§ 36-7-12-24 — Hearing on proposed financing of facilities; approval by commission

(a) The economic development commission
shall hold a public hearing, for itself and on behalf of the fiscal body of
the unit proposing to issue the bonds, on the proposed financing of the
economic development or pollution control facilities, after giving
notice by publication in accordance with IC 5-3-1 in the unit proposing
to issue the bonds and in the municipality, if any, where the facilities
are to be located. However, in the case of a program financing under
section 18.5 of this chapter that is funded with taxable bonds, the
public hearing requirement of this section need not be complied with
until the economic development or pollution control facilities to be
financed with program funds have been identified.
(b) Upon findings by the commission that:
(1) the proposed financing will be of benefit to the health or
general welfare of the unit proposing to issue the bonds, or the
unit where the facilities are to be located, or both; and
(2) the proposed financing complies with this chapter;
the commission shall, by resolution, approve the financing, including
the form and terms of the financing agreement, the bonds and the trust
indenture (if any). The secretary of the commission shall transmit the
resolution to the fiscal body of the unit proposing to issue the bonds.
[Pre-Local Government Recodification Citation:
18-6-4.5-17.]
As added by Acts 1981, P.L.309, SEC.31. Amended by Acts
1981, P.L.45, SEC.28; P.L.25-1987, SEC.51.