MADAM PRESIDENT:
I move
that Engrossed House Bill 1001 be amended to read as follows:
of sickness, absence from the county, or any other good and
sufficient reason.
(c) If the sum of the assessed values reported by a taxpayer on the
business personal property returns which the taxpayer files with the
township assessor for a year exceeds one hundred fifty thousand dollars
($150,000), the taxpayer shall file each of the returns in duplicate.
(d) A taxpayer may file a consolidated return with the county
assessor if the taxpayer has personal property subject to assessment in
more than one (1) township in a county and the total assessed value of
the personal property in the county is less than one million five hundred
thousand dollars ($1,500,000). A taxpayer filing a consolidated return
shall attach a schedule listing, by township, all the taxpayer's personal
property and the property's assessed value. A taxpayer filing a
consolidated return is not required to file a personal property return with
the assessor of each township. A taxpayer filing a consolidated return
shall provide the following:
(1) The county assessor with the information necessary for the
county assessor to allocate the assessed value of the taxpayer's
personal property among the townships listed on the return,
including the street address, the township, and the location of the
property.
(2) A copy of the consolidated return, with attachments, for each
township listed on the return.
(e) The county assessor shall provide to each affected township
assessor in the county all information filed by a taxpayer under
subsection (d) that affects the township. The county assessor shall
provide the information before:
(1) May 25 of each year, for a return filed on or before the filing
date for the return; or
(2) June 30 of each year, for a return filed after the filing date for
the return.
(f) The township assessor shall send all required notifications to the
taxpayer.
(g) The county assessor may refuse to accept a consolidated personal
property tax return that does not have attached to it a schedule listing,
by township, all the personal property of the taxpayer and the assessed
value of the property as required under subsection (d). For purposes of
IC 6-1.1-37-7, a consolidated return is filed on the date it is filed with
the county assessor with the schedule of personal property and assessed
value attached.
(h) A taxpayer that:
(1) does not have personal property subject to assessment in
a township; and
(2) would, if the taxpayer had personal property subject to
assessment in the township, be required to report information
under section 9(b) of this chapter in the township;
shall file a return for the township under subsection (a) for the sole
purpose of reporting information under section 9(b) of this
chapter.
(e) for taxes first due and payable in 2003 if subsection (e) had applied
for taxes first due and payable in 2003.
(c) The maximum rate must be adjusted:
(1) each time an annual adjustment of the assessed value of real
property takes effect under IC 6-1.1-4-4.5; and
(2) each time a general reassessment of real property takes effect
under IC 6-1.1-4-4.
(d) The statutes to which subsection (a) refers are:
(1) IC 8-10-5-17;
(2) IC 8-22-3-11;
(3) IC 8-22-3-25;
(4) IC 12-29-1-1;
(5) IC 12-29-1-2;
(6) IC 12-29-1-3;
(7) IC 12-29-3-6;
(8) IC 13-21-3-12;
(9) IC 13-21-3-15;
(10) IC 14-27-6-30;
(11) IC 14-33-7-3;
(12) IC 14-33-21-5;
(13) IC 15-1-6-2;
(14) IC 15-1-8-1;
(15) IC 15-1-8-2;
(16) IC 16-20-2-18;
(17) IC 16-20-4-27;
(18) IC 16-20-7-2;
(19) IC 16-23-1-29;
(20) IC 16-23-3-6;
(21) IC 16-23-4-2;
(22) IC 16-23-5-6;
(23) IC 16-23-7-2;
(24) IC 16-23-8-2;
(25) IC 16-23-9-2;
(26) IC 16-41-15-5;
(27) IC 16-41-33-4;
(28) IC 20-26-8-4;
(29) IC 21-1-11-3;
(30) IC 21-2-15-11;
(30) (31) IC 21-2-17-2;
(31) (32) IC 23-13-17-1;
(32) (33) IC 23-14-66-2;
(33) (34) IC 23-14-67-3;
(34) (35) IC 36-7-13-4;
(35) (36) IC 36-7-14-28;
(36) (37) IC 36-7-15.1-16;
(37) (38) IC 36-8-19-8.5;
individual contains a minor variation from the residence address
or mailing address as set forth in the relevant county records, the
signature is considered valid.
(e) Notwithstanding subsection (c) or (d), if the residence
address or mailing address of an individual contains a substantial
variation from the residence address or mailing address as set
forth in the relevant county records, the signature is considered
invalid.
