(a) (1) The State Board of Finance may make temporary loans to cities, counties, and school districts from average daily balances in the State Treasury available to the board for investment purposes.(2) (A) For a city, county, or school district to be eligible to receive temporary loans under this subchapter, the city, county, or school district shall prepare a schedule from each of the five (5) preceding calendar or fiscal years.(B) This schedule shall reflect the average monthly cash flow derived from property tax sources and the proportion of property taxes available during each month as they relate to the aggregate amount of property taxes collected and available to the city, county, or school district during the calendar or fiscal year, and the city, county, or school district shall average the monthly cash flow percentages for the five-year period.
(1) The State Board of Finance may make temporary loans to cities, counties, and school districts from average daily balances in the State Treasury available to the board for investment purposes.
(2) (A) For a city, county, or school district to be eligible to receive temporary loans under this subchapter, the city, county, or school district shall prepare a schedule from each of the five (5) preceding calendar or fiscal years.(B) This schedule shall reflect the average monthly cash flow derived from property tax sources and the proportion of property taxes available during each month as they relate to the aggregate amount of property taxes collected and available to the city, county, or school district during the calendar or fiscal year, and the city, county, or school district shall average the monthly cash flow percentages for the five-year period.
(A) For a city, county, or school district to be eligible to receive temporary loans under this subchapter, the city, county, or school district shall prepare a schedule from each of the five (5) preceding calendar or fiscal years.
(B) This schedule shall reflect the average monthly cash flow derived from property tax sources and the proportion of property taxes available during each month as they relate to the aggregate amount of property taxes collected and available to the city, county, or school district during the calendar or fiscal year, and the city, county, or school district shall average the monthly cash flow percentages for the five-year period.
(b) (1) If the board determines that the cash flow of the city, county, or school district has fallen below the monthly average percentage cash flow for property taxes available to the city, county, or school district for the prior five (5) fiscal years and that the current level of cash flow is not adequate to enable the city, county, or school district to maintain an adequate level of services, the board may make temporary loans to the city, county, or school district.(2) These temporary loans may be in an aggregate amount no greater than the difference between average monthly percentage cash flow of the city, county, or school district for the preceding five (5) years for the period and the actual percentage cash flow in the current tax year computed on the basis of taxes collected in relation to the estimated tax collections for the tax year.
(1) If the board determines that the cash flow of the city, county, or school district has fallen below the monthly average percentage cash flow for property taxes available to the city, county, or school district for the prior five (5) fiscal years and that the current level of cash flow is not adequate to enable the city, county, or school district to maintain an adequate level of services, the board may make temporary loans to the city, county, or school district.
(2) These temporary loans may be in an aggregate amount no greater than the difference between average monthly percentage cash flow of the city, county, or school district for the preceding five (5) years for the period and the actual percentage cash flow in the current tax year computed on the basis of taxes collected in relation to the estimated tax collections for the tax year.
(c) (1) All these temporary loans shall be repaid to the board upon their maturity. The maturity of a temporary loan shall not be beyond the last day of the calendar year in which the loan is made.(2) (A) If a city, county, or school district fails or refuses to pay any such temporary loan according to the repayment schedule agreed to by the board or as set forth in this section, the board shall certify this fact and the amount of the unpaid temporary loan to the Treasurer of State.(B) The Treasurer of State shall withhold the amount of the unpaid temporary loan from the next moneys available for distribution to the city, county, or school district from state general revenues and shall transfer the amount from the County Aid Fund, the Municipal Aid Fund, or the Public School Fund, as the case may be, to the appropriate State Treasury account or source from which the temporary loan was made.
(1) All these temporary loans shall be repaid to the board upon their maturity. The maturity of a temporary loan shall not be beyond the last day of the calendar year in which the loan is made.
(2) (A) If a city, county, or school district fails or refuses to pay any such temporary loan according to the repayment schedule agreed to by the board or as set forth in this section, the board shall certify this fact and the amount of the unpaid temporary loan to the Treasurer of State.(B) The Treasurer of State shall withhold the amount of the unpaid temporary loan from the next moneys available for distribution to the city, county, or school district from state general revenues and shall transfer the amount from the County Aid Fund, the Municipal Aid Fund, or the Public School Fund, as the case may be, to the appropriate State Treasury account or source from which the temporary loan was made.
(A) If a city, county, or school district fails or refuses to pay any such temporary loan according to the repayment schedule agreed to by the board or as set forth in this section, the board shall certify this fact and the amount of the unpaid temporary loan to the Treasurer of State.
(B) The Treasurer of State shall withhold the amount of the unpaid temporary loan from the next moneys available for distribution to the city, county, or school district from state general revenues and shall transfer the amount from the County Aid Fund, the Municipal Aid Fund, or the Public School Fund, as the case may be, to the appropriate State Treasury account or source from which the temporary loan was made.