Indiana § 20-48-4-2 Powers; township trustee; issuance of warrants or bonds

Indiana Statutes

§ 20-48-4-2 — Powers; township trustee; issuance of warrants or bonds

Indiana·Title 20 EDUCATION·Art. 48 BORROWING AND BONDS·Ch. 4 Township School Building

(a)The board may authorize the trustee to issue township warrants or bonds to pay for the building or the proportional cost of it. The warrants or bonds:

(1)may run for a period not exceeding fifteen (15) years;

(2)may bear interest at any rate; and

(3)shall be sold for not less than par. The township trustee, before issuing the warrants or bonds, shall place a notice in accordance with IC 5-3-1-4 in at least one (1) appropriate publication announcing the sale of the bonds in at least one (1) issue a week for three (3) weeks. The notice must comply with IC 5-3-1 and must set forth the amount of bonds offered, the denomination, the period to run, the rate of interest, and the date, place, and time of selling. The township board shall attend the bond sale and must concur in the sale befo

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(a) The board may authorize the trustee to issue
township warrants or bonds to pay for the building or the proportional
cost of it. The warrants or bonds:
(1) may run for a period not exceeding fifteen (15) years;
(2) may bear interest at any rate; and
(3) shall be sold for not less than par.
The township trustee, before issuing the warrants or bonds, shall place
a notice in accordance with IC 5-3-1-4 in at least one (1) appropriate
publication announcing the sale of the bonds in at least one (1) issue a
week for three (3) weeks. The notice must comply with IC 5-3-1 and
must set forth the amount of bonds offered, the denomination, the
period to run, the rate of interest, and the date, place, and time of
selling. The township board shall attend the bond sale and must concur
in the sale before the bonds are sold.
(b) The board shall annually levy sufficient taxes each year to pay
at least one-fifteenth (1/15) of the warrants or bonds, including interest,
and the trustee shall apply the annual tax to the payment of the warrants
or bonds each year.
(c) A debt of the township may not be created except by the
township board in the manner specified in this section. The board may
bring an action in the name of the state against the bond of a trustee to
recover for the use of the township funds expended in the unauthorized
payment of a debt. The board may appropriate and the township trustee
shall pay from township funds a reasonable sum for attorney's fees for
this purpose.
(d) If a taxpayer serves the board with a written demand that the
board bring an action as described in subsection (c), and after thirty
(30) days the board has not brought an action, a taxpayer may bring an
action to recover for the use of the township funds expended in the
unauthorized payment of a debt. An action brought under this
subsection shall be brought in the name of the state.
[Pre-2006 Recodification Citation: 21-2-3.1-2.]

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