(a) Subject to subsection (b), beginning July 1, 2026, the corporation shall assume the powers and duties of the school city under IC 20-46-7 with respect to imposition of a debt service levy. Beginning with the January 1, 2027, assessment date, and for each assessment date thereafter, the corporation shall impose both:
- (1) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the school city; and
(2) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the corporation.
Property tax revenue received from the tax levies shall be used to pay outstanding debts and obligations in the manner set forth in subsection
- (b) and IC 20-46-7-0.5 .
- (b) Property tax revenue received from the debt service levy described in IC 20-46-7-0.5 (a)(2)(A) that is imposed for the purpose of paying all obligations of the school city must be deposited in the school city's debt service fund established under IC 20-40-9 and may be used only to pay the obligations of the school city. The school city shall use the revenue from the debt service levy 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.
As added by P.L.101-2026, SEC.12.