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Senate Bill 0017

Senate Bill 0017

ARCHIVE (2002)

Latest Information

DIGEST OF SB 17 (Updated March 13, 2002 9:21 PM - DI 44)

Rainy day fund loans. Authorizes the state board of finance to make loans from the rainy day fund for the taxing units located in Porter County that will experience a budget shortfall as the result of the bankruptcy of a steel manufacturer located in the county. Provides that the loans must be repaid over a period not to exceed ten years. Provides that interest on a loan may not exceed the percent of increase in the federal Consumer Price Index for Urban Wage Earners and Clerical Workers during the most recent 12 month period for which data is available as of the date of the loan application. Provides that interest may not be charged if a county income tax is adopted before a unit applies for a loan. Provides that interest on a loan ceases to accrue when the board receives notice from the county auditor that the county has adopted at least one of the county income taxes. Provides that not more than one-third of the total amount to be loaned may be disbursed at any particular time without the review of the budget committee and the approval of the budget agency. Provides for expedited distributions of county adjusted gross income taxes (CAGIT) or county economic development income taxes (CEDIT) in the first year following adoption by Porter County. Extends the deadline for imposition of CAGIT, CEDIT, or county option income in Porter County during 2002 from April 1 to May 15.
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