§ 10-18-4-5 — Appropriations; bonds; loans

(a) A city may appropriate money for use of the
board of public works of the city for any of the purposes provided in
this chapter, either out of the general funds of the city or from the
proceeds of a bond issue for those purposes.
(b) A city may sell bonds for the purpose of raising funds to comply
with this chapter.
(c) Except as provided in this chapter, the appropriation of money
and the sale of bonds by a city is governed by the law relating to the
appropriation of money and the sale of bonds by the city for other city
purposes.
(d) The legislative body of a city may, by ordinance adopted and
approved as provided in section 22 of this chapter, do any of the
following:
(1) Authorize the city controller, if applicable, and the mayor, in
the name of the city, to make permanent loans of money for any
of the purposes of this chapter of any amount not more than
six-tenths of one percent (0.6%) of the adjusted value of taxable
property of the city as determined under IC 36-1-15.
(2) Authorize the city controller, if applicable, and mayor of the
city to issue bonds for the purpose of funding or refunding loans
made by the city under this chapter. Except as provided in this
chapter, any loans must be made and governed by the law
concerning permanent loans by cities. Any bonds must satisfy all
of the following:
(A) The bonds may be issued in any denomination of not more
than one thousand dollars ($1,000) each and in not less than
twenty (20) or more than fifty (50) series. Each series must be
for the amount as provided by the ordinance.
(B) The bonds must be payable one (1) series each year,
beginning on July 1 of the fifth year after the issue of the bonds.
(C) The bonds must be negotiable as inland bills of exchange.
(D) The bonds must bear interest at the rate of not more than
six percent (6%) a year, payable semiannually on July 1 and
January 1 of each year.
(3) Authorize the city controller, if applicable, and mayor, in
advertising for the sale of bonds, to ask for competitive bids on
the bonds on any series of not less than twenty (20) nor more than
fifty (50). The city controller, if applicable, and mayor may accept
the bid that, in their judgment, is the most advantageous bid to the
city.
(e) Bonds issued under this chapter are exempt from taxation for all
purposes.
(f) A series of bonds issued under this chapter may not be for less
than two percent (2%) of the total amount of bonds issued.
(g) The proceeds of bonds sold under this chapter by the city,
including any premium on the bonds, must be kept as a separate and
specific fund, to be known as the World War memorial fund. Money in
the fund may be used only for any of the purposes described in section
2 of this chapter.
(h) The city legislative body may, by ordinance, transfer to the
World War memorial bond fund any surplus finally remaining in the
World War memorial fund, after all the demands on the city for money
in the World War memorial fund have been paid and discharged.
(i) A suit to question the validity of any bond issued under this
chapter may not be instituted after the date set for the sale of the bonds.
All bonds, beginning on the date set for the sale of the bonds, are
incontestable for any cause.
[Pre-2003 Recodification Citation: 10-7-6-4.]

Legislative History

As added by P.L.2-2003, SEC.9.