(f) If the signature of an individual does not substantially
conform with the signature of the individual in the relevant county
records, the signature is considered invalid. In determining
whether a signature substantially conforms with an individual's in
the relevant county records, consideration shall be given to
whether that lack of conformity may reasonably be attributed to
the age, disability, or impairment of the individual.".
completed; and
(2) all bonds issued or leases entered into to finance the
construction, acquisition, improvement, renovation, and
equipping described in subsection (b) are fully paid;
the county council shall, subject to subsection (d), establish a tax
rate under this section by ordinance such that the revenue from the
tax does not exceed the costs of operating and maintaining the jail
facilities described in subsection (b)(1)(A).
(f) The tax imposed under this section may be imposed only until the
later of the date on which:
(1) the financing, construction, acquisition, improvement,
renovation, and equipping described in subsection (b) are
completed; or
(2) the date on which the last of any bonds issued or leases entered
into to finance the construction, acquisition, improvement,
renovation, and equipping described in subsection (b) are fully
paid; or
(3) an ordinance adopted under subsection (c) is rescinded.
(g) The term of the bonds issued (including any refunding bonds) or
a lease entered into under subsection (b)(2) may not exceed twenty (20)
years.
(d) If the county council makes a determination under subsection (b),
the county council may adopt a tax rate under subsection (c). The tax
rate may not be imposed at a rate greater than is necessary to pay the
costs of carrying out the purposes described in subsection (b)(1).
(e) (h) The county treasurer shall establish a criminal justice
facilities revenue fund to be used only for purposes described in this
section. County adjusted gross income tax revenues derived from the
tax rate imposed under this section shall be deposited in the criminal
justice facilities revenue fund before making a certified distribution
under section 11 of this chapter.
(f) (i) County adjusted gross income tax revenues derived from the
tax rate imposed under this section:
(1) may be used only for the purposes described in this section;
(2) may not be considered by the department of local government
finance in determining the county's maximum permissible property
tax levy limit under IC 6-1.1-18.5; and
(3) may be pledged to the repayment of bonds issued or leases
entered into for any or all the purposes described in subsection (b).
(g) (j) Notwithstanding any other law, funds accumulated from the
county adjusted gross income tax imposed under this section after:
(1) the completion of the financing, construction, acquisition,
improvement, renovation, and equipping described in subsection
(b);
(2) the payment or provision for payment of all the costs for
activities described in subdivision (1);
or equipping, operating, or maintaining facilities and
buildings;
(B) debt service on bonds; or
(C) lease rentals;
under section 2.8 of this chapter;
(3) revenue that must be used to pay the costs of construction,
improvement, renovation, or remodeling of a jail and related
buildings and parking structures under section 2.7, 2.9, or 3.3 of
this chapter;
(4) revenue that must be used to pay the costs of operating and
maintaining a jail and justice center under section 3.5(d) of this
chapter; or
(5) revenue that must be used to pay the costs of constructing,
acquiring, improving, renovating, or equipping a county
courthouse under section 3.6 of this chapter;
distributions made to a county treasurer under subsections (a) and (b)
shall be treated as though they were property taxes that were due and
payable during that same calendar year. Except as provided by
subsection (b), the certified distribution shall be distributed and used by
the taxing units and school corporations as provided in sections 11
through 15 of this chapter.
(d) All distributions from an account established under section 8 of
this chapter shall be made by warrants issued by the auditor of the state
to the treasurer of the state ordering the appropriate payments.
manner prescribed in this section, be allocated, distributed, and used by
the civil taxing units and school corporations of the county as certified
shares and property tax replacement credits.
(b) Before August 10 of each calendar year, each county auditor
shall determine the part of the certified distribution for the next
succeeding calendar year that will be allocated as property tax
replacement credits and the part that will be allocated as certified
shares. The percentage of a certified distribution that will be allocated
as property tax replacement credits or as certified shares depends upon
the county adjusted gross income tax rate for resident county taxpayers
in effect on August 1 of the calendar year that precedes the year in
which the certified distribution will be received by two (2) years. The
percentages are set forth in the following table:
PROPERTY
COUNTY
TAX
ADJUSTED GROSS
REPLACEMENT
CERTIFIED
INCOME TAX RATE
CREDITS
SHARES
0.5%
50%
50%
0.75%
33 1/3%
66 2/3%
1%
25%
75%
(c) The part of a certified distribution that constitutes property tax
replacement credits shall be distributed as provided under sections 12,
13, and 14 of this chapter.
