Indiana Code 6-1.1-20-7.5. Review and approval by department of local government finance not required for certain bonds or leases
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Sec. 7.5. This section applies only to bonds, leases, and other debt for which a political subdivision:
(2) in the case of bonds, leases, or other obligations not subject to section 3.1, 3.5, or 5 of this chapter, adopts a resolution or ordinance authorizing the bonds, lease rental agreement, or other obligations after June 30, 2008.
(1) after June 30, 2008, makes a preliminary determination as described in section 3.1 or 3.5 of this chapter or a decision as described in section 5 of this chapter; or
Terms Used In Indiana Code 6-1.1-20-7.5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lease: means a lease by a political subdivision of any project with lease rentals payable from property taxes that are exempt from the levy limitations of Indiana Code 6-1.1-20-1.3
- obligations: refers to a contract or promise to pay of a political subdivision that would be considered a bond or lease under this chapter but for the fact that it is payable solely from funds other than property taxes. See Indiana Code 6-1.1-20-1.5
- property taxes: means a property tax rate or levy to pay debt service or to pay lease rentals, but does not include taxes allocated for an allocation area under Indiana Code 6-1.1-20-1.6
Notwithstanding any other provision, review by the department of local government finance and approval by the department of local government finance are not required before a political subdivision may issue or enter into bonds, a lease, or any other obligations payable from ad valorem property taxes.
As added by P.L.146-2008, SEC.197.