Introduced Version






HOUSE BILL No. 1322

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-1.1; IC 20-23-1-6.

Synopsis: Property tax liability for various taxpayers. Provides that the property tax deduction for surviving spouses of World War I veterans also applies to surviving spouses of veterans of World War II and the Korean War. Freezes the property tax liability attributable to the first $100,000 assessed value of the homestead of a person eligible for full Social Security benefits. Prohibits, for the purpose of raising revenue for purposes that serve only a county school corporation and not other school corporations in the county, the county school corporation from levying property taxes in the territory of the other school corporations.

Effective: Upon passage.





Pelath, Oxley




    January 10, 2006, read first time and referred to Committee on Ways and Means.







Introduced

Second Regular Session 114th General Assembly (2006)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2005 Regular Session of the General Assembly.

HOUSE BILL No. 1322



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-1.1-12-16; (06)IN1322.1.1. -->     SECTION 1. IC 6-1.1-12-16 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 16. (a) Except as provided in section 40.5 of this chapter, a surviving spouse may have the sum of eighteen thousand seven hundred twenty dollars ($18,720) deducted from the assessed value of his or her tangible property, or real property, mobile home not assessed as real property, or manufactured home not assessed as real property that the surviving spouse is buying under a contract that provides that he or she is to pay property taxes on the real property, mobile home, or manufactured home, if the contract or a memorandum of the contract is recorded in the county recorder's office, and if both of the following conditions are satisfied:
        (1) The deceased spouse served in the military or naval forces of the United States during any of the following periods:
             (A) Before November 12, 1918. and
             (B) After December 6, 1941, and before January 1, 1947.
            (C) After June 26, 1950, and before February 1, 1955.

        (2) The deceased spouse received an honorable discharge.
    (b) A surviving spouse who receives the deduction provided by this section may not receive the deduction provided by section 13 of this chapter. However, he or she may receive any other deduction which he or she is entitled to by law.
    (c) An individual who has sold real property, a mobile home not assessed as real property, or a manufactured home not assessed as real property to another person under a contract that provides that the contract buyer is to pay the property taxes on the real property, mobile home, or manufactured home may not claim the deduction provided under this section against that real property, mobile home, or manufactured home.
SOURCE: IC 6-1.1-12-17; (06)IN1322.1.2. -->     SECTION 2. IC 6-1.1-12-17 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 17. Except as provided in section 17.8 of this chapter, a surviving spouse who desires to claim the deduction provided by section 16 of this chapter must file a statement with the auditor of the county in which the surviving spouse resides. With respect to real property, the statement must be filed during the twelve (12) months before May 11 of each year for which the surviving spouse wishes to obtain the deduction. With respect to a mobile home that is not assessed as real property or a manufactured home that is not assessed as real property, the statement must be filed during the twelve (12) months before March 2 of each year for which the individual wishes to obtain the deduction. The statement may be filed in person or by mail. If mailed, the mailing must be postmarked on or before the last day for filing. The statement shall contain:
        (1) a sworn statement that the surviving spouse is entitled to the deduction; and
        (2) the record number and page where the contract or memorandum of the contract is recorded, if the individual is buying the real property on a contract that provides that the individual is to pay property taxes on the real property.
In addition to the statement, the surviving spouse shall submit to the county auditor for the auditor's inspection a letter or certificate from the United States Department of Veterans Affairs establishing the service of the deceased spouse in the military or naval forces of the United States before November 12, 1918. during one (1) or more of the periods described in section 16(a)(1) of this chapter.
SOURCE: IC 6-1.1-17-1; (06)IN1322.1.3. -->     SECTION 3. IC 6-1.1-17-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 1. (a) On or before August 1 of each year, the county auditor shall send a certified statement, under the seal of the board of county commissioners, to the

fiscal officer of each political subdivision of the county and the department of local government finance. The statement shall contain:
        (1) information concerning the assessed valuation in the political subdivision for the next calendar year;
        (2) an estimate of the taxes to be distributed to the political subdivision during the last six (6) months of the current calendar year;
        (3) the current assessed valuation as shown on the abstract of charges;
        (4) the average growth in assessed valuation in the political subdivision over the preceding three (3) budget years, excluding years in which a general reassessment occurs, determined according to procedures established by the department of local government finance; and
         (5) the total of all property taxes first due and payable to the political subdivision in the current calendar year described in IC 6-1.1-20.3-5(b) STEP TWO;
        (6) the total for each political subdivision of the remainder of:
            (A) the product of:
                (i) the number of qualified properties (as defined in IC 6-1.1-20.3-4) in the political subdivision in the current calendar year; multiplied by
                (ii) one hundred thousand dollars ($100,000); minus
            (B) the total amount of deductions apportioned for qualified properties (as defined in IC 6-1.1-20.3-4) in the political subdivision in the current calendar year under IC 6-1.1-20.3-5(c)(1)(B); and