(d) The part of a certified distribution that constitutes certified shares
shall be distributed as provided by section 15 of this chapter.
additional rate to nonresident taxpayers.
(c) To impose the county option income tax as provided in this
section, the county fiscal body must adopt an ordinance finding and
determining that additional revenues from the county option
income tax are needed in the county to fund:
(1) the financing, construction, acquisition, improvement,
renovation, equipping, operation, or maintenance of jail
facilities; and
(2) the repayment of bonds issued or leases entered into for
the purposes described in subdivision (1), except operation or
maintenance.
(d) If the county fiscal body makes a determination under
subsection (c), the county fiscal body may adopt an additional tax
rate under subsection (b). Subject to the limitations in subsection
(b), the county fiscal body may amend an ordinance adopted under
this section to increase, decrease, or rescind the additional tax rate
imposed under this section. As soon as practicable after the
adoption of an ordinance under this section, the county fiscal body
shall send a certified copy of the ordinance to the county auditor,
the department of local government finance, and the department.
An ordinance adopted under this section before April 1 in a year
applies to the imposition of county income taxes after June 30 in
that year. An ordinance adopted under this section after March 31
of a year initially applies to the imposition of county option income
taxes after June 30 of the immediately following year.
(e) If the county imposes an additional tax rate under this
section, the county treasurer shall establish a county jail revenue
fund to be used only for the purposes described in this section.
County option income tax revenues derived from the tax rate
imposed under this section shall be deposited in the county jail
revenue fund before making a certified distribution under section
18 of this chapter.
(f) County option income tax revenues derived from an
additional tax rate imposed under this section:
(1) may be used only for the purposes described in this
section;
(2) may not be considered by the department of local
government finance in determining the county's maximum
permissible property tax levy limit under IC 6-1.1-18.5; and
(3) may be pledged for the repayment of bonds issued or
leases entered into to fund the purposes described in
subsection (c)(1), except operation or maintenance.
(g) If the county imposes an additional tax rate under this
section, the department, after reviewing the recommendation of the
budget agency, shall adjust the certified distribution of the county
to provide for an increased distribution of taxes in the immediately
following calendar year after the county adopts the increased tax
rate and in each calendar year thereafter. The department shall
provide for a full transition to certification of distributions as
provided in section 17(a)(1) through 17(a)(2) of this chapter in the
manner provided in section 17(c) of this chapter.
development income tax on the county taxpayers of _________ County.
The county economic development income tax is imposed at a rate of
_________ percent (____%) on the county taxpayers of the county.
This tax takes effect July 1 of this year.".
(e) Any ordinance adopted under this chapter takes effect July 1 of
the year the ordinance is adopted.
(f) The auditor of a county shall record all votes taken on ordinances
presented for a vote under the authority of this chapter and shall, not
more than ten (10) days after the vote, send a certified copy of the
results to the commissioner of the department by certified mail.
(g) This subsection applies to a county having a population of more
than one hundred forty-eight thousand (148,000) but less than one
hundred seventy thousand (170,000). Except as provided in subsection
(p), in addition to the rates permitted by subsection (b), the:
(1) county economic development income tax may be imposed at
a rate of:
(A) fifteen-hundredths percent (0.15%);
(B) two-tenths percent (0.2%); or
(C) twenty-five hundredths percent (0.25%); and
(2) county economic development income tax rate plus the county
option income tax rate that are in effect on January 1 of a year may
equal up to one and twenty-five hundredths percent (1.25%);
if the county income tax council makes a determination to impose rates
under this subsection and section 22 of this chapter.
(h) For a county having a population of more than forty-one
thousand (41,000) but less than forty-three thousand (43,000), except
as provided in subsection (p), the county economic development income
tax rate plus the county adjusted gross income tax rate that are in effect
on January 1 of a year may not exceed one and thirty-five hundredths
percent (1.35%) if the county has imposed the county adjusted gross
income tax at a rate of one and one-tenth percent (1.1%) under
IC 6-3.5-1.1-2.5.
(i) For a county having a population of more than thirteen thousand
five hundred (13,500) but less than fourteen thousand (14,000), except
as provided in subsection (p), the county economic development income
tax rate plus the county adjusted gross income tax rate that are in effect
on January 1 of a year may not exceed one and fifty-five hundredths
percent (1.55%).
