§ 36-7-14.5-19 — Bonds; procedures; legislative body approval; use of revenue

Indiana § 36-7-14.5-19

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 14.5: Redevelopment Authority

Text

(a) Subject to the prior approval of the
legislative body of the unit under IC 36-7-14-25.1, the authority may
issue bonds for the purpose of obtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one (1)
or more local public improvements; or
(3) funding or refunding bonds issued under this chapter or IC 36-7-14.
(b) The bonds are payable solely from the lease rentals from the
lease of the local public improvement for which the bonds were issued,
insurance proceeds, and any other funds pledged or available.
(c) The bonds shall be authorized by a resolution of the board.
(d) The terms and form of the bonds shall either be set out in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds shall mature within fifty (50) years.
(f) The board shall sell the bonds at public or private sale upon such
terms as determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of the acquisition or
construction, or both, of local public improvements, or the cost of
refunding or refinancing outstanding bonds, for which the bonds are
issued. The cost may include:
(1) planning and development of the local public improvements
and all related buildings, facilities, structures, and improvements;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the local public improvements that
are necessary or desirable to make the local public improvements
suitable for use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafter
determined by the board, but in no event to exceed five (5) years;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums, if any, and interest on, the
bonds being refunded or refinanced.

Legislative History

As added by P.L.380-1987(ss), SEC.18. Amended by P.L.35-1990, SEC.61; P.L.149-2014, SEC.28.