§ 36-10-8-16 — General obligation bonds; authority to issue; procedure

Indiana § 36-10-8-16

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 8: Capital Improvement Boards in Certain Counties

Text

(a) A capital improvement may be financed
in whole or in part by the issuance of general obligation bonds of the
county or, if the board was created under IC 18-7-18 (before its repeal
on February 24, 1982), also of the city, if the board determines that the
estimated annual net income of the capital improvement, plus the
estimated annual tax revenues to be derived from any tax revenues
made available for this purpose, will not be sufficient to satisfy and pay
the principal of and interest on all bonds issued under this chapter,
including the bonds then proposed to be issued.
(b) If the board desires to finance a capital improvement in whole
or in part as provided in this section, it shall have prepared a resolution
to be adopted by the county executive authorizing the issuance of
general obligation bonds, or, if the board was created under IC 18-7-18
(before its repeal on February 24, 1982), by the fiscal body of the city
authorizing the issuance of general obligation bonds. The resolution
must set forth an itemization of the funds and assets received by the
board, together with the board's valuation and certification of the cost.
The resolution must state the date or dates on which the principal of the
bonds is payable, the maximum interest rate to be paid, and the other
terms upon which the bonds shall be issued. The board shall submit the
proposed resolution to the proper officers, together with a certificate to
the effect that the issuance of bonds in accordance with the resolution
will be in compliance with this section. The certificate must also state
the estimated annual net income of the capital improvement to be
financed by the bonds, the estimated annual tax revenues, and the
maximum amount payable in any year as principal and interest on the
bonds issued under this chapter, including the bonds proposed to be
issued, at the maximum interest rate set forth in the resolution. The
bonds issued may mature over a period not exceeding forty (40) years
from the date of issue.
(c) Upon receipt of the resolution and certificate, the proper officers
may adopt them and take all action necessary to issue the bonds in
accordance with the resolution. An action to contest the validity of
bonds issued under this section and sold at a public sale may not be
brought after the fifteenth day following the receipt of bids for the
bonds.
(d) The provisions of all general statutes relating to:
(1) the filing of a petition requesting the issuance of bonds and
giving notice;
(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 giving of notice of the determination to issue bonds;
(4) the giving of notice of a hearing on the appropriation of the
proceeds of bonds;
(5) the right of taxpayers to appear and be heard on the proposed
appropriation;
(6) the approval of the appropriation by the department of local
government finance; and
(7) the sale of bonds at a public sale or at a negotiated sale;
apply to the issuance of bonds under this section.
As added by Acts 1982, P.L.218, SEC.3. Amended by
P.L.3-1990, SEC.148; P.L.90-2002, SEC.520; P.L.219-2007, SEC.146;
P.L.146-2008, SEC.796; P.L.176-2009, SEC.29; P.L.125-2018,
SEC.10; P.L.38-2021, SEC.105; P.L.236-2023, SEC.213;
P.L.230-2025, SEC.149.