Sec. 8. (a) If a township board:
(1) appeals before August 1 for permission to borrow money;
(2) receives permission from:
(A) the board of commissioners or the county council, before July 1, 2006; or
(B) the department;
to borrow money before November 1 of that year; and
(3) borrows money under this chapter;
the township board shall levy a property tax beginning in the next succeeding year and continuing for the term of the loan in an amount each year that will be sufficient to pay the principal and interest due on the loan for the year.
(b) If a township board:
(1) appeals after August 1 for permission to borrow money;
(2) receives permission from:
(A) the board of commissioners or the county council, before July 1, 2006; or
(B) the department;
to borrow money; and
(3) borrows money in the year of the appeal under this chapter;
the township board shall levy a property tax beginning in the second succeeding year and continuing for the term of the loan in an amount each year that will be sufficient to pay the principal and interest due on the loan for the year.
(c) The property taxes levied under this section shall be retained by the township trustee and applied by the township trustee to retire the debt.
[Pre-1992 Revision Citation: 12-2-4.5-8.]
As added by P.L.2-1992, SEC.14. Amended by P.L.101-2000, SEC.10; P.L.90-2002, SEC.355; P.L.169-2006, SEC.40.
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