(a)In addition to other methods of raising
money for property acquisition or redevelopment in a redevelopment
project area, and in anticipation of the special tax to be levied under
section 19 of this chapter, the taxes allocated under section 26 of this
chapter, or other revenues of the redevelopment district, the
commission may, by resolution, issue the bonds of the redevelopment
district in the name of the consolidated city and in accordance with IC 36-3-5-8. The amount of the bonds may not exceed the total, as
estimated by the commission, of all expenses reasonably incurred in
connection with the acquisition and redevelopment of the property,
including:
(1)the total cost of all land, rights-of-way, and other property to
be acquired and redeveloped;
(2)all reasonable and necessary ar
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(a) In addition to other methods of raising
money for property acquisition or redevelopment in a redevelopment
project area, and in anticipation of the special tax to be levied under
section 19 of this chapter, the taxes allocated under section 26 of this
chapter, or other revenues of the redevelopment district, the
commission may, by resolution, issue the bonds of the redevelopment
district in the name of the consolidated city and in accordance with IC 36-3-5-8. The amount of the bonds may not exceed the total, as
estimated by the commission, of all expenses reasonably incurred in
connection with the acquisition and redevelopment of the property,
including:
(1) the total cost of all land, rights-of-way, and other property to
be acquired and redeveloped;
(2) all reasonable and necessary architectural, engineering, legal,
financing, accounting, advertising, bond discount, and
supervisory expenses related to the acquisition and redevelopment
of the property or the issuance of bonds;
(3) capitalized interest permitted in this chapter and a debt service
reserve for the bonds, to the extent that the redevelopment
commission determines that a reserve is reasonably required;
(4) the total cost of all clearing and construction work provided
for in the resolution; and
(5) expenses that the commission is required or permitted to pay
under IC 8-23-17.
(b) If the commission plans to acquire different parcels of land or let
different contracts for redevelopment work at approximately the same
time, whether under one (1) or more resolutions, the commission may
provide for the total cost in one (1) issue of bonds.
(c) The bonds must be dated as set forth in the bond resolution and
negotiable subject to the requirements of the bond resolution for the
registration of the bonds. The resolution authorizing the bonds must
state:
(1) the denominations of the bonds;
(2) the place or places at which the bonds are payable; and
(3) the term of the bonds, which may not exceed:
(A) fifty (50) years, for bonds issued before July 1, 2008; or
(B) twenty-five (25) years, for bonds issued after June 30, 2008.
The resolution may also state that the bonds are redeemable before
maturity with or without a premium, as determined by the commission.
(d) The commission shall certify a copy of the resolution authorizing
the bonds to the fiscal officer of the consolidated city, who shall then
prepare the bonds. The seal of the unit must be impressed on the bonds,
or a facsimile of the seal must be printed on the bonds.
(e) The bonds shall be executed by the city executive and attested
by the fiscal officer. The interest coupons, if any, shall be executed by
the facsimile signature of the fiscal officer.
(f) The bonds are exempt from taxation as provided by IC 6-8-5.
(g) The city fiscal officer shall sell the bonds according to law.
Notwithstanding IC 36-3-5-8, bonds payable solely or in part from tax
proceeds allocated under section 26(b)(3) of this chapter or other
revenues of the district may be sold at private negotiated sale and at a
price or prices not less than ninety-seven percent (97%) of the par
value.
(h) The bonds are not a corporate obligation of the city but are an
indebtedness of the redevelopment district. The bonds and interest are
payable:
(1) from a special tax levied upon all of the property in the
redevelopment district, as provided by section 19 of this chapter;
(2) from the tax proceeds allocated under section 26(b)(3) of this
chapter;
(3) from other revenues available to the commission; or
(4) from a combination of the methods stated in subdivisions (1)
through (3);
and from any revenues of the designated project. If the bonds are
payable solely from the tax proceeds allocated under section 26(b)(3)
of this chapter, other revenues of the redevelopment commission, or
any combination of these sources, they may be issued in any amount
without limitation.
(i) Proceeds from the sale of the bonds may be used to pay the cost
of interest on the bonds for a period not to exceed five (5) years from
the date of issue.
(j) Notwithstanding IC 36-3-5-8, the laws relating to the filing of
petitions requesting the issuance of bonds and the right of taxpayers
and voters to remonstrate against, or vote on, the issuance of bonds
applicable to bonds issued under this chapter do not apply to bonds
payable solely or in part from tax proceeds allocated under section
26(b)(3) of this chapter, other revenues of the commission, or any
combination of these sources.
(k) If bonds are issued under this chapter that are payable solely or
in part from revenues to the commission from a project or projects, the
commission may adopt a resolution or trust indenture or enter into
covenants as is customary in the issuance of revenue bonds. The
resolution or trust indenture may pledge or assign the revenues from
the project or projects, but may not convey or mortgage any project or
parts of a project. The resolution or trust indenture may also contain
any provisions for protecting and enforcing the rights and remedies of
the bond owners as may be reasonable and proper and not in violation
of law, including covenants setting forth the duties of the commission.
The commission may establish fees and charges for the use of any
project and covenant with the owners of any bonds to set those fees and
charges at a rate sufficient to protect the interest of the owners of the
bonds. Any revenue bonds issued by the commission that are payable
solely from revenues of the commission must contain a statement to
that effect in the form of bond.
As added by Acts 1982, P.L.77, SEC.8. Amended by
P.L.72-1983, SEC.6; P.L.84-1987, SEC.8; P.L.2-1989, SEC.33;
P.L.18-1990, SEC.293; P.L.14-1991, SEC.20; P.L.185-2005, SEC.34;
P.L.219-2007, SEC.128; P.L.146-2008, SEC.751; P.L.203-2011,
SEC.12.