Note: This version of section effective until 1-1-2019. See also following repeal of this chapter, effective 1-1-2019.

Sec. 6. (a) This section applies only for a calendar year for which IC 20-40-8-19 permits a school corporation to pay qualified utility and insurance costs from the fund.

1. (b) For a year in which a school corporation uses money from the school corporation's fund to pay for qualified utility and insurance costs, the school corporation may impose a property tax rate that exceeds the rate described in section 5 of this chapter. The amount by which the property tax rate may exceed the rate described in section 5 of this chapter equals the amount determined under STEP THREE of the following formula:

   STEP ONE: Determine the school corporation's qualified utility and insurance costs for the calendar year.

   STEP TWO: Determine the quotient of:

   1. (A) the STEP ONE amount; divided by

   2. (B) the school corporation's assessed valuation for the year.

      STEP THREE: Determine the product of:

   3. (A) the STEP TWO amount; multiplied by

   4. (B) one hundred (100).

      [Pre-2006 Recodification Citation: 21-2-15-11(e).]

As added by P.L.2-2006, SEC.169.