        (5) (7) any other information at the disposal of the county auditor that might affect the assessed value used in the budget adoption process.
    (b) The estimate of taxes to be distributed shall be based on:
        (1) the abstract of taxes levied and collectible for the current calendar year, less any taxes previously distributed for the calendar year; and
        (2) any other information at the disposal of the county auditor which might affect the estimate.
    (c) The fiscal officer of each political subdivision shall present the county auditor's statement to the proper officers of the political subdivision.

SOURCE: IC 6-1.1-17-3; (06)IN1322.1.4. -->     SECTION 4. IC 6-1.1-17-3, AS AMENDED BY P.L.234-2005, SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 3. (a) The proper officers of a political

subdivision shall formulate its estimated budget and its proposed tax rate and tax levy on the form prescribed by the department of local government finance and approved by the state board of accounts. The formulation of the tax rate is subject to IC 6-1.1-20.3-9. The political subdivision shall give notice by publication to taxpayers of:
        (1) the estimated budget;
        (2) the estimated maximum permissible levy;
        (3) the current and proposed tax levies of each fund; and
        (4) the amounts of excessive levy appeals to be requested.
In the notice, the political subdivision shall also state the time and place at which a public hearing will be held on these items. The notice shall be published twice in accordance with IC 5-3-1 with the first publication at least ten (10) days before the date fixed for the public hearing.
    (b) The board of directors of a solid waste management district established under IC 13-21 or IC 13-9.5-2 (before its repeal) may conduct the public hearing required under subsection (a):
        (1) in any county of the solid waste management district; and
        (2) in accordance with the annual notice of meetings published under IC 13-21-5-2.
    (c) The trustee of each township in the county shall estimate the amount necessary to meet the cost of township assistance in the township for the ensuing calendar year. The township board shall adopt with the township budget a tax rate sufficient to meet the estimated cost of township assistance. The taxes collected as a result of the tax rate adopted under this subsection are credited to the township assistance fund.
    (d) A county shall adopt with the county budget and the department of local government finance shall certify under section 16 of this chapter a tax rate sufficient to raise the levy necessary to pay the following:
        (1) The cost of child services (as defined in IC 12-19-7-1) of the county payable from the family and children's fund.
        (2) The cost of children's psychiatric residential treatment services (as defined in IC 12-19-7.5-1) of the county payable from the children's psychiatric residential treatment services fund.
A budget, tax rate, or tax levy adopted by a county fiscal body or approved or modified by a county board of tax adjustment that is less than the levy necessary to pay the costs described in subdivision (1) or (2) shall not be treated as a final budget, tax rate, or tax levy under section 11 of this chapter.

SOURCE: IC 6-1.1-17-6; (06)IN1322.1.5. -->     SECTION 5. IC 6-1.1-17-6 IS AMENDED TO READ AS

FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 6. (a) The county board of tax adjustment shall review the budget, tax rate, and tax levy of each political subdivision filed with the county auditor under section 5 or 5.6 of this chapter. The formulation of the tax rate is subject to IC 6-1.1-20.3-9. The board shall revise or reduce, but not increase, any budget, tax rate, or tax levy in order:
        (1) to limit the tax rate to the maximum amount permitted under IC 6-1.1-18; and
        (2) to limit the budget to the amount of revenue to be available in the ensuing budget year for the political subdivision.
    (b) The county board of tax adjustment shall make a revision or reduction in a political subdivision's budget only with respect to the total amounts budgeted for each office or department within each of the major budget classifications prescribed by the state board of accounts.
    (c) When the county board of tax adjustment makes a revision or reduction in a budget, tax rate, or tax levy, it shall file with the county auditor a written order which indicates the action taken. If the board reduces the budget, it shall also indicate the reason for the reduction in the order. The chairman of the county board shall sign the order.

