§ 36-7-15.6-17 — Issuance of bonds

Indiana § 36-7-15.6-17

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.6: Flood Control Improvement Districts

Text

(a) The commission may issue bonds for
the purpose of construction, replacement, repair, maintenance, or
improvement of flood control works within a district established under
this chapter, including to reimburse a unit for expenditures made from
the unit's storm water fund prior to the bond issuance as set forth in
subsection (g)(11).
(b) The bonds are payable solely from:
(1) property tax proceeds allocated to the district's flood control
improvement fund under section 13 of this chapter;
(2) other funds available to the commission;
(3) a combination of the methods in subdivisions (1) through (2);
or
(4) to the extent that the revenues under subdivisions (1) through
(3) are insufficient to pay the debt service on the bonds, from any
other revenues available to the unit that established the
commission.
(c) The bonds shall be authorized by a resolution of the commission.
(d) The terms and form of the bonds shall be set out either in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds must mature within twenty-five (25) years.
(f) The commission shall sell the bonds at public or private sale
upon such terms as determined by the commission.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment or reimbursement of the cost of
providing flood control works within the flood control improvement
district for which the bonds were issued, or the cost of refunding or
refinancing outstanding bonds, for which the bonds are issued. The cost
may include:
(1) planning and development of flood control works 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 flood control works suitable
for use and operation;
(4) architectural, engineering, consultant, and attorney's 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 commission;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement;
(11) reimbursement to the unit that established the commission
for expenditures made from the unit's storm water fund for any or
all of the purposes in subdivisions (1) through (10) prior to the
bond issuance; and
(12) in the case of refunding or refinancing, payment of the
principal of, redemption premiums, if any, for, and interest on, the
bonds being refunded or refinanced.

Legislative History

As added by P.L.61-2018, SEC.1. Amended by P.L.10-2019, SEC.135.