HB 1204 Summary

• Requires fiscal officers of taxing units to publish notice of borrowing costs within 30 days if the taxing unit must borrow money due to late property tax billing by the county.

• Applies only when a county fails to issue timely property tax statements for taxes first due after 2009, forcing taxing units to borrow for current operations.

• "Borrowing costs" include interest on borrowed amounts and all other direct expenses incurred as a result of the borrowing, excluding principal repayment.

• Notice must be published in accordance with IC 5-3-1-2(j) and must disclose both costs already incurred and costs expected to be incurred in the future.

• Effective immediately upon passage, with an emergency declared for the act.