SOURCE: IC 6-1.1-17-16; (06)IN1322.1.6. -->     SECTION 6. IC 6-1.1-17-16, AS AMENDED BY P.L.228-2005, SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 16. (a) Subject to the limitations and requirements prescribed in this section, the department of local government finance may revise, reduce, or increase a political subdivision's budget by fund, tax rate, or tax levy which the department reviews under section 8 or 10 of this chapter. The formulation of the tax rate is subject to IC 6-1.1-20.3-9.
    (b) Subject to the limitations and requirements prescribed in this section, the department of local government finance may review, revise, reduce, or increase the budget by fund, tax rate, or tax levy of any of the political subdivisions whose tax rates compose the aggregate tax rate within a political subdivision whose budget, tax rate, or tax levy is the subject of an appeal initiated under this chapter.
    (c) Except as provided in subsections (j) and (k), before the department of local government finance reviews, revises, reduces, or increases a political subdivision's budget by fund, tax rate, or tax levy under this section, the department must hold a public hearing on the budget, tax rate, and tax levy. The department of local government finance shall hold the hearing in the county in which the political subdivision is located. The department of local government finance may consider the budgets by fund, tax rates, and tax levies of several political subdivisions at the same public hearing. At least five (5) days

before the date fixed for a public hearing, the department of local government finance shall give notice of the time and place of the hearing and of the budgets by fund, levies, and tax rates to be considered at the hearing. The department of local government finance shall publish the notice in two (2) newspapers of general circulation published in the county. However, if only one (1) newspaper of general circulation is published in the county, the department of local government finance shall publish the notice in that newspaper.
    (d) Except as provided in subsection (i), IC 6-1.1-19, or IC 6-1.1-18.5, the department of local government finance may not increase a political subdivision's budget by fund, tax rate, or tax levy to an amount which exceeds the amount originally fixed by the political subdivision. The department of local government finance shall give the political subdivision written notification specifying any revision, reduction, or increase the department proposes in a political subdivision's tax levy or tax rate. The political subdivision has one (1) week from the date the political subdivision receives the notice to provide a written response to the department of local government finance's Indianapolis office specifying how to make the required reductions in the amount budgeted by fund. The department of local government finance shall make reductions as specified in the political subdivision's response if the response is provided as required by this subsection and sufficiently specifies all necessary reductions. The department of local government finance may make a revision, a reduction, or an increase in a political subdivision's budget only by fund.
    (e) The department of local government finance may not approve a levy for lease payments by a city, town, county, library, or school corporation if the lease payments are payable to a building corporation for use by the building corporation for debt service on bonds and if:
        (1) no bonds of the building corporation are outstanding; or
        (2) the building corporation has enough legally available funds on hand to redeem all outstanding bonds payable from the particular lease rental levy requested.
    (f) The department of local government finance shall certify its action to:
        (1) the county auditor;
        (2) the political subdivision if the department acts pursuant to an appeal initiated by the political subdivision;
        (3) the first ten (10) taxpayers whose names appear on a petition filed under section 13 of this chapter; and
        (4) a taxpayer that owns property that represents at least ten

percent (10%) of the taxable assessed valuation in the political subdivision.
    (g) The following may petition for judicial review of the final determination of the department of local government finance under subsection (f):
        (1) If the department acts under an appeal initiated by a political subdivision, the political subdivision.
        (2) If the department acts under an appeal initiated by taxpayers under section 13 of this chapter, a taxpayer who signed the petition under that section.
        (3) If the department acts under an appeal initiated by the county auditor under section 14 of this chapter, the county auditor.
        (4) A taxpayer that owns property that represents at least ten percent (10%) of the taxable assessed valuation in the political subdivision.
The petition must be filed in the tax court not more than forty-five (45) days after the department certifies its action under subsection (f).
    (h) The department of local government finance is expressly directed to complete the duties assigned to it under this section not later than February 15th of each year for taxes to be collected during that year.
    (i) Subject to the provisions of all applicable statutes, the department of local government finance may increase a political subdivision's tax levy to an amount that exceeds the amount originally fixed by the political subdivision if the increase is:
        (1) requested in writing by the officers of the political subdivision;
        (2) either:
            (A) based on information first obtained by the political subdivision after the public hearing under section 3 of this chapter; or
            (B) results from an inadvertent mathematical error made in determining the levy; and
        (3) published by the political subdivision according to a notice provided by the department.
    (j) The department of local government finance shall annually review the budget by fund of each school corporation not later than April 1. The department of local government finance shall give the school corporation written notification specifying any revision, reduction, or increase the department proposes in the school corporation's budget by fund. A public hearing is not required in connection with this review of the budget.


