SB 105-4_ Filed 02/03/2011, 10:57 Charbonneau

SENATE MOTION


MADAM PRESIDENT:

    I move
that Senate Bill 105 be amended to read as follows:

SOURCE: Page 8, line 9; (11)MO010503.8. -->     Page 8, between lines 9 and 10, begin a new paragraph and insert:
    " (d) Upon receiving notice under subsection (c), the treasurer of state shall enforce the lien created under IC 5-1-14-4(d) in the following manner:
        (1) after any reductions required by IC 5-1.5-8-5, IC 6-1.1-20.6-10, or IC 20-48-1-11, reduce the amount of any revenues or other money or property held, possessed, maintained, or controlled by, or otherwise in the custody of, the state or any department, agency, or instrumentality of the state, which would otherwise be available for distribution to the distressed political subdivision under any other law, by an amount equal to the aggregate amount determined to be necessary by the board, or its designee, to ensure payment of the distressed political subdivision's obligations as the these become due, which amount must be set forth in a monthly accounting to be provided to the treasurer of state by the board, or its designee, at the end of each calendar month following the receipt of the notice described in this section;
        (2) pay the amount by which the revenues or other money or property are reduced under subdivision (1) to the board or its designee; and
        (3) notify the distressed political subdivision that these revenues or other money or property, which would otherwise be available for distribution to the distressed political subdivision, have been reduced by an amount necessary to satisfy all or a part of the distressed political subdivision's obligations as the these become due.
    (e) The statutory lien created under IC 5-1-14-4(d), upon the revenues or other money or property held, possessed, maintained, or controlled by, or otherwise in the custody of the state, the

county, or any department, agency, or instrumentality thereof, which would otherwise be available for distribution to the distressed political subdivision under any other law, shall be enforced immediately upon the receipt of the notice described in subsection (c), and subsection (d) continue in full force and effect, irrespective of any other state or federal law, until the board terminates control of the distressed political subdivision under IC 6-1.1-20.3-14.".
    (Reference is to SB 105 as printed January 28, 2011.)

________________________________________

Senator CHARBONNEAU


MO010503/DI 106
2011