§ 36-12-3-9 — Bonds; issuance; procedure; liability for indebtedness; tax exemption

Indiana § 36-12-3-9

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

Text

(a) A library board may, by resolution, issue
bonds for one (1) or more of the following purposes:
(1) The acquisition or improvement of library sites.
(2) The acquisition, construction, extension, alteration, or
improvement of structures and equipment necessary for the
proper operation of a library.
(3) To refund outstanding bonds and matured interest coupons
and to issue and sell refunding bonds for that purpose.
(b) The library board shall advertise and sell bonds in compliance
with IC 5-1-11 at any interest rate. The bonds are payable at the time
the board fixes in the authorizing resolution, but all bonds must be
payable within a period of not more than twenty (20) years from the
date the bonds are issued.
(c) Bonds issued under this section do not constitute a corporate
obligation or indebtedness of any other political subdivision. Bonds
issued under this section constitute an indebtedness of the library
district only. Bonds issued under this chapter, and the interest, are tax
exempt. The board shall apply the proceeds from the sale of bonds
only:
(1) for the purpose for which the bonds were issued; and
(2) to the extent necessary.
Any remaining balance shall be placed in a sinking fund for the
payment of the bonds and the interest on the bonds.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-3-7.]

Legislative History

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