Note: This version of section effective 7-1-2027. See also preceding version of this section, effective until 7-1-2027.

1. (b) In the case of a civil taxing unit that is obligated to make payments to the northwest Indiana regional development authority from general purpose revenue for the payment of bonds, leases, or other obligations related to northwest Indiana rail projects (as defined in IC 5-1.3-2-14 ) and projects described in IC 36-7.5-4-2.5 , the adopting body may not reduce the proportional allocation amounts of the general purpose revenue as allocated in the immediately preceding year if the reduction would result in an allocation that is less than the amount necessary for the civil taxing unit to make the payments to the northwest Indiana regional development authority for the payment of the bonds, leases, or other obligations.

Sec. 3. (a) In the case of a civil taxing unit that has pledged the tax from general purpose revenue for the payment of bonds, leases, or other obligations as reported by the civil taxing unit under IC 5-1-18 , the adopting body may not reduce the proportional allocation of the general purpose revenue that was allocated in the preceding year if the reduction for that year would result in an amount less than the amount necessary for the payment of bonds, leases, or other obligations payable or required to be deposited in a sinking fund or other reserve in that year for the bonds, leases, or other obligations for which the tax from general purpose revenue has been pledged. To inform an adopting body with regard to allocations that affect the payment of bonds, leases, or other obligations, a taxing unit may provide the adopting body with information regarding any outstanding bonds, leases, or other obligations that are secured by general purpose revenue. The information must be provided before the date of the public hearing at which the adopting body may change the allocation of general purpose revenue under section 4 of this chapter.

As added by P.L.243-2015, SEC.10. Amended by P.L.180-2016, SEC.17; P.L.197-2016, SEC.47; P.L.85-2017, SEC.24; P.L.247-2017, SEC.14; P.L.184-2018, SEC.3; P.L.95-2022, SEC.5; P.L.137-2024, SEC.9; P.L.68-2025, SEC.124.