§ 36-10-7.5-22 — District bonds for land acquisition or improvements

Indiana § 36-10-7.5-22

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 7.5: Township General Park and Recreation Law

Text

(a) To raise money to pay for land to be
acquired for any of the purposes named in this chapter or to pay for an
improvement authorized by this chapter, and in anticipation of the
special benefit tax to be levied as provided in this chapter, the
legislative body shall issue in the name of the township the bonds of
the district. The bonds may not exceed in amount the total cost of all
land to be acquired and all improvements described in the resolution,
including all expenses necessarily incurred in connection with the
proceedings, together with a sum sufficient to pay the costs of
supervision and inspection during the period of construction of a work.
The expenses to be covered in the bond issue include all expenses of
every kind actually incurred preliminary to acquiring the land and the
construction of the work, such as the cost of the necessary record,
engineering expenses, publication of notices, preparation of bonds, and
other necessary expenses. If more than one (1) resolution or proceeding
of the legislative body under this chapter is confirmed whereby
different parcels of land are to be acquired or more than one (1)
contract for work is let by the executive at approximately the same
time, the cost involved under all of the resolutions and proceedings
may be included in one (1) issue of bonds.
(b) The bonds may be issued in any denomination not less than one
thousand dollars ($1,000) each, in not less than five (5) nor more than
forty (40) annual series. The bonds are payable one (1) series each
year, beginning at a date after the receipt of taxes from a levy made for
that purpose. The bonds are negotiable. The bonds may bear interest at
any rate, payable semiannually. After adopting a resolution ordering
bonds, the legislative body shall certify a copy of the resolution to the
township's fiscal officer. The fiscal officer shall prepare the bonds, and
the executive shall execute the bonds, attested by the fiscal officer.
(c) The bonds and the interest on the bonds are exempt from
taxation as prescribed by IC 6-8-5-1. Bonds issued under this section
are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to:
(1) the filing of a petition requesting the issuance of bonds;
(2) the right of:
(A) taxpayers and voters to remonstrate against the issuance of
bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
(3) the appropriation of the proceeds of the bonds with the
approval of the department of local government finance; and
(4) the sale of bonds at public sale for not less than the par value
of the bonds.
(d) The legislative body may not have bonds of the district issued
under this section that are payable by special taxation when the total
issue for that purpose, including the bonds already issued or to be
issued, exceeds two percent (2%) of the total adjusted value of the
taxable property in the district as determined under IC 36-1-15. All
bonds or obligations issued in violation of this subsection are void. The
bonds are not obligations or indebtedness of the township but constitute
an indebtedness of the district as a special taxing district. The bonds
and interest are payable only out of a special tax levied upon all the
property of the district as prescribed by this chapter. A bond must
recite the terms upon the face of the bond, together with the purposes
for which the bond is issued.

Legislative History

As added by P.L.157-1991, SEC.15. Amended by P.L.6-1997, SEC.238; P.L.90-2002, SEC.519; P.L.219-2007, SEC.145; P.L.146-2008, SEC.795.