Indiana § 14-13-2-20 Bonds payable from revenue and special assessments

Indiana Statutes

§ 14-13-2-20 — Bonds payable from revenue and special assessments

Indiana·Art. 13 LOCAL RESOURCE DEVELOPMENT·Ch. 2 Little Calumet River Basin Development Commission

(a)The acquisition, construction, or improvement of real property, a facility, a betterment, or an improvement constituting part of a project of the commission, including acquisition of the site for a project, may be financed in whole or in part by the issuance of bonds payable:

(1)out of the net income received from the operation of the real property, facility, betterment, or improvement; or

(2)from special assessments collected under section 18.6 of this chapter.

(b)If the commission desires to finance an acquisition, a construction, or an improvement in whole or in part as provided in this section or sections 21 through 26 of this chapter, the commission must adopt a resolution authorizing the issuance of bonds. The resolution must set forth the following:

(1)The date on which the

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(a) The acquisition, construction, or
improvement of real property, a facility, a betterment, or an
improvement constituting part of a project of the commission,
including acquisition of the site for a project, may be financed in whole
or in part by the issuance of bonds payable:
(1) out of the net income received from the operation of the real
property, facility, betterment, or improvement; or
(2) from special assessments collected under section 18.6 of this
chapter.
(b) If the commission desires to finance an acquisition, a
construction, or an improvement in whole or in part as provided in this
section or sections 21 through 26 of this chapter, the commission must
adopt a resolution authorizing the issuance of bonds. The resolution
must set forth the following:
(1) The date on which the principal of the bonds matures, not
exceeding forty (40) years from the date of issuance.
(2) The maximum interest rate to be paid on the bonds.
(3) Other terms and conditions upon which the bonds are issued.
(c) The commission shall take all actions necessary to issue the
bonds in accordance with the resolution. The commission may enter
into a trust agreement with a trust company as trustee for the
bondholders. An action to contest the validity of any bonds to be issued
under this chapter may not be brought after the fifteenth day following
the receipt of bids for the bonds.
[Pre-1995 Recodification Citation: 14-6-29.5-9(a), (b),
(c).]

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