§ 36-12-3-10 — Finances; powers

Indiana § 36-12-3-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 12: LIBRARIES
• Ch. 3: Powers and Duties of Class 1 Public Libraries

Text

The library board may do the following:
(1) Adopt a resolution to make loans or issue notes to refund the
loans in anticipation of revenues of the library that are expected
to be levied and collected during the term of the loans. The term
of a loan made under this subdivision may not be more than five
(5) years. Loans under this subdivision must be made in the
following manner:
(A) The resolution authorizing the loans must appropriate and
pledge to payment of the loans a sufficient amount of the
revenues in anticipation of which the loans are issued and out
of which the loans are payable.
(B) The loans must be evidenced by warrants or tax anticipation
notes of the library in terms designating:
(i) the nature of the consideration;
(ii) the time and place payable; and
(iii) the revenues in anticipation of which the loans are issued
and out of which the loans are payable.
(2) Borrow money from other persons.
(3) Issue, negotiate, and sell negotiable notes and bonds of the
public library.
(4) Levy, assess, and collect, at the same time and in the same
manner as other taxes of the public library are levied, assessed,
and collected, a special tax in addition to the tax authorized by
section 12 of this chapter, sufficient to pay all yearly interest on
the bonded and note indebtedness of the public library.
(5) Provide a sinking fund for the liquidation of the principal of
the bond when the principal of the bond becomes due.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-3-8.]

Legislative History

As added by P.L.1-2005, SEC.49.