Public education corporation imposes property tax levy; use and deposit of revenue

Sec. 0.5. (a) Beginning with property taxes first due and payable after December 31, 2027: (1) a school city (as defined in IC 20-25-2-12) may not impose the property tax levy or otherwise exercise the powers and duties under this chapter; and (2) the public education corporation shall impose both: (A) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the school city; and (B) an annual property tax levy in the territory of the school city sufficient to pay all obligations of the corporation. (b) Property tax revenue received from the: (1) property tax levy described in subsection (a)(2)(A) shall be deposited in the debt service fund established by the school city under IC 20-40-9 and used to pay debt service on the same terms, for the same period of time, and for the same purposes for which the obligation was initially authorized; and (2) property tax levy described in subsection (a)(2)(B) shall be deposited in the public education corporation's debt service fund established by IC 20-25-7-3 and used for the purposes of the fund. As added by P.L.101-2026, SEC.18.