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IN SB0070

Bill

Official Source

Status

Introduced

1/7/2014

Primary Sponsor

Pete Miller

Click for details

Origin

Senate

2014 Regular Session

AI Summary

  • Adds new section IC 6-1.1-17-22 to the Indiana Code establishing maximum operating balance limits for debt service funds for all taxing units
  • Maximum operating balance for debt incurred after June 30, 2014 is limited to 10% of the budget estimate for annual debt service payments from the fund
  • Maximum operating balance for debt incurred before July 1, 2014 is limited to 50% of the budget estimate for annual debt service payments from the fund
  • Applies to determining the levy amount for a debt service fund for an ensuing year
  • Effective July 1, 2014

Legislative Description

Debt service funds.

Last Action

First Reading: Referred to Tax and Fiscal Policy

1/7/2014

Committee Referrals

Tax and Fiscal Policy1/7/2014

Full Bill Text

No bill text available