    (k) The department of local government finance may hold a hearing under subsection (c) only if the notice required in IC 6-1.1-17-12 is published at least ten (10) days before the date of the hearing.
SOURCE: IC 6-1.1-20.3; (06)IN1322.1.7. -->     SECTION 7. IC 6-1.1-20.3 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]:
     Chapter 20.3. Property Tax Freeze on Senior Homesteads
    Sec 1. As used in this chapter, "homestead" has the meaning set forth in IC 6-1.1-20.9-1.
    Sec. 2. As used in this chapter, "property tax liability" means liability for the tax imposed on property under this article determined after application of all credits and deductions under this article, but does not include any interest or penalty imposed under this article.
    Sec. 3. As used in this chapter, "qualified individual" means an individual who:
        (1) is liable for property taxes on a qualified property for taxes first due and payable in a calendar year;
        (2) paid in full the property tax liability for property taxes on the qualified property for taxes first due and payable in the immediately preceding calendar year; and
        (3) attains the Social Security normal retirement age for unreduced benefits before January 1 of the calendar year referred to in subdivision (1).

    Sec. 4. As used in this chapter, "qualified property" means a homestead that has a gross assessed value of at least one hundred thousand dollars ($100,000) as of the assessment date that is the basis for determination of property taxes first due and payable in a calendar year for which the property tax liability is determined under this chapter.
     Sec. 5. (a) Subject to subsection (d), a qualified individual who on March 1 of a particular calendar year either owns or is buying a qualified property under a contract that requires the qualified individual to pay the property taxes on the qualified property is entitled for property taxes first due and payable in the immediately succeeding calendar year to a determination of property tax liability under this section. Notwithstanding any other law, the property tax liability determined under this section for a qualified property for property taxes first due and payable in a calendar year is the only property tax liability to which the qualified property is subject for that year.
    (b) The property tax liability of a qualified individual for

property taxes first due and payable in a calendar year with respect to a qualified property is the amount determined under STEP THREE of the following formula:
        STEP ONE: Subject to subsection (c), determine the amount of property tax liability for property taxes first due and payable in that calendar year that is:
            (A) based on the property tax rate for the taxing district in which the qualified property is located; and
            (B) attributable to the part of the gross assessed valuation of the qualified property for the assessment date in the immediately preceding calendar year that exceeds one hundred thousand dollars ($100,000).
        STEP TWO: Subject to subsection (c), determine the amount of the qualified individual's property tax liability, for property taxes first due and payable in the earlier of the earliest calendar year in which the qualified individual was eligible for determination of property tax liability on the qualified property under this section or the immediately preceding calendar year, that is attributable to the amount of the gross assessed valuation of the qualified property that equals the lesser of:
            (A) the gross assessed valuation of the qualified property; or
            (B) one hundred thousand dollars ($100,000).
        STEP THREE: Determine the sum of the amounts determined under STEP ONE and STEP TWO.
    (c) For purposes of determining the property tax liability under subsection (b), all property tax deductions and credits are apportioned based on the relative proportions of:
        (1) the amount of gross assessed valuation of the qualified property that:
            (A) for purposes of subsection (b) STEP ONE, equals one hundred thousand dollars ($100,000); or
            (B) for purposes of subsection (b) STEP TWO, equals the lesser of:
                (i) the gross assessed valuation of the qualified property; or
                (ii) one hundred thousand dollars ($100,000); and
        (2) the amount of gross assessed valuation of the qualified property that exceeds the amount of gross assessed valuation referred to in subdivision (1).
    (d) For purposes of this section, if real property, a mobile home,

