Sec. 0.7. (a) This section applies only to a preliminary determination made after June 30, 2015, by a political subdivision located in Hamilton County, other than a school corporation, to issue bonds or enter into a lease.

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Terms Used In Indiana Code 6-1.1-20-0.7

  • controlled project: means any project financed by bonds or a lease, except for the following:

    Indiana Code 6-1.1-20-1.1

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • project: means any project or purpose for which a political subdivision may issue bonds or enter into leases, including a sale-lease back of an existing building. See Indiana Code 6-1.1-20-1.7
     (b) In determining whether a project is a controlled project for purposes of this chapter and whether the petition and remonstrance process under sections 3.1 and 3.2 of this chapter or the referendum process under sections 3.5 and 3.6 of this chapter apply to the project, the cost of the project for purposes of this chapter does not include the following:

(1) Any expenditures excluded under section 0.5 of this chapter (expenditures for the project that will be paid from donations or other gifts).

(2) Any expenditures that will be paid from money that has accumulated or has been deposited by the political subdivision in any fund of the political subdivision, if before the preliminary determination is made the political subdivision segregates the money for use in the project as provided in a capital improvement plan, a capital development plan, or a similar plan adopted by the political subdivision.

     (c) The proper officers of a political subdivision, other than a school corporation, must include in the resolution or ordinance making a preliminary determination to issue bonds or enter into a lease a determination of that part of the total project cost that will be paid from sources described in subsection (b)(1) or (b)(2). The proper officers of the political subdivision must make the determination concerning the part of the total project cost that will be financed by the bonds or lease at a public hearing after proper notice under IC 5-3-1.

As added by P.L.203-2015, SEC.1.

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