§ 36-7-18-30 — Bonds, notes, and warrants; authorization; liability; limitations upon payment; tax exemptions; legalization

Indiana § 36-7-18-30

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 18: Housing Authorities

Text

(a) A housing authority may issue bonds,
notes, or warrants to finance any of its corporate purposes. An authority
may also issue refunding bonds for the purpose of paying or retiring
bonds issued by it.
(b) A housing authority may determine the types of bonds, notes, or
warrants to be issued, including those on which the principal and
interest are payable:
(1) exclusively from the income and revenues of the housing
project financed with their proceeds;
(2) exclusively from the income and revenues of certain
designated housing projects, whether or not they were financed in
whole or in part with their proceeds; or
(3) except for a consolidated city, from its revenues generally.
The bonds, notes, or warrants may be additionally secured by a pledge
of any revenues or a mortgage of any project or other property of the
authority.
(c) Neither the commissioners of an authority nor any person
executing the bonds, notes, or warrants under this section are
personally liable on the bonds, notes, or warrants.
(d) The bonds, notes, or warrants of a housing authority are not a
debt of the state or any political subdivision and must state this fact on
their face. Neither the state nor any political subdivision is liable on
them. The bonds, notes, or warrants are not payable out of any funds or
properties other than those of the authority.
(e) Bonds, notes, or warrants issued under this chapter are not an
indebtedness within the meaning of any constitutional or statutory debt
limitation or restriction.
(f) The bonds, notes, or warrants of a housing authority and the
interest on them are exempt from all taxes.
(g) The bonds, notes, or warrants of a consolidated city:
(1) are payable only from revenues derived from the public
housing function;
(2) are payable only from a special fund continued or established
for that purpose; and
(3) are not a debt of the consolidated city and must state this fact
on their face.
The consolidated city is not liable on the bonds, notes, or warrants
other than out of the special fund.
(h) All bonds, notes, or warrants issued by a housing authority or a
consolidated city serving the public housing function before September
1, 1987, are legalized, ratified, and declared valid, and all proceedings
had and actions taken under which those bonds, notes, or warrants were
issued are fully legalized and declared valid. The assumption of any
obligations of a housing authority by a consolidated city is also
legalized and declared valid.
(i) Bonds, notes, or warrants payable by a consolidated city under
its assumption of the obligations of a housing authority under this
chapter are payable only out of the funds pledged to obligees and as
such are a limited obligation of the consolidated city in accordance
with subsections (c), (d), (e), and (g).
[Pre-Local Government Recodification Citation: 18-7-11-14
part.]
As added by Acts 1981, P.L.309, SEC.37. Amended by
P.L.344-1987, SEC.8.