§ 36-10-9-21 — Borrowing in anticipation of funds

Indiana § 36-10-9-21

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 9: Marion County Capital Improvement Board

Text

(a) In anticipation of funds to be received
from any source, the board may borrow money and issue notes for a
term not exceeding ten (10) years and at a rate or rates of interest
determined by the board. The notes shall be issued in the name of the
"capital improvement board of managers of __________ county" and
may be secured (either on a parity with or junior and subordinate to any
outstanding bonds or notes) by:
(1) the pledge of income and revenues of any capital
improvement;
(2) the proceeds of excise taxes; or
(3) any other funds anticipated to be received.
The notes are payable solely from the income, excise taxes, revenues,
and anticipated funds.
(b) The financing may be negotiated directly by the board with any
bank, insurance company, savings association, or other financial
institution licensed to do business in Indiana upon the terms and
conditions that are agreed upon, except as specifically provided in this
section, and may be consummated without public offering. The notes
plus interest are exempt from taxation in Indiana as provided for bonds
in IC 6-8-5.
As added by Acts 1982, P.L.77, SEC.28. Amended by
P.L.79-1998, SEC.111.