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IN HB1505
Bill
Status
1/18/2017
Primary Sponsor
Thomas Saunders
Click for details
AI Summary
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County drainage boards may not impose interest on drainage assessments for construction or reconstruction if financed through bond issuance or construction loans.
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Construction loans must have fixed or variable interest rates, mature within six years, and be repaid from assessment installments collected over a five-year period.
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County auditors must maintain separate ledger sheets for each construction loan fund and record all principal and interest payments received from assessed landowners.
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Construction loan funds consist only of payments from assessed owners and may be used solely to repay the associated loan, with any remaining balance transferred to the county general fund.
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The effective date of these amendments to Indiana Code Section 36-9-27 is July 1, 2017.
Legislative Description
Assessments to repay loans for drain construction. Provides that the drainage board of a county may not impose interest on a drainage assessment for construction or reconstruction if the construction or reconstruction is financed through the issuance of bonds or a construction loan. Specifies accounting procedures for drainage assessment construction or reconstruction loans having a term of fewer than six years.
Last Action
First reading: referred to Committee on Ways and Means
1/18/2017