§ 36-7-12-30 — Refunding bonds

(a) If the fiscal body of the unit finds that a
refunding of outstanding bonds issued under this chapter would be of
benefit to the health and general welfare of the unit and would comply
with this chapter, it may authorize the issuance of bonds in accordance
with IC 5-1-5 to refund those outstanding bonds. A savings to the
issuing body as provided in IC 5-1-5-2 is not required for the issuance
of the refunding bonds, or the issuance of bonds to refund refunding
bonds.
(b) Refunding bonds issued under this section are payable solely
from revenues and receipts derived from:
(1) financing agreements with the users or developers of the
facilities originally financed by the outstanding bonds, or related
persons; or
(2) from payments made under guaranty agreements by
developers, users, or related persons.
The financing agreements or guaranties may be new financing
agreements or guaranties or amendments of the original financing
agreements or guaranties.
(c) Refunding bonds issued under this section are not in any respect
a general obligation of the unit, nor are they payable in any manner
from revenues raised by taxation.
(d) Sections 18(b), 23, and 24 of this chapter do not apply to the
issuance of refunding bonds under this section.
[Pre-Local Government Recodification Citation:
18-6-4.5-30.]
As added by Acts 1981, P.L.309, SEC.31. Amended by Acts
1982, P.L.28, SEC.10; P.L.25-1987, SEC.56.