Sec. 6. (a) The total amount of all loans under this chapter for all calendar years may not exceed the total amount of property tax revenue shortfall for all qualified taxing units that resulted from erroneous assessed valuation amounts being provided to the qualified taxing units, as determined by the treasurer of state. (b) Subject to subsection (d), the amount of loans provided under this chapter to a qualified taxing unit may not exceed the remainder of: (1) two percent (2%) of the true tax value of property in the qualified taxing unit as of the date of the loan; minus (2) the amount of any loans previously received by the qualified taxing unit under this chapter, together with the amount of any other indebtedness of the qualified taxing unit regardless of the nature of the indebtedness, other than items payable out of current expenses. (c) The qualified taxing unit may use the proceeds of a loan under this chapter to refund any bonds of the qualified taxing unit previously issued to offset the qualified taxing unit's property tax revenue shortfall. (d) The amount of loans provided to all qualified taxing units under this chapter may not exceed thirty-five million dollars ($35,000,000).
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