Ind. Code ch. 6-1.1-22.1

in effect

Ind. Code § 6-1.1-22.1-1 "Board"

Sec. 1. As used in this chapter, "board" refers to the state board of finance. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-2 "Qualified taxing unit"

Sec. 2. As used in this chapter, "qualified taxing unit" means a city, township, or school corporation located in Lake County that experienced a property tax revenue shortfall in one (1) or more tax years: (1) that resulted from erroneous assessed valuation figures being provided to the city, township, or school corporation; and (2) for which the aggregate property tax revenue shortfall the city, township, or school corporation experienced, or will experience, is at least: (A) five million dollars ($5,000,000); or (B) twenty percent (20%) of its net tax levy; in any single tax year as a result of the erroneous assessed valuation figures referred to in subdivision (1). As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-3 Application for loan from counter-cyclical revenue and economic stabilization fund

Sec. 3. A qualified taxing unit, subject to the approval of the fiscal body of the qualified taxing unit, may apply to the treasurer of state for a loan from the counter-cyclical revenue and economic stabilization fund. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-4 Determination of the terms of loan

Sec. 4. Subject to this chapter, the treasurer of state, after review by the budget committee, shall determine the terms of any loan made under this chapter. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-5 Interest

Sec. 5. The treasurer of state may: (1) impose interest on a loan under this chapter at a rate determined by the treasurer of state; or (2) determine that no interest is required to be charged on a loan under this chapter. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-6 Limit on amount of loans; use of proceeds of a loan

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). As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-7 Requirement to repay loans

Sec. 7. If a qualified taxing unit receives a loan under this chapter, the qualified taxing unit must repay the loan within twenty-five (25) years after the date on which the loan is made. No penalty may be imposed for repaying a loan under this chapter before the term of the loan expires. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-8 Disbursement of loan proceeds in installments

Sec. 8. The treasurer of state may disburse in installments the proceeds of a loan made under this chapter. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-9 Source of loan repayment

Sec. 9. A qualified taxing unit may repay a loan under this chapter from any source or sources of revenue. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-10 Exclusion of the loan obligation as basis to obtain an excessive tax levy

Sec. 10. An obligation to repay a loan made under this chapter is not a basis for the qualified taxing unit to obtain an excessive tax levy. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-11 Deposit of repayment amounts in the counter-cyclical revenue and economic stabilization fund

Sec. 11. When the treasurer of state receives a payment with respect to a loan under this chapter, the treasurer of state shall deposit the amount received in the counter-cyclical revenue and economic stabilization fund. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-12 Loan proceeds; not considered part of ad valorem property tax levy actually collected

Sec. 12. The proceeds of a loan under this chapter received by an eligible taxing unit are not considered to be part of the ad valorem property tax levy actually collected by the qualified taxing unit for taxes first due and payable during a particular calendar year for the purpose of calculating levy excess. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-13 Authority for the making of the loans; authorization; issuance; sale; and delivery of a note associated with a loan

Sec. 13. Notes associated with loans under this chapter, and the authorization, issuance, sale, and delivery of the notes, are not subject to any general statute concerning obligations issued by the local governmental entity borrower. This chapter contains full and complete authority for the making of a loan under this chapter, the authorization, issuance, sale, and delivery of a note associated with a loan made under this chapter, and repayment of the loan by the borrower. No law, procedure, proceeding, publication, notice, consent, approval, order, or act by any officer, department, agency, or instrument of the state, or of any political subdivision, is required to make a loan under this chapter, issue a note associated with a loan under this chapter, or repay a loan, except as prescribed under this chapter. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-14 Payment of unpaid amount due; funds held by the state that would otherwise be distributable to the qualified taxing unit

Sec. 14. Upon the failure of a qualified taxing unit to make any of the qualified taxing unit'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 otherwise be distributable to the qualified taxing unit. As added by P.L.236-2023, SEC.43.

Ind. Code § 6-1.1-22.1-15 Loan; not bonded indebtedness

Sec. 15. A loan under this chapter is not bonded indebtedness for purposes of IC 6-1.1-18.5 or IC 6-1.1-20. As added by P.L.236-2023, SEC.43.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026