Indiana § 16-23-1-24 Loans in anticipation of taxes

Indiana Statutes

§ 16-23-1-24 — Loans in anticipation of taxes

Indiana·Title 16 HEALTH·Art. 23 MUNICIPAL AND OTHER TYPES OF·Ch. 1 City Hospitals in Third Class Cities

(a)If the city fiscal body authorizes the borrowing by ordinance, the board of directors may borrow money by negotiating a temporary loan in anticipation of taxes already levied and in process of collection or distribution in the current year.

(b)The notes, warrants, or other evidences of indebtedness must:

(1)be executed by the city executive and attested by the clerk-treasurer; and

(2)be payable not later than the end of the calendar year in which the auditor of the county or the clerk-treasurer of the city will collect and distribute the taxes in anticipation of which the temporary loan is made and the money borrowed. [Pre-1993 Recodification Citation: 16-12.2-5-15.]

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(a) If the city fiscal body authorizes the
borrowing by ordinance, the board of directors may borrow money by
negotiating a temporary loan in anticipation of taxes already levied and
in process of collection or distribution in the current year.
(b) The notes, warrants, or other evidences of indebtedness must:
(1) be executed by the city executive and attested by the
clerk-treasurer; and
(2) be payable not later than the end of the calendar year in which
the auditor of the county or the clerk-treasurer of the city will
collect and distribute the taxes in anticipation of which the
temporary loan is made and the money borrowed.
[Pre-1993 Recodification Citation: 16-12.2-5-15.]

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