§ 14-27-6-38 — General obligation bonds; issuance

Indiana § 14-27-6-38

• Jurisdiction: Indiana
• Art. 27: LEVEES, DAMS, AND DRAINAGE
• Ch. 6: Levee Authority in Vanderburgh County

Text

(a) The board may issue general obligation
bonds of the authority for the purpose of procuring money to pay the
cost of:
(1) acquiring real property or rights-of-way; or
(2) constructing, enlarging, improving, remodeling, repairing, or
equipping levees, gates, and pumping stations and sewers,
ditches, and drains in connection with that construction or
maintenance or other facilities;
for use as or in connection with or for administrative purposes of the
levee.
(b) The board must authorize the issuance of bonds by ordinance
providing for the following:
(1) The amount, terms, and tenor of the bonds.
(2) The time and character of notice.
(3) The mode of selling the bonds.
(c) The bonds:
(1) may bear interest at any rate;
(2) are payable in not more than twenty-five (25) years after the
date of issuance; and
(3) shall be:
(A) executed in the name of the authority by the president of the
board; and
(B) attested by the secretary and treasurer who shall affix to
each of the bonds the official seal of the authority.
(d) The interest coupons attached to the bonds may be executed by
placing on the coupons the facsimile signature of the president of the
board.
[Pre-1995 Recodification Citation: 13-2-31-19(a).]

Legislative History

As added by P.L.1-1995, SEC.20.