Section 20-48-1-2.5 - Status of bonds issued under prior statute; debt service levies, property tax levies Notwithstanding the repeal of IC 20-5-4-1.7, as added by P.L. 253-2001, the following provisions apply to bonds issued under IC 20-5-4-1.7, as added by P.L. 253-2001, before December 31, 2004:
(1) The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.7 had not been repealed.(2) Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation's operations fund in an amount equal to the property tax levy needed for the debt service on the bonds.Amended by P.L. 244-2017,SEC. 114, eff. 1/1/2019.Added by P.L. 220-2011, SEC. 340, eff. 7/1/2011.