Sec. 16.5. (a) This section applies if the development board does the following:
(1) Finds that a city or county described in IC 36-7.5-2-3 has, at any time before July 1, 2015, failed to make a transfer or a part of a transfer required by section 2 of this chapter.
(2) Finds that the obligation of the city or county to pay the unpaid amount of the transfer or transfers has not been satisfied under section 16 of this chapter or by any other means.
(3) Certifies to the treasurer of state the total amount of the arrearage attributable to the failure of the city or county to make a transfer or a part of a transfer required by section 2 of this chapter.
(b) The treasurer of state shall do the following:
(1) Deduct from amounts otherwise payable to the city under IC 4-33-13-5(a) or to the county under IC 4-33-12-6 an amount equal to:
(A) the total amount certified under subsection (a)(3); plus
(B) interest calculated in the same manner that interest on delinquent taxes is calculated under IC 6-8.1-10-1.
(2) Pay the amount deducted under subdivision (1) to the development authority.
As added by P.L.192-2015, SEC.16. Amended by P.L.149-2016, SEC.99.