Note: This version of section effective until 1-1-2028. See also following version of this section, effective 1-1-2028. Sec. 3. If there are bonds or leases outstanding that are payable from a tax imposed under IC 6-3.5-1.1 (before its repeal January 1, 2017), IC 6-3.5-6 (before its repeal January 1, 2017), IC 6-3.5-7 (before its repeal January 1, 2017), IC 6-3.6-6 , or IC 6-3.6-7 (but not IC 6-3.6-5 ), the adopting body may not reduce the tax rate below a rate that would produce one and twenty-five hundredths (1.25) times the total of the highest annual outstanding debt service plus the highest annual lease payments plus any amount required under the agreements for the bonds or leases to be deposited in a sinking fund or other reserve, unless: (1) the adopting body; or (2) any city, town, or county; pledges all or a part of its share of revenues from the tax imposed under IC 6-3.6-6 or IC 6-3.6-7 (but not IC 6-3.6-5 ) for the life of the bonds or the term of the lease, in an amount that is sufficient, when combined with the amount pledged by the city, town, or county that issued the bonds, to produce one and twenty-five hundredths (1.25) times the total of the highest annual outstanding debt service plus the highest annual lease payments plus the amount required under the agreements for the bonds or leases to be deposited in a sinking fund or other reserve. IC 6-3.6-4-3 Tax rates; limitations; bonds or leases payable from former tax; pledge of tax revenue Note: This version of section effective 1-1-2028. See also preceding version of this section, effective until 1-1-2028. Sec. 3. If there are bonds or leases outstanding that are payable from a tax imposed under IC 6-3.5-1.1 (before its repeal January 1, 2017), IC 6-3.5-6 (before its repeal January 1, 2017), IC 6-3.5-7 (before its repeal January 1, 2017), IC 6-3.6-6 , or IC 6-3.6-7 , the adopting body may not reduce the tax rate below a rate that would produce one and twenty-five hundredths (1.25) times the total of the highest annual outstanding debt service plus the highest annual lease payments plus any amount required under the agreements for the bonds or leases to be deposited in a sinking fund or other reserve, unless: (1) the adopting body; or (2) any city, town, or county; pledges all or a part of its share of revenues from the tax imposed under IC 6-3.6-6 or IC 6-3.6-7 for the life of the bonds or the term of the lease, in an amount that is sufficient, when combined with the amount pledged by the city, town, or county that issued the bonds, to produce one and twenty-five hundredths (1.25) times the total of the highest annual outstanding debt service plus the highest annual lease payments plus the amount required under the agreements for the bonds or leases to be deposited in a sinking fund or other reserve. IC 6-3.6-5 Chapter 5. Property Tax Relief Rates 6-3.6-5-1 Imposition of tax 6-3.6-5-2 Treatment of tax as property taxes; credit may not reduce levy limit or approved rate 6-3.6-5-3 Adoption of ordinance; imposition of tax; findings and determination of need for the tax revenue 6-3.6-5-4 Credit; reduction in property taxes 6-3.6-5-5 Assistance in calculating credit percentage; department of local government finance 6-3.6-5-6 Rate of tax; property tax credit; allocation categories; uniform percentage; allocation of revenue to taxing units 6-3.6-5-7 Chapter expiration
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.