Indiana § 36-3-4-22 City-county legislative body; temporary or short-term loans in
anticipation of current revenues; procedures

Indiana Statutes

§ 36-3-4-22 — City-county legislative body; temporary or short-term loans in anticipation of current revenues; procedures

Indiana·Title 36 LOCAL GOVERNMENT·Art. 3 GOVERNMENT OF INDIANAPOLIS AND·Ch. 4 Legislative Bodies

(a)The city-county legislative body may, by ordinance, make temporary loans in anticipation of current revenues of the consolidated city that have been levied and are being collected for the fiscal year in which the loans are made. Loans under this subsection shall be made in the same manner as loans under section 21 of this chapter, except that:

(1)the ordinance authorizing the loans must appropriate and pledge to their payment a sufficient amount of the revenues in anticipation of which they are issued and out of which they are payable; and

(2)the loans must be evidenced by time warrants of the city in terms designating the nature of the consideration, the time and place payable, and the revenues in anticipation of which they are issued and out of which they are payable.

(b)The city-

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(a) The city-county legislative body may, by
ordinance, make temporary loans in anticipation of current revenues of
the consolidated city that have been levied and are being collected for
the fiscal year in which the loans are made. Loans under this subsection
shall be made in the same manner as loans under section 21 of this
chapter, except that:
(1) the ordinance authorizing the loans must appropriate and
pledge to their payment a sufficient amount of the revenues in
anticipation of which they are issued and out of which they are
payable; and
(2) the loans must be evidenced by time warrants of the city in
terms designating the nature of the consideration, the time and
place payable, and the revenues in anticipation of which they are
issued and out of which they are payable.
(b) The city-county legislative body may, by ordinance, make loans
of money for not more than five (5) years and issue notes for the
purpose of refunding those loans. The loans may be made only for the
purpose of procuring money to be used in the exercise of the powers of
the consolidated city, and the total amount of outstanding loans under
this subsection may not exceed five percent (5%) of the consolidated
city's total tax levy in the current year (excluding amounts levied to pay
debt service and lease rentals). Loans under this subsection shall be
made in the same manner as loans made under section 21 of this
chapter, except that:
(1) the ordinance authorizing the loans must pledge to their
payment a sufficient amount of tax revenues over the ensuing five
(5) years to provide for refunding the loans; and
(2) the loans must be evidenced by notes of the consolidated city
in terms designating the nature of the consideration, the time and
place payable, and the revenues out of which they will be payable.
Notes issued under this subsection are not bonded indebtedness for
purposes of IC 6-1.1-18.5.
[Pre-Local Government Recodification Citation: 18-1-4-3
part.]
As added by Acts 1980, P.L.212, SEC.2. Amended by
P.L.37-1988, SEC.22; P.L.2-1989, SEC.24.

Indiana § 36-3-4-22 (City-county legislative body; temporary or short-term loans in anticipation of current revenues; procedures) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.