(j) For a county having a population of more than seventy-one
thousand (71,000) but less than seventy-one thousand four hundred
(71,400), except as provided in subsection (p), the county economic
development income tax rate plus the county adjusted gross income tax
rate that are in effect on January 1 of a year may not exceed one and
five-tenths percent (1.5%).
(k) This subsection applies to a county having a population of more
than twenty-seven thousand four hundred (27,400) but less than
twenty-seven thousand five hundred (27,500). Except as provided in
subsection (p), in addition to the rates permitted under subsection (b):
(1) the county economic development income tax may be imposed
at a rate of twenty-five hundredths percent (0.25%); and
(2) the sum of the county economic development income tax rate
and the county adjusted gross income tax rate that are in effect on
January 1 of a year may not exceed one and five-tenths percent
(1.5%);
if the county council makes a determination to impose rates under this
subsection and section 22.5 of this chapter.
(l) For a county having a population of more than twenty-nine
thousand (29,000) but less than thirty thousand (30,000), except as
provided in subsection (p), the county economic development income
tax rate plus the county adjusted gross income tax rate that are in effect
on January 1 of a year may not exceed one and five-tenths percent
(1.5%).
(m) For:
(1) a county having a population of more than one hundred
eighty-two thousand seven hundred ninety (182,790) but less than
two hundred thousand (200,000); or
(2) a county having a population of more than forty-five thousand
(45,000) but less than forty-five thousand nine hundred (45,900);
except as provided in subsection (p), the county economic development
income tax rate plus the county adjusted gross income tax rate that are
in effect on January 1 of a year may not exceed one and five-tenths
percent (1.5%).
(n) For a county having a population of more than six thousand
(6,000) but less than eight thousand (8,000), except as provided in
subsection (p), the county economic development income tax rate plus
the county adjusted gross income tax rate that are in effect on January
1 of a year may not exceed one and five-tenths percent (1.5%).
(o) This subsection applies to a county having a population of more
than thirty-nine thousand (39,000) but less than thirty-nine thousand six
hundred (39,600). Except as provided in subsection (p), in addition to
the rates permitted under subsection (b):
(1) the county economic development income tax may be imposed
at a rate of twenty-five hundredths percent (0.25%); and
(2) the sum of the county economic development income tax rate
and:
(A) the county adjusted gross income tax rate that are in effect
on January 1 of a year may not exceed one and five-tenths
percent (1.5%); or
(B) the county option income tax rate that are in effect on
January 1 of a year may not exceed one and twenty-five
hundredths percent (1.25%);
if the county council makes a determination to impose rates under this
subsection and section 24 of this chapter.
(p) In addition:
(1) the county economic development income tax may be imposed
at a rate that exceeds by not more than twenty-five hundredths
percent (0.25%) the maximum rate that would otherwise apply
under this section; and
(2) the:
(A) county economic development income tax; and
(B) county option income tax or county adjusted gross income
tax;
may be imposed at combined rates that exceed by not more than
twenty-five hundredths percent (0.25%) the maximum combined
rates that would otherwise apply under this section.
However, the additional rate imposed under this subsection may not
exceed the amount necessary to mitigate the increased ad valorem
property taxes on homesteads (as defined in IC 6-1.1-20.9-1) resulting
from the deduction of the assessed value of inventory in the county
under IC 6-1.1-12-41 or IC 6-1.1-12-42.
(q) If the county economic development income tax is imposed as
authorized under subsection (p) at a rate that exceeds the maximum rate
that would otherwise apply under this section, the certified distribution
must be used for the purpose provided in section 25(e) or 26 of this
chapter to the extent that the certified distribution results from the
difference between:
(1) the actual county economic development tax rate; and
(2) the maximum rate that would otherwise apply under this
section.
(r) This subsection applies only to a county described in section 27
of this chapter. Except as provided in subsection (p), in addition to the
rates permitted by subsection (b), the:
(1) county economic development income tax may be imposed at
a rate of twenty-five hundredths percent (0.25%); and
(2) county economic development income tax rate plus the county
option income tax rate that are in effect on January 1 of a year may
equal up to one and twenty-five hundredths percent (1.25%);
if the county council makes a determination to impose rates under this
subsection and section 27 of this chapter.
(s) Except as provided in subsection (p), the county economic
development income tax rate plus the county adjusted gross income tax
rate that are in effect on January 1 of a year may not exceed one and
five-tenths percent (1.5%) if the county has imposed the county
adjusted gross income tax under IC 6-3.5-1.1-3.3.
