Before January 1, 2002, a qualified taxing unit may apply to the board for a loan from the counter-cyclical revenue and economic stabilization fund. The board may make a loan from the fund to the taxing unit if:

1. (1) a taxpayer with tangible property subject to taxation by the qualified taxing unit has filed a petition to reorganize under the federal bankruptcy code;
2. (2) the taxpayer has defaulted on one (1) of its property tax payments;
3. (3) the qualified taxing unit has experienced and will continue to experience a significant revenue shortfall as a result of the default; and
4. (4) the taxpayer is a steel manufacturer that owns at least eighteen percent (18%) of the assessed value within the taxing unit.

As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001, SEC.207.