Sec. 20. (a) Beginning the day after the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, whichever is applicable, the allocation and distribution provisions under section 13 of this chapter do not apply, and property taxes shall not be allocated and paid into the flood control improvements fund, unless the following requirements are met:

(1) Not later than thirty (30) days before the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, the fiscal body of the unit that established the commission adopts an ordinance to continue the allocation and distribution of property taxes in the district as provided in section 13 of this chapter.

(2) The ordinance adopted under subdivision (1) must specify that property tax proceeds allocated to the fund after the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, must be used solely for the maintenance and repair of flood control works within the district.

(3) The ordinance adopted under subdivision (1) must expire on the date that is one (1) year after the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, whichever is applicable.

(b) Subject to subsection (c), if the fiscal body of a unit adopts an ordinance under subsection (a) to continue the allocation and distribution of property taxes in the district for one (1) year, the fiscal body of the unit may adopt a substantially similar ordinance in the following year or any subsequent year thereafter to continue the allocation and distribution of property taxes in the district according to the same requirements set forth in subsection (a).

(c) The fiscal body of a unit may not adopt an ordinance to continue the allocation and distribution of property taxes in a district after the date that is fifty (50) years after the maturity date of the bonds issued under section 17 of this chapter, or the bonds described in section 19(a) of this chapter, whichever is applicable.

(d) A commission shall not issue or reissue debt obligations for a district that extend beyond twenty-five (25) years after the date of the initial bond issue for the district.

As added by P.L.61-2018, SEC.1.