§ 14-33-11-7 — Interest of directors; disclosure

(a) This section applies to a district:
(1) that has been established with a few freeholders or even only
one (1) freeholder; and
(2) for which the accomplishment of the district's purposes is
necessary and desirable primarily for persons purchasing and
using the land after subdivision and development.
(b) Notwithstanding other statutes, the board may enter into a
contract agreement, before the award of bonds, with a person directly
or indirectly interested in bidding on or purchasing the bonds if
approval is received from the Indiana utility regulatory commission
after a petition is filed by the board containing disclosure of the interest
that any of the directors have in the land involved and in the person
who is interested in bidding on or purchasing the bonds.
(c) The Indiana utility regulatory commission shall give approval if
the Indiana utility regulatory commission finds that:
(1) full disclosure has been made; and
(2) persons who are using or will be using the land will probably
receive the benefits from the proposed works of improvement at
a fair and reasonable cost comparable to the cost for benefits from
the improvements in similar locations and situations.
Profits or loss to the person bidding on the bonds may not be the
determining factor in approval.
[Pre-1995 Recodification Citation: 13-3-3-84(b).]

Legislative History

As added by P.L.1-1995, SEC.26.