(t) This subsection applies to Howard County. Except as provided
in subsection (p), the sum of the county economic development income
tax rate and the county option income tax rate that are in effect on
January 1 of a year may not exceed one and twenty-five hundredths
percent (1.25%).
(u) This subsection applies to Scott County. Except as provided
in subsection (p), the sum of the county economic development
income tax rate and the county option income tax rate that are in
effect on January 1 of a year may not exceed one and five-tenths
percent (1.5%).".
information safeguarding provisions of the state and federal Title IV-D
programs.
(d) The name, address, Social Security number, and place of
employment relating to any individual who is delinquent in paying
educational loans owed to an institution of higher education may be
revealed to that institution if it provides proof to the department that the
individual is delinquent in paying for educational loans. This
information shall be provided free of charge to approved institutions of
higher learning (as defined by IC 20-12-21-3(2)). The department shall
establish fees that all other institutions must pay to the department to
obtain information under this subsection. However, these fees may not
exceed the department's administrative costs in providing the
information to the institution.
(e) The information described in subsection (a) relating to reports
submitted under IC 6-6-1.1-502 concerning the number of gallons of
gasoline sold by a distributor, and IC 6-6-2.5 concerning the number of
gallons of special fuel sold by a supplier and the number of gallons of
special fuel exported by a licensed exporter or imported by a licensed
transporter may be released by the commissioner upon receipt of a
written request for the information.
(f) The information described in subsection (a) may be revealed upon
the receipt of a written request from the administrative head of a state
agency of Indiana when:
(1) the state agency shows an official need for the information;
and
(2) the administrative head of the state agency agrees that any
information released will be kept confidential and will be used
solely for official purposes.
(g) The name and address of retail merchants, including township,
as specified in IC 6-2.5-8-1(h) may be released solely for tax collection
purposes to township assessors.
(h) The department shall notify the appropriate innkeepers' tax
board, bureau, or commission that a taxpayer is delinquent in remitting
innkeepers' taxes under IC 6-9.
(i) All information relating to the delinquency or evasion of the
motor vehicle excise tax may be disclosed to the bureau of motor
vehicles in Indiana and may be disclosed to another state, if the
information is disclosed for the purpose of the enforcement and
collection of the taxes imposed by IC 6-6-5.
(j) All information relating to the delinquency or evasion of
commercial vehicle excise taxes payable to the bureau of motor vehicles
in Indiana may be disclosed to the bureau and may be disclosed to
another state, if the information is disclosed for the purpose of the
enforcement and collection of the taxes imposed by IC 6-6-5.5.
(k) All information relating to the delinquency or evasion of
commercial vehicle excise taxes payable under the International
Registration Plan may be disclosed to another state, if the information
is disclosed for the purpose of the enforcement and collection of the
taxes imposed by IC 6-6-5.5.
(l) This section does not apply to:
(1) the beer excise tax (IC 7.1-4-2);
(2) the liquor excise tax (IC 7.1-4-3);
(3) the wine excise tax (IC 7.1-4-4);
(4) the hard cider excise tax (IC 7.1-4-4.5);
(5) the malt excise tax (IC 7.1-4-5);
(6) the motor vehicle excise tax (IC 6-6-5);
(7) the commercial vehicle excise tax (IC 6-6-5.5); and
(8) the fees under IC 13-23.
(m) The name and business address of retail merchants within each
county that sell tobacco products may be released to the division of
mental health and addiction and the alcohol and tobacco commission
solely for the purpose of the list prepared under IC 6-2.5-6-14.
(n) Information included in a return under IC 6-3-4-1.5 may be
released to the county auditor of the county in which the real
property referred to in that section is located.".
value of the taxable property from the year preceding the year the
general reassessment takes effect to the year that the general
reassessment is effective.
STEP THREE: Determine the three (3) calendar years that
immediately precede the ensuing calendar year and in which a
statewide general reassessment of real property does not first
become effective.
STEP FOUR: Compute separately, for each of the calendar years
determined in STEP THREE, the actual percentage increase
(rounded to the nearest one-hundredth percent (0.01%)) in the
assessed value of the taxable property from the preceding year.
STEP FIVE: Divide the sum of the three (3) quotients computed
in STEP FOUR by three (3).
