IN HB1574

Requires the Little Calumet River Basin Development Commission to impose annual special assessments on parcels within the Little Calumet River and Burns Waterway watershed in Lake County, west of Interstate 65

Sets initial assessment rates (before January 1, 2012) at $50 for residential, $100 for agricultural, $200 for commercial, and $400 for industrial/public utility parcels, with rates reduced by half after December 31, 2011

Deposits collected assessments into a segregated account within the Little Calumet River project development fund, restricted to expenses for operation, repair, and maintenance of flood protection systems

Suspends assessment collection for at least 12 months when the segregated account balance exceeds $12 million, resuming only when it falls below $7 million

Requires annual transfers to the Northwest Indiana Regional Development Authority of $300,000 if the account balance is below $7 million or $900,000 if at or above $7 million, capped at $6 million total through December 31, 2032