Laserfiche WebLink
SECTION V <br />ASSUMED INDEBTEDNESS <br />As required by Indiana Code 36-4-3-10, the Town will assume and pay any unpaid bonds or other <br />obligations of Brown Township existing at the effective date of the annexation of the Annexation Area <br />in the same ratio as the assessed valuation of the property in the Annexation Area bears to the assessed <br />valuation of all property in Brown Township, as shown by the most recent assessment for taxation <br />before the annexation, unless the assessed property within the Town is already liable for the <br />indebtedness. <br />Brown Township currently has an ambulance loan outstanding in the amount of $74,545. Payments <br />are due semiannually on January 15th and July 15th and the loan is scheduled to be paid off on July 15, <br />2020. As a result of the annexation, the Town of Mooresville will be repsonsible for 0.05% of the <br />remaining loan payments made during or after budget year 2020. <br />10 <br />