Sec. 17. (a) A political subdivision or agency that executes a
lease under this chapter shall, subject to subsection (d), make an annual
appropriation and tax levy at a rate to provide sufficient money to pay the rental payable from
property taxes stipulated in the lease.
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Terms Used In Indiana Code 36-1-10-17
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Transportation project: means a road or highway project jointly undertaken by the Indiana department of transportation and any county through which a toll road project under IC 8-15-2 passes. See Indiana Code 36-1-10-2
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) The appropriation and levy may be reduced in any year to the extent other money or any reimbursement under IC 36-7-14-39 are pledged or available for the payment of the lease rental.
(d) A political subdivision or agency that executes a lease for a transportation project may only levy a tax under this section for an amount necessary to restore debt service reserve funds and may not levy a tax for lease rental payments.
[Pre-Local Government Recodification Citation: 18-5-3.3-9.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.37-1988, SEC.18; P.L.343-1989(ss), SEC.20.