or a manufactured home is owned by a husband and wife as tenants by the entirety, the determination of property tax liability under this section applies if either spouse satisfies the requirements of section 3 of this chapter.
    (e) The part of the property tax liability for a qualified property determined under subsection (b) STEP TWO for property taxes first due and payable in a calendar year is considered for all purposes to be property taxes imposed by the state or a political subdivision in which the qualified property is located. The amount of that property tax liability attributable to the state or a political subdivision is the amount that bears the same proportion to that property tax liability that the property tax rate of the state or political subdivision bears to the property tax rate for the taxing district in which the qualified property is located.
    Sec. 6. (a) An individual who desires to have the individual's property tax liability determined under this chapter must file a certified statement in duplicate, on forms prescribed by the department of local government finance, with the auditor of the county in which the qualified property is located. The statement must include the parcel number or key number of the real estate and the name of the city, town, or township in which the real estate is located. With respect to real property, the statement must be filed during the twelve (12) months before May 11 of the year before the first year for which the individual wishes to have the individual's property tax liability determined under this chapter. With respect to a mobile home that is not assessed as real property or a manufactured home that is not assessed as real property, the statement must be filed during the twelve (12) months before March 2 of the first year for which the individual wishes to have the individual's property tax liability determined under this chapter. The statement may be filed in person or by mail. If mailed, the statement must be postmarked on or before the last day for filing. The statement applies for that first year and any succeeding year for which the individual qualifies to have the individual's property tax liability determined under this chapter.
    (b) The statement referred to in subsection (a) must:
        (1) be verified under penalties for perjury; and
        (2) contain the following information:
            (A) The full name and complete residence address of the person.
            (B) Evidence that the individual is a qualified individual.
            (C) If the person is not the sole legal or equitable owner of

the real property, mobile home, or manufactured home, the exact share of the person's interest in the property.
            (D) Any other information that the department of local government finance requires to be included in the statement.
    Sec. 7. If a qualified individual whose property tax liability is determined under this chapter changes the use of the qualified individual's property so that part or all of that property no longer qualifies for the determination of property tax liability under this chapter, the qualified individual must file a certified statement with the auditor of the county, notifying the auditor of the change of use not later than sixty (60) days after the date of that change.
    Sec. 8. A taxpayer other than a qualified individual is entitled to the determination of property tax liability under this chapter if:
        (1) an individual uses the residence as the individual's principal place of residence;
        (2) the individual has a beneficial interest in the taxpayer;
        (3) the taxpayer either owns the residence or is buying it under a contract, recorded in the county recorder's office, that provides that the individual is to pay the property taxes on the residence; and
        (4) the residence consists of a single family dwelling and the real estate, not exceeding one (1) acre, that immediately surrounds that dwelling.

     Sec. 9. The property tax rate of a political subdivision in which one (1) or more qualified properties are located is determined for property taxes first due and payable in a calendar year in the amount calculated to result in a levy in the amount of the remainder of:
        (1) the levy of the political subdivision for that year determined without regard to this chapter; minus
        (2) the total for all qualified properties in the political subdivision of the amounts of property tax liability for that year determined under section 5(b) STEP TWO of this chapter.

     Sec. 10. For property taxes first due and payable in each calendar year, the amount of assessed valuation referred to in IC 6-1.1-17-1(a)(6) for a political subdivision is excluded from the assessed valuation that:
        (1) would be determined without regard to this section; and
        (2) is used to set the tax rate for the political subdivision.

SOURCE: IC 20-23-1-6; (06)IN1322.1.8. -->     SECTION 8. IC 20-23-1-6, AS ADDED BY P.L.1-2005, SECTION

7, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 6. (a) The township trustees of each township of each county shall perform all the civil functions performed before March 13, 1947, by the township trustees. The township trustees of the county constitute a county board of education to manage the affairs of the county school corporation created under this chapter in each county.
    (b) School cities and school towns retain independent organization and administration unless abandoned as provided by law. The county school corporation includes all areas not organized on March 13, 1947, into jurisdictions controlled and governed as school cities or school towns.
    (c) The board shall meet:
        (1) at the time the board designates at the office of the county superintendent; and
        (2) at other times and places the county superintendent considers necessary.
    (d) At the first meeting of each year, to be held on the first Wednesday after the first Monday in January, the board shall organize by selecting a president, a vice president, a secretary, and a treasurer from its membership.
    (e) The county superintendent shall call the board into special session. Unless the board elects to have this section remain inoperative, the board shall organize itself. The failure of the county superintendent to call the board into session under this section may not be construed to mean that a county school corporation described in this section is in existence in the county, and a county school corporation may not be brought into existence until the board has met in special session after March 13, 1947, and has taken action to organize itself into a county school corporation, after consideration of the question of whether it should elect to have the provisions of this section remain inoperative. The organization, if affected, must be:
        (1) filed with the county auditor; and
        (2) published by the county auditor in two (2) newspapers of different political persuasions of general circulation throughout the county within ten (10) days after the filing.
The organization is considered to fulfill the requirements of this section for the transacting of public business under this section. The secretary of the board shall keep an accurate record of the minutes of the board, which shall be kept at the county superintendent's office. The county superintendent shall act as administrator of the board and shall carry out such acts and duties as shall be designated by the board. A quorum consists of two-thirds (2/3) of the members of the board.


