Sec. 6. The total amount of all loans under this chapter for all calendar years may not exceed the amount of revenue that the board determines has not been collected by the city of LaPorte from property taxes in 2008 and 2009 on the date of the loan. As added by P.L.182-2009(ss), SEC.153.
IC 6-1.1-21.1-7 Term of loan repayment; penalty Sec. 7. If the city of LaPorte receives a loan under this chapter, the city must repay the loan within seventy-two (72) months after the date on which the loan is made. No penalty may be imposed for repaying a loan before the term of the loan. As added by P.L.182-2009(ss), SEC.153.