§ 36-7-15.1-24 — Financial assistance; federal aid; issuance of bonds, notes, and warrants; approval by legislative body

Indiana § 36-7-15.1-24

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.1: Redevelopment of Areas in Marion County Needing

Text

(a) Subject to the approval of the
legislative body of the consolidated city, and in order to:
(1) undertake survey and planning activities under this chapter;
(2) undertake and carry out any redevelopment project, urban
renewal project, economic development plan, or housing
program;
(3) pay principal and interest on any advances;
(4) pay or retire any bonds and interest on them; or
(5) refund loans previously made under this section;
the commission may apply for and accept advances, short term and
long term loans, grants, contributions, loan guarantees, and any other
form of financial assistance from the federal government, or from any
of its agencies. The commission may apply for and accept loans under
this section from sources other than the federal government or federal
agencies but only if the loans are unconditionally guaranteed by the
federal government or federal agencies. The commission may also
enter into and carry out contracts and agreements in connection with
that financial assistance upon the terms and conditions that the
commission considers reasonable and appropriate, as long as those
terms and conditions are not inconsistent with the purposes of this
chapter. The provisions of such a contract or agreement in regard to the
handling, deposit, and application of project funds, as well as all other
provisions, are valid and binding on the consolidated city or its
executive departments and officers, as well as the commission,
notwithstanding any other provision of this chapter.
(b) Subject to the approval of the fiscal body of the consolidated
city, the commission may issue and sell bonds, notes, or warrants:
(1) to the federal government to evidence short term or long term
loans made under this section; or
(2) to persons or entities other than the federal government to
evidence short or long term loans made under this section that are
unconditionally guaranteed by the federal government or federal
agencies;
without notice of sale being given or a public offering being made.
(c) Notwithstanding any other law, bonds, notes, or warrants issued
by the commission under this section may:
(1) be in the amounts, form, or denomination;
(2) be either coupon or registered;
(3) carry conversion or other privileges;
(4) have a rank or priority;
(5) be of such description;
(6) be secured (subject to other provisions of this section) in such
manner;
(7) bear interest at a rate or rates;
(8) be payable as to both principal and interest in a medium of
payment, at a time or times (which may be upon demand) and at
a place or places;
(9) be subject to terms of redemption (with or without premium);
(10) contain or be subject to any covenants, conditions, and
provisions; and
(11) have any other characteristics;
that the commission considers reasonable and appropriate.
(d) Bonds, notes, or warrants issued under this section are not an
indebtedness of the city or redevelopment district within the meaning
of any constitutional or statutory limitation of indebtedness. The bonds,
notes, or warrants are not payable from or secured by a levy of taxes,
but are payable only from and secured only by income, funds, and
properties of the project becoming available to the commission under
this chapter or by grant funds from the federal government, as the
commission specifies in the resolution authorizing their issuance.
(e) Bonds, notes, or warrants issued under this section are exempt
from taxation as provided by IC 6-8-5.
(f) Bonds, notes, or warrants issued under this section shall be
executed by the city executive and attested by the fiscal officer in the
name of the "City of ____________________, Department of
Metropolitan Development".
(g) Following the adoption of the resolution authorizing the issuance
of bonds, notes, or warrants under this section, the commission shall
certify a copy of that resolution to the officers of the city who have
duties with respect to bonds, notes, or warrants of the city. At the
proper time, the commission shall deliver to the officers the unexecuted
bonds, notes, or warrants prepared for execution in accordance with the
resolution.
(h) All bonds, notes, or warrants issued under this section shall be
sold by the officers of the city who have duties with respect to the sale
of bonds, notes, or warrants of the city. If an officer whose signature
appears on any bonds, notes, or warrants issued under this section
leaves office before their delivery, the signature remains valid and
sufficient for all purposes as if the officer had remained in office until
the delivery.
(i) If at any time during the life of a loan contract or agreement
under this section the commission can obtain loans for the purposes of
this section from sources other than the federal government at interest
rates not less favorable than provided in the loan contract or agreement,
and if the loan contract or agreement so permits, the commission may
do so and may pledge the loan contract and any rights under that
contract as security for the repayment of the loans obtained from other
sources. Any loan under this subsection may be evidenced by bonds,
notes, or warrants issued and secured in the same manner as provided
in this section for loans from the federal government. These bonds,
notes, or warrants may be sold at either public or private sale, as the
commission considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a contract or
agreement under this section to be used for project expenditure
purposes, repayment of survey and planning advances, or repayment of
temporary or definitive loans, may be expended by the commission
without regard to any law pertaining to the making and approval of
budgets, appropriations, and expenditures.
(k) Bonds, notes, or warrants issued under this section are declared
to be issued for an essential public and governmental purpose.
As added by Acts 1982, P.L.77, SEC.8. Amended by
P.L.2-1989, SEC.36; P.L.146-2008, SEC.754; P.L.127-2017,
SEC.206.