Sec. 6. Subject to section 7 of this chapter, a political subdivision may not become indebted in any manner or for any purpose in an amount in the aggregate that exceeds two percent (2%) of the latest adjusted value of taxable property determined for the political subdivision immediately preceding the incurring of the indebtedness. However, if a statute limits the debt of a political subdivision to a percentage other than two percent (2%) of the value of taxable property in the political subdivision, the political subdivision may not become indebted in an amount that exceeds the percentage set by statute multiplied by the latest adjusted value of taxable property determined for the political subdivision immediately preceding the incurring of the indebtedness.
As added by P.L.6-1997, SEC.203.
Structure Indiana Code
36-1-15-1. Application of Chapter
36-1-15-3. Computation of Adjusted Value of Taxable Property Within Political Subdivision
36-1-15-5. Duties of Department of Local Government Finance
36-1-15-6. Restrictions on Indebtedness
36-1-15-7. Permitted Excess of Debt Limitation
36-1-15-8. Debt in Excess of Maximum Amount Void
36-1-15-9. Liability for Erroneous Determination or Computation