that Senate Bill 391 be amended to read as follows:
Page 1, line 2, delete "SECTION, "construction in process"" and
insert " SECTION:
(1) "commission" means a redevelopment commission acting pursuant to IC 36-7-25; and
(2) "construction in process" means tangible personal property not placed in service, as defined in rules of the department of local government finance.".
Page 1, delete lines 3 through 4.
Page 2, between lines 1 and 2, begin a new paragraph and insert:
" (d) An agreement, or any amendment to an agreement, between the commission and a taxpayer entered into pursuant to IC 36-7-25-6 that:
(1) limits the taxpayer's rights to challenge the taxpayer's assessment, property tax rates, or property taxes, or that guarantees, enhances, or otherwise further secures bonds or lease obligations of the commission; and
(2) provides for a property tax lien in favor of the commission with respect to payments to be made under the agreement;
shall be secured by, treated in the same manner as, and have the same priority as real property taxes for purposes of IC 6-1.1-22-13.
(e) A property tax lien described in subsection (d) is effective as of the date the agreement or amendment was executed, without
any further action.".
Page 2, line 2, delete "(d)" and insert " (f)".
(Reference is to SB 391 as printed January 29, 2002.)