Sec. 9. (a) This section applies only to the North Spencer County School Corporation (school corporation) due to unique circumstances regarding the calculation of the capital projects fund levy component that was used in determining the school corporation's 2019 maximum permissible operations fund property tax levy.
(b) For property taxes first due and payable in 2020, the maximum permissible operations fund property tax levy of a school corporation subject to this section is equal to the amount determined in the following STEPS, instead of the amount determined under section 1 of this chapter:
STEP ONE: Determine the result under section 1(c) of this chapter, without regard to this section.
STEP TWO: Determine the result of:
(A) six hundred forty thousand three hundred thirty-five dollars ($640,335); multiplied by
(B) the 2020 maximum levy growth quotient determined under IC 6-1.1-18.5-2.
STEP THREE: Determine the sum of:
(A) the STEP ONE amount; plus
(B) the STEP TWO amount.
(c) For purposes of determining the school corporation's 2021 maximum permissible operations fund property tax levy, the amount to be used for purposes of STEP ONE (A) of section 1(c) of this chapter is equal to the amount determined under STEP THREE of subsection (b).
(d) This section expires January 1, 2022.
As added by P.L.76-2019, SEC.1. Amended by P.L.159-2020, SEC.67.