Indiana § 36-10-5-3 Municipalities except consolidated cities; recreational facilities and
programs; issuance of bonds or appropriations; revenue bonds

Indiana Statutes

§ 36-10-5-3 — Municipalities except consolidated cities; recreational facilities and programs; issuance of bonds or appropriations; revenue bonds

Indiana·Title 36 LOCAL GOVERNMENT·Art. 10 RECREATION, CULTURE, AND COMMUNITY·Ch. 5 Miscellaneous Municipal Park Provisions

(a)This section applies to all municipalities except consolidated cities.

(b)If a municipality decides to acquire, construct, develop, improve, and operate recreational facilities and programs for park purposes, it may issue the bonds of the municipality to pay the cost of acquisition, development, and improvement, subject to statutes concerning the issuance of bonds and the making of appropriations by municipalities.

(c)As an alternative method of financing the cost of acquisition, development, and improvement, the municipality may issue revenue bonds. The revenue bonds are not obligations of the municipality within the meaning of constitutional limitations, but are payable solely from the income and revenues of the recreational facilities and programs for park purposes for which they

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(a) This section applies to all municipalities
except consolidated cities.
(b) If a municipality decides to acquire, construct, develop, improve,
and operate recreational facilities and programs for park purposes, it
may issue the bonds of the municipality to pay the cost of acquisition,
development, and improvement, subject to statutes concerning the
issuance of bonds and the making of appropriations by municipalities.
(c) As an alternative method of financing the cost of acquisition,
development, and improvement, the municipality may issue revenue
bonds. The revenue bonds are not obligations of the municipality
within the meaning of constitutional limitations, but are payable solely
from the income and revenues of the recreational facilities and
programs for park purposes for which they are issued. If the proceeds
of the bonds are used to acquire land, the payment of the bonds may be
secured by a pledge of the land. Statutes concerning the issuance of
revenue bonds by municipalities to construct, acquire, extend, or
improve waterworks apply, as far as applicable, to revenue bonds
issued under this section regarding the authorization, issuance, sale,
character, and immunities of the bonds and the rights, privileges, and
powers of the bondholders. However, neither a petition nor an election
is required in these proceedings. If statutes authorizing the issuance of
waterworks revenue bonds contain different provisions regarding
procedure or the rights and remedies of bondholders, the ordinance
authorizing the issuance of revenue bonds under this section must set
out the particular procedure that the municipal legislative body has
adopted and the rights and remedies given to the bondholders.
[Pre-Local Government Recodification Citations: subsection
(a) New; subsection (b) formerly 19-7-20-1; 19-7-39-1; subsection
(c) formerly 19-7-20-2; 19-7-39-2.]
As added by Acts 1981, P.L.309, SEC.112. Amended by
P.L.157-1991, SEC.6.

Indiana § 36-10-5-3 (Municipalities except consolidated cities; recreational facilities and programs; issuance of bonds or appropriations; revenue bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.