Loan application; prerequisites to grant of loan

Sec. 3. A qualified taxing unit may apply to the board for one (1) or more loans from the counter-cyclical revenue and economic stabilization fund. The board may make a loan from the fund to the qualified taxing unit if: (1) a taxpayer with tangible property subject to taxation by the qualified taxing unit has filed a petition to reorganize under the federal bankruptcy code; (2) the taxpayer has defaulted on one (1) or more of its property tax payments; (3) the qualified taxing unit has experienced and will continue to experience a significant revenue shortfall as a result of the default; and (4) the taxpayer is a steel manufacturer. As added by P.L.157-2002, SEC.1.