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DIGEST OF HB1009 (Updated February 5, 2004 2:04 pm - DI 84)
School tax levies. Authorizes a school corporation to: (1) file an appeal to impose an additional levy to make up a shortfall in property tax collections in a fund other than the school general fund; and (2) increase the corporation's transportation fund levy by the amount by which the state has reduced its transportation distributions to the corporation. Provides that the increase in the transportation fund levy and the shortfall levy are not eligible for property tax replacement credits or homestead credits. Extends the sunset date for issuance of school corporation bonds for retirement or severance liability from December 31, 2004, to December 31, 2006. Provides that a school corporation may not issue such bonds after December 31, 2004, unless the corporation submits to the department of local government finance before January 1, 2005, a proposal concerning the issuance of the bonds to implement solutions for the corporation's retirement or severance liability. Allows a school corporation to issue bonds for that purpose a second time if the first bond issue has been retired and the average annual debt service on the second bond issue does not exceed the average annual debt service on the first bond issue.
