Indiana Code 6-1.1-21.4-5. Effects on levy excess funds
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Terms Used In Indiana Code 6-1.1-21.4-5
- 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.
- eligible school corporation: refers to any of the following:
Indiana Code 6-1.1-21.4-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 5. The proceeds of a loan received by an eligible school corporation under this chapter are not considered to be part of the ad valorem property tax levy actually collected by the eligible school corporation for taxes first due and payable during a particular calendar year for the purpose of calculating levy excess.
As added by P.L.131-2008, SEC.5.