Sec. 3. Before January 1, 2002, a qualified taxing unit may apply to the board for a loan from the counter-cyclical revenue and economic stabilization fund. The board may make a loan from the fund to the 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) 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 that owns at least eighteen percent (18%) of the assessed value within the taxing unit.
As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001, SEC.207.
Structure Indiana Code
Chapter 21.5. Loans to Qualified Taxing Units
6-1.1-21.5-1. "Qualified Taxing Unit"
6-1.1-21.5-3. Loan Application; Prerequisites to Grant of Loan
6-1.1-21.5-4. Maximum Amount of Loan
6-1.1-21.5-5. Terms of Loan; Interest; Repayment; Depository
6-1.1-21.5-6. Loan Proceeds and Delinquent Tax Payments; Levy Excess