My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1990-03-02 Minutes
sbend
>
Public
>
Redevelopment Authority
>
Minutes
>
1990-1999
>
1990
>
1990-03-02 Minutes
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/24/2008 12:48:13 PM
Creation date
7/24/2008 12:48:11 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
64
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
2. In reference to the risk described in number 1 above,. in the event there is excessive <br />delay in completion of the Improvements so as to be delayed beyond <br />• January 31, 1993 sufficient revenues may not be available to meet the interest <br />payment due on August 1, 1993 and subsequent interest and principal payments. <br />3. In the event the Improvements should ever be totally or substantially destroyed, the <br />lease rental shall be abated during the period in which the Improvements are unfit for <br />their intended use. However, rental value insurance wilt be available to make Bond <br />payments during the time the lease rental is abated, for a period of up to two years. If <br />either (i) the cost of reconstruction of the Improvements would exceed the amount of <br />insurance proceeds or (ii) such reconstruction cannot be completed within the period <br />of time covered by rental value insurance, the insurance proceeds will be applied to <br />the redemption of all outstanding Bonds and the full discharge of .all obligations <br />pertaining thereto, <br />4. No provision has been made either for redemption of the Bonds or for an increase in <br />the interest rate on the Bonds in the event that interest on the Bonds becomes subject <br />to income taxation. <br />5. In the event of delayed billing, collection, or distribution of property taxes by the <br />county auditor, sufficient funds may not be available to the Commission in time to <br />make lease rental payments when due. <br />Procedures for Property Assessment, Tax Levy and Collection, and Tax Abatement <br />Real Property in the State is assessed each year as of March I. On or before August I each <br />• year, the County Auditor must submit to each underlying unit a statement of (i) the estimated <br />assessed value of the unit as of March I of that year, and (ii) an estimate of the taxes to be <br />distributed to the unit during the last six months of the current budget year. The estimated <br />assessed value is based on abstracts delivered to the Auditor by the Township Assessor on or <br />before July 15. <br />The estimated value is used when the Common Council meets to establish its budget for the <br />next fiscal year (January I through December 31), and to set tax rates and levies. By statute, <br />this must be done not later than the last Monday in August. The budget, tax levy and tax rate is <br />subject to review and revision by the State Board of Tax Commissioners. <br />On or before December 31, the County Auditor prepares and delivers the final abstract. The <br />County Treasurer mails tax statements the following April. Property taxes are due and payable <br />to the County Treasurer in two installments on May 10 and November 10. If an installment of <br />taxes is not completely paid on or before the due date, a penalty of 10°~ of the amount <br />delinquent is added to the amount due. On May 10 and November 10 of each year thereafter, <br />an additional penalty equal to 10% of any taxes remaining unpaid is added. The penalties are <br />imposed only on the principal amount of the delinquency. Property becomes subject to tax <br />sale procedures after 15 months of delinquency. <br />Pursuant to State law, real property is valued for assessment purposes at its 'True Tax Value" <br />as defined in rules and regulations promulgated by the State Tax Board. 'True Tax Value" does <br />not mean fair market value. Beginning with property assessed in 1989 for taxes payable in <br />1990, the True Tax Value will be determined on the basis of property replacement cost which is <br />based on actual material and labor costs prevalent in the State of Indiana in 1985. (Prior True <br />Tax Value [from 1979 through 1988] had been based on 1975 replacement costs.) The local <br />• assessor may subtract from the replacement value, an amount for normal depreciation, as <br />provided in the regulations, as well as amounts for functional or economic obsolescence, as <br />-9- <br />
The URL can be used to link to this page
Your browser does not support the video tag.