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Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 17. (a) If the distressed unit appeal board delays or suspends, for a period determined by the board, any payments on loans or advances from the common school fund under section 6.8 of this chapter, the distressed unit appeal board may recommend to the state board of finance that the term of the loans or advances be extended. If the distressed unit appeal board makes a recommendation to extend the term of the loan or advances, the state board of finance may extend the term of the loans or advances for a period of time that is equal to or less than the number of months for which the payments are delayed or suspended.
(b) If payments on loans or advances from the common school fund are suspended under section 6.8 of this chapter, the distressed unit appeal board shall require that the school corporation:
(1) establish a school improvement fund; and
(2) transfer to the school improvement fund an amount equal to the payments that are delayed or suspended for calendar year 2020.
(c) A school improvement fund established under subsection (b)(1) may be used only for the following purposes:
(1) Repair, renovation, or other improvements to school buildings and property being used for education purposes as of July 1, 2020.
(2) Demolition of school buildings or other structures on school property in existence as of July 1, 2020.
(d) All expenditures from a school improvement fund established under subsection (b)(1) must be approved by the distressed unit appeal board.
(e) A school corporation may, on an annual basis, levy a tax in the debt service fund equal to the amount that would have been deducted from the distribution of state tuition support for the payment of loans made under section 6.8 of this chapter during calendar year 2020 if the loans had not been suspended. The amount received from a tax under this subsection must be transferred from the debt service fund to the education fund.
(f) With the approval of the distressed unit appeal board, a school corporation may spend other funds of the school corporation for the purposes described in subsection (c) and reimburse the expenditures from a school improvement fund established under subsection (b)(1).
(g) This section expires January 1, 2025.
Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-1.1-20.3-17 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-1-1-20-3-17/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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