{"data":{"id":"us-in/ic-20-46-7-0.5","jurisdiction":"us-in","citation":"IC 20-46-7-0.5","heading":"Public education corporation imposes property tax levy; use and deposit of revenue","body":"Sec. 0.5. (a) Beginning with property taxes first due and payable after December 31, 2027:\n(1) a school city (as defined in IC 20-25-2-12) may not impose the property tax levy or otherwise exercise the powers and duties under this chapter; and\n(2) the public education corporation shall impose both:\n(A) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the school city; and\n(B) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the corporation.\n(b) Property tax revenue received from the:\n(1) property tax levy described in subsection (a)(2)(A) shall be deposited in the debt service fund established by the school city under IC 20-40-9 and used to pay debt service on the same terms, for the same period of time, and for the same purposes for which the obligation was initially authorized; and\n(2) property tax levy described in subsection (a)(2)(B) shall be deposited in the public education corporation's debt service fund established by IC 20-25-7-3 and used for the purposes of the fund.","path":["TITLE 20. EDUCATION","ARTICLE 46. LEVIES OTHER THAN GENERAL FUND LEVIES","Chapter 7. Debt Service Levy"],"source_url":"https://iga.in.gov/ic/2026/Title_20.html#20-46-7-0.5","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-01T01:34:30Z","sha256":"a97d56519e26727db608d57213d97db0843df51e10baf961f0b0865793aafdf9","source_id":"us-in","stale":false,"prev":"us-in/ic-20-46-1-23","next":"us-in/ic-20-46-7-1"},"notice":"GroundRules: Original legal text. Not legal advice."}