§ 36-7-12-25 — Approval of proposed financing by unit; authorization bond issuance; approval of changes

Indiana § 36-7-12-25

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 12: Economic Development and Pollution Control

Text

(a) If the fiscal body of the unit proposing to
issue the bonds finds that the financing approved under section 24 of
this chapter will be of benefit to the health or general welfare of the
unit proposing to issue the bonds the unit where the facilities are to be
located, or both, and complies with this chapter, it may adopt an
ordinance approving the proposed financing in the form that the
financing was approved by the economic development commission or
as modified by the fiscal body in its discretion.
(b) The ordinance may also authorize the issuance of bonds payable
solely from revenues and receipts derived from the financing
agreement or from payments made under a guaranty agreement by
developers, users, or related persons. The bonds are not in any respect
a general obligation of the unit, nor are they payable in any manner
from revenues raised by taxation.
(c) The financing agreements, trust indentures (if any), and bonds
must be executed by the:
(1) executive; and
(2) clerk of the fiscal body;
of the unit approving the financing. These officials may by their
execution approve changes therein without further approval of the
fiscal body or the economic development commission of the unit if
such changes do not affect terms contained in the ordinance pursuant
to section 27(a)(1) through (a)(10) of this chapter and if the ordinance
authorizes these officials to approve such changes.
[Pre-Local Government Recodification Citation:
18-6-4.5-18.]
As added by Acts 1981, P.L.309, SEC.31. Amended by Acts
1982, P.L.28, SEC.5; P.L.25-1987, SEC.52.