STEP SIX: Determine the greater of the following:
(A) Zero (0).
(B) The result of the STEP TWO percentage minus the STEP
FIVE percentage.
STEP SEVEN: Determine the quotient of the STEP ONE tax rate
divided by the sum of one (1) plus the STEP SIX percentage
increase.
(d) The department of local government finance shall compute the
maximum rate allowed under subsection (c) and provide the rate to each
school corporation.
(e) (b) For a year in which a school corporation uses money from the
school corporation's capital projects fund to pay for costs described in
section 4(l) of this chapter, the school corporation may impose a
property tax rate that exceeds the rate described in subsection (a). The
amount by which the property tax rate may exceed the rate described in
subsection (a) equals the amount determined under STEP THREE of
the following formula:
STEP ONE: Determine the school corporation's expenditures
under section 4(l) of this chapter for the calendar year.
STEP TWO: Determine the quotient of:
(A) the STEP ONE amount; divided by
(B) the school corporation's assessed valuation for the year.
STEP THREE: Determine the product of:
(A) the STEP TWO amount; multiplied by
(B) one hundred (100).".
nearest one-hundredth of a cent ($0.0001).
(2) All tax levies shall be computed by rounding the levy to the
nearest dollar amount ($1).
(3) All tuition support distributions shall be computed by rounding
the tuition support distribution to the nearest cent ($0.01).
(4) If a calculation is not covered by subdivision (1), (2), or (3),
the result of the calculation shall be rounded to the nearest
ten-thousandth (.0001).
(b) The department of local government finance, after
consulting with the department of education, shall adjust the
following each time an annual adjustment of the assessed value of
real property takes effect under IC 6-1.1-4-4.5 and each time a
general reassessment of real property takes effect under
IC 6-1.1-4-4 to eliminate the effects of the annual adjustment or
general reassessment:
(1) Each school corporation's target general fund property
tax rate determined under section 6.8 of this chapter.
(2) Each school corporation's previous year general fund
property tax rate imposed for the school corporation's tuition
support levy.
(3) The maximum permissible general fund property tax rate
computed under IC 6-1.1-19-1.5 for each school corporation.
The adjusted rates shall be used in determining state tuition
support and general fund levies in each year beginning with the
year in which the adjustment first applies.".
IC 5-1-17-6.
(b) Notwithstanding section 3 of this chapter, the board may
purchase supplies and may enter into a contract for the installation
of supplies in the manner provided in IC 5-22-10-13.5, when the
board awarding the contract for the public work determines in
writing that proceeding under this section is in the best interest of
the project.
be brought within sixty (60) days after the date of the final completion
and acceptance of the public work.
(f) This subsection applies to contracts for a public work
entered into by, for, or on behalf of the Indiana stadium and
convention building authority created by IC 5-1-17-6. The board
awarding the contract for the public works project may waive the
payment bond requirements of this section if the board, after
public notice and hearing, determines:
(1) that:
(A) an otherwise responsive and responsible bidder is
unable to provide the payment bond required by this
section; or
(B) the cost or coverage of the payment bond is not in the
best interest of the project; and
(2) that an adequate alternative is provided through a letter
of credit, additional retainage, or other sufficient protective
mechanism.
all work satisfactorily completed until the public work is
substantially completed.
If upon substantial completion of the public work minor items remain
uncompleted, an amount computed under subsection (f) of this section
shall be withheld until those items are completed.
(d) The escrow agreement must contain the following provisions:
(1) The escrow agent shall invest all escrowed principal in
obligations selected by the escrow agent.
(2) The escrow agent shall hold the escrowed principal and income
until receipt of notice from the board and the contractor, or the
contractor and the subcontractor, specifying the part of the
escrowed principal to be released from the escrow and the person
to whom that portion is to be released. After receipt of the notice,
the escrow agent shall remit the designated part of escrowed
principal and the same proportion of then escrowed income to the
person specified in the notice.
(3) The escrow agent shall be compensated for the agent's
services. The parties may agree on a reasonable fee comparable
with fees being charged for the handling of escrow accounts of
similar size and duration. The fee shall be paid from the escrowed
income.
The escrow agreement may include other terms and conditions
consistent with this subsection, including provisions authorizing the
escrow agent to commingle the escrowed funds with funds held in other
escrow accounts and limiting the liability of the escrow agent.
(e) Except as provided by subsection (i), the contractor shall
furnish the board with a performance bond equal to the contract price.
