Indiana Code Title 6. Taxation § 6-1.1-17-22

Sec. 22. (a) In determining the amount of the levy for a debt service fund for a budget year, the maximum amount allowed for an operating balance in the debt service fund is the sum of the maximum allowable operating balance for each debt included in the debt service fund.  The maximum allowable operating balance for an individual debt shall be calculated as follows:

If debt is refinanced, the date the refinanced debt was originally incurred, and not the date that the refinancing is closed, is the date to be used for purposes of this subsection.

(b) For purposes of IC 6-1.1-20.6-9.5, the property taxes allowed for an operating balance in the debt service fund under this section may not be construed as an increase in a political subdivision's property tax levy to make up for a reduction in property tax collections resulting from the application of credits under IC 6-1.1-20.6.