Article 1.1. Property Taxes
Chapter 20.3. Distressed Political Subdivisions
6-1.1-20.3-7.1. Muncie Community School Corporation; Loan
Sec. 7.1. (a) This section applies only to the Muncie Community Schools.
(b) The general assembly finds that the provisions of this section:
(1) are necessary to address the unique issues faced by the Muncie Community Schools;
(2) are not precedent for and may not be appropriate for addressing issues faced by other school corporations; and
(3) are consistent with the board designating the Muncie Community school corporation as a distressed political subdivision effective January 1, 2018.
(c) Notwithstanding section 7.5(d) of this chapter, the board shall determine the compensation of the emergency manager, pay the emergency manager's compensation, and reimburse the emergency manager for actual and necessary expenses from funds appropriated to the board.
(d) In addition to any other actions that the board may take under this chapter concerning a distressed political subdivision, the board may recommend, before July 1, 2020, to the state board of finance that the state board of finance make an interest free loan to the school corporation from the common school fund. The distressed unit appeal board shall determine the payment schedule and the commencement date for the loan. If the board makes a recommendation that such a loan be made, the state board of finance may, notwithstanding IC 20-49, make the loan for a term of not more than ten (10) years.
As added by P.L.241-2017, SEC.9. Amended by P.L.213-2018(ss), SEC.7.