If acceptable to the board, the performance bond may provide for
incremental bonding in the form of multiple or chronological bonds that,
when taken as a whole, equal the contract price. The surety on the
performance bond may not be released until one (1) year after the date
of the board's final settlement with the contractor. The performance
bond must specify that:
(1) a modification, omission, or addition to the terms and
conditions of the public work contract, plans, specifications,
drawings, or profile;
(2) a defect in the public work contract; or
(3) a defect in the proceedings preliminary to the letting and
awarding of the public work contract;
does not discharge the surety.
(f) The board or escrow agent shall pay the contractor within
sixty-one (61) days after the date of substantial completion, subject to
sections 11 and 12 of this chapter. Payment by the escrow agent shall
include all escrowed principal and escrowed income. If within sixty-one
(61) days after the date of substantial completion there remain
uncompleted minor items, an amount equal to two hundred percent
(200%) of the value of each item as determined by the
architect-engineer shall be withheld until the item is completed.
Required warranties begin not later than the date of substantial
completion.
(g) Actions against a surety on a performance bond must be brought
within one (1) year after the date of the board's final settlement with the
contractor.
(h) This subsection applies to public work contracts of less than two
hundred fifty thousand dollars ($250,000). The board may waive the
performance bond requirement of subsection (e) and accept from a
contractor an irrevocable letter of credit for an equivalent amount from
an Indiana financial institution approved by the department of financial
institutions instead of a performance bond. Subsections (e) through (g)
apply to a letter of credit submitted under this subsection.
(i) This subsection applies to the Indiana stadium and
convention building authority created by IC 5-1-17-6. The board
awarding the contract for the public works project may waive the
performance bond requirement of subsection (e) if the board, after
public notice and hearing, determines:
(1) that:
(A) an otherwise responsive and responsible bidder is
unable to provide the performance bond required by
subsection (e); or
(B) the cost or coverage of the performance bond is not in
the best interest of the project; and
(2) that an adequate alternative is provided through a letter
of credit, additional retainage, or other sufficient protective
mechanism.".
valorem property tax levy under IC 6-1.1-18.5-3;
(3) "municipal growth rate" means the rate of population
growth of a municipality, which equals the quotient expressed
as a percentage of:
(A) the remainder of:
(i) the estimated 2006 population of the municipality as
determined by the municipality; minus
(ii) the population of the municipality as determined in
the 2000 federal decennial census; divided by
(B) the population of the municipality as determined in the
2000 federal decennial census; and
(4) "municipality"has the meaning set forth in IC 36-1-2-11.
(b) For purposes of this SECTION, the statewide growth rate
is two and six-tenths percent (2.6%).
(c) This SECTION applies to a municipality:
(1) for which the municipal growth rate is more than twice the
statewide growth rate;
(2) that experienced a reduction of at least forty-four percent
(44%) in its maximum levy for property taxes first due and
payable in 2004 as compared to its maximum levy for
property taxes first due and payable in 2003;
(3) that did not appeal in 2004 to the department for an excess
levy for property taxes first due and payable in 2005;
(4) that appealed before September 20, 2005, to the
department for an excess levy for property taxes first due and
payable in 2006 in accordance with IC 6-1.1-18.5-14;
(5) that received a favorable recommendation from the local
government tax control board, following a public hearing,
with respect to the appeal referred to in subdivision (4); and
(6) that received from the department on December 7, 2005,
a denial of the appeal referred to in subdivision (4).
(d) Notwithstanding IC 6-1.1-18.5-3, the maximum levy for
property taxes first due and payable in 2007 for a municipality
described in subsection (c) is equal to the sum of:
(1) the ad valorem property tax levy approved by the
department for the municipality for property taxes first due
and payable in 2006; plus
(2) two million five hundred thousand dollars ($2,500,000).
(e) This SECTION expires January 1, 2008.
concerning:
(A) those requirements; and
(B) the requirement under subsection (b).
(b) A taxpayer that fails to include on the taxpayer's:
(1) personal property return under IC 6-1.1-3-7(a);
(2) extended personal property return under IC 6-1.1-3-7(b);
or
(3) consolidated personal property return under
IC 6-1.1-3-7(d);
for the assessment date in 2006 the information required under
IC 6-1.1-3-9(b), as added by this act, shall file an amended return
under IC 6-1.1-3-7.5 to include that information.
(c) This SECTION expires January 1, 2008.