    (f) The board shall:
        (1) make decisions as to the general conduct of the schools that may be enforced as entered in the minutes recorded by the secretary of the board; and
        (2) exercise all powers exercised before March 13, 1947, by or through township trustees or meetings or petitions of the trustees of the county.
    (g) The board shall appoint a county superintendent who serves a term of four (4) years. The board shall fill vacancies in this office by appointments that expire at the end of the regular term. The county superintendent of schools and other persons employed for administrative or supervisory duties are considered to be supervisors of instruction.
    (h) The government of the common schools of the county is vested in the board. The board has the authority, powers, privileges, duties, and obligations granted to or required of school cities before March 13, 1947, and school towns and their governing boards generally with reference to the following:
        (1) The purchase of supplies.
        (2) The purchase and sale of buildings, grounds, and equipment.
        (3) The erection of buildings.
        (4) The employment and dismissal of school personnel.
        (5) The right and power to sue and be sued in the name of the county.
        (6) Insuring property and employees.
        (7) Levying and collecting taxes.
        (8) Making and executing a budget.
        (9) Borrowing money.
        (10) Paying the salaries and expenses of the county superintendent and employees as approved by the board.
        (11) Any act necessary to the proper administration of the common schools of the county.
    (i) A county school corporation organized under this section:
        (1) has all right, title, and interest of the predecessor township school corporations terminated under this section to and in all the real, personal, and other property of any nature and from whatever source derived; and
        (2) shall assume, pay, and be liable for all the indebtedness and liabilities of the predecessor school corporation.
    (j) The treasurer, before entering upon the duties of treasurer's office, shall execute a bond to the acceptance of the county auditor in an amount equal to the largest sum of money that will be in the

possession of the treasurer at any one (1) time conditioned as an ordinary official bond, with a reliable surety company or at least two (2) sufficient freehold sureties, who may not be members of the board, as surety or sureties on the treasurer's bond.
    (k) The president and secretary shall each give bond, with a surety or sureties described in subsection (j), to be approved by the county auditor, in the sum of one-fourth (1/4) of the amount required of the treasurer under subsection (j). A board may purchase bonds from a reliable surety company and pay for them out of the special school revenue of the board's county.
    (l) The powers set forth in this section may not be considered or construed to limit the authority of a board to the powers expressly conferred in this section or to restrict or modify any authority granted by any other law not in conflict with this section.
    (m) A board may annually levy the amount of taxes that in the judgment of the board, made a matter of record in the board's minutes, is necessary to produce income sufficient to conduct and carry on the common schools committed to the board.
     (n) For the purpose of producing income for purposes that:
        (1) serve the county school corporation; and
        (2) do not serve the school corporations in the county that are not county school corporations;
the board may levy taxes under subsection (m) only on taxable property in the part of the territory of the county that excludes the territory of each school corporation in the county that is not a county school corporation.

    (n) (o) A board shall annually levy a sum sufficient to meet all payments of principal and interest as they mature in the year for which the levy is made on the bonds, notes, or other obligations of the board. The board may impose tax levies within statutory limits, and the levies are subject to:
         (1) the same review as school city and school town levies; and
        (2) the restriction in subsection (n).

SOURCE: ; (06)IN1322.1.9. -->     SECTION 9. [EFFECTIVE UPON PASSAGE] (a) The following, all as amended by this act, apply only to property taxes first due and payable after December 31, 2006:
        (1) IC 6-1.1-12-16.
        (2) IC 6-1.1-12-17.
        (3) IC 6-1.1-17-1.
        (4) IC 6-1.1-17-3.
        (5) IC 6-1.1-17-16.
        (6) IC 20-23-1-6.
    (b) IC 6-1.1-20.3, as added by this act, applies only to property taxes first due and payable after December 31, 2006.

SOURCE: ; (06)IN1322.1.10. -->     SECTION 10. An emergency is declared for this act.