Sec. 21. (a) A civil taxing unit may determine that the ad valorem property tax levy limits imposed by section 3 of this chapter do not apply to all or part of the ad valorem property taxes imposed to repay a loan under either or both of the following:
(1) IC 6-1.1-21.3.
(2) IC 6-1.1-21.9.
(b) This subsection applies to a civil taxing unit or school corporation located in Lake County that has received or is receiving a loan under IC 6-1.1-22.1. The ad valorem property tax levy limits imposed in section 3 of this chapter do not apply to all or part of the ad valorem property taxes imposed to repay a loan under IC 6-1.1-22.1 for the ensuing calendar year if:
(1) the civil taxing unit or school corporation provides to the department the information the department considers necessary to determine the amount of ad valorem property taxes imposed to repay the loan in the ensuing calendar year; and
(2) the information described in subdivision (1) is provided to the department not later than December 1 of the year preceding the ensuing calendar year.