<p> VIGO COUNTY SCHOOL CORPORATION TERRE HAUTE, INDIANA</p><p>File: ___DC___</p><p>TAX AND DEBT LIMITATIONS</p><p>The Constitution of the State of Indiana establishes a debt limitation. The administration of the school corporation shall be aware of the dollar limit of said debt limitation at any particular time, and when new debt is being considered, the administration shall apprise the School Board of the debt leeway. </p><p>The General Assembly of the State of Indiana has enacted legislation which will allow a school corporation to circumvent the constitutional debt limitation. The administration shall apprise the Board of School Trustees of the appropriate statute/s related to this and clarify for the Board's consideration and action any statutory limitations when recommending that the Board consider the establishment of debt to be incurred in accordance with the statutes. </p><p>The General Assembly of the State of Indiana has enacted maximum tax levies for the General Fund and the Transportation Fund. Additionally, the General Assembly has stated that it is illegal to have a deficit budget. The administration shall be fully informed about the applicability of these statutes and apprise the Board of the school corporation's compliance therewith. </p><p>The General Assembly of the State of Indiana has established maximum tax rates which may be established for the Capital Projects Fund. The administration will apprise the Board of the appropriate statutes related to the Capital Projects Fund and the school corporation's compliance therewith. </p><p>The General Assembly of the State of Indiana has established maximum tax levies for the Transportation Fund. The administration will apprise the Board of the appropriate statutes related to the Transportation Fund and the school corporation's compliance therewith. </p><p>Adoption Date: October 12, 1977; Revised: October 13, 1982; November 25, 1991; </p><p>March 11, 1996; February 11, 2002</p><p>Legal Ref: I.C. 6-1.1-1 et seq. </p><p>Cross Ref: </p>