§ 36-2-6-19 — Bonds or tax anticipation warrants; sale; bidding; notice; disclosures

Indiana § 36-2-6-19

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 2: GOVERNMENT OF COUNTIES GENERALLY
• Ch. 6: Fiscal Administration

Text

(a) Whenever bonds authorized under section
18 of this chapter are to be sold, the county auditor shall prepare and
place on file copies of:
(1) the ordinance authorizing the sale;
(2) specifications describing the bonds to be sold;
(3) a list of the outstanding debts of the county;
(4) a statement of the assessed valuation of property in the county,
according to the most recent assessment for property tax
purposes; and
(5) any other information that may help bidders and other
interested persons to understand the financial condition of the
county and to determine the market value of the bonds.
The auditor shall present these items to persons requesting them and to
financial institutions that are in the market for the purchase of county
bonds.
(b) After filing the items required by subsection (a), the county
auditor must, in the manner prescribed by IC 5-3-1 and IC 5-1-11-2,
publish a notice calling for sealed bids on the bonds and stating:
(1) the amount and type of bonds to be sold;
(2) the rate of interest the bonds are to bear;
(3) the time the bonds are to run; and
(4) that specifications and information concerning the bonds are
on file in the office of the county auditor and available on request.
(c) Whenever tax anticipation warrants issued under section 18 of
this chapter are to be sold, the county auditor must publish a notice of
sale in accordance with IC 5-3-1. No other publication or statement is
necessary.
(d) The county auditor shall sell bonds or tax anticipation warrants
to the highest responsible bidder, if a satisfactory bid is received.
However, they may not be sold for less than their par value plus the
interest:
(1) accrued at the date of sale, in the case of bonds; or
(2) accrued at the date of delivery, in the case of tax anticipation
warrants.
(e) Notwithstanding subsection (d), if on the date of a sale of tax
anticipation warrants no bids at par value plus the interest accrued at
the date of delivery are received, the county auditor may:
(1) sell all or part of the warrants at a private sale or sales; or
(2) issue and deliver all or part of the warrants in payment of
claims against the county that have been approved by the county
executive;
at not less than par value plus the interest accrued at the date of
delivery.
(f) Whenever a loan authorized by the county fiscal body is to be
refunded by some manner other than the sale of bonds or tax
anticipation warrants, the county auditor must give notice, receive bids,
and let the loans in the manner prescribed by this section.
[Pre-Local Government Recodification Citations:
17-1-24-39 part; 17-3-79-1 part.]
As added by Acts 1980, P.L.212, SEC.1. Amended by Acts
1981, P.L.45, SEC.10.