Sec. 14. Upon the failure of the city of LaPorte to make any of the city's payments on a loan granted under this chapter when due, the treasurer of state, upon being notified of the failure by the board, may pay the unpaid amount that is due from the funds held by the state that would be otherwise distributable to the city.
As added by P.L.182-2009(ss), SEC.153.
Structure Indiana Code
Chapter 21.1. Rainy Day Fund Loans to the City of Laporte
6-1.1-21.1-2. Findings of General Assembly
6-1.1-21.1-3. City May Apply to Board for Loan
6-1.1-21.1-4. Board Determines Terms of Any Loan After Review by Budget Committee
6-1.1-21.1-5. Interest on Loan
6-1.1-21.1-6. Limit on Amount of Loan
6-1.1-21.1-7. Term of Loan Repayment; Penalty
6-1.1-21.1-8. Disbursement of Loan Proceeds by Board
6-1.1-21.1-9. Repayment of Loan by City From Any Revenue Sources
6-1.1-21.1-10. Obligation to Repay Loan Not Basis to Obtain Excessive Tax Levy
6-1.1-21.1-11. Deposit by Board of Loan Payments
6-1.1-21.1-12. Loan Proceeds Received Not Considered Part of Levy Excess
6-1.1-21.1-13. Chapter Constitutes Complete Authority for Loans
6-1.1-21.1-14. Treasurer of State Payment of Delinquent Loan Payments From City Funds Held by State