Indiana § 36-7-29-13 Issuance of bonds

Indiana Statutes

§ 36-7-29-13 — Issuance of bonds

Indiana·Title 36 LOCAL GOVERNMENT·Art. 7 PLANNING AND DEVELOPMENT·Ch. 29 Local Environmental Response Financing

(a)Subject to section 15 of this chapter, the board may issue district bonds under this section for the payment of the cost of substance removal or remedial action at a qualified site.

(b)On adopting a resolution ordering the issuance of district bonds, the board shall certify a copy of the resolution and a copy of the approval to the treasurer of the district, who shall prepare the district bonds.

(c)The district bonds are special obligations of indebtedness of the district. The district bonds issued under this section, and interest on the district bonds, are payable solely out of a special tax levied on all of the property of the district or other funds that may, under this chapter, or under any other law, be used to pay debt service on bonds. The district bonds must recite the terms

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(a) Subject to section 15 of this chapter, the
board may issue district bonds under this section for the payment of the
cost of substance removal or remedial action at a qualified site.
(b) On adopting a resolution ordering the issuance of district bonds,
the board shall certify a copy of the resolution and a copy of the
approval to the treasurer of the district, who shall prepare the district
bonds.
(c) The district bonds are special obligations of indebtedness of the
district. The district bonds issued under this section, and interest on the
district bonds, are payable solely out of a special tax levied on all of the
property of the district or other funds that may, under this chapter, or
under any other law, be used to pay debt service on bonds. The district
bonds must recite the terms on the face of the district bonds together
with the purpose for which the district bonds are issued. For the
purpose of raising money to pay district bonds issued under this
section, the board shall levy each year a special tax on all of the
property in the district in the amount and the manner necessary to meet
and pay the principal of the district bonds as they severally mature,
together with all accruing interest on them. The tax is declared to
constitute the amount of benefits resulting to all of the property of the
district.
(d) All proceeds from the sale of district bonds shall be kept as a
separate and specific fund, to pay the cost of substance removal or
remedial action, and no part of the proceeds may be used for any other
purpose, except as provided in IC 5-1-13 and IC 5-1-14.
(e) The tax levied each year shall be certified to the treasurer of the
district and to the county auditor. The tax levied and certified shall be
estimated and entered upon the tax duplicate by the county auditor and
shall be collected and enforced. As the tax is collected by the county
treasurer, the tax shall be transferred to the treasurer of the district, kept
in a separate fund to be known as the district bond fund, and applied to
the payment of the principal of and interest on the district bonds as the
district bonds become due and to no other purpose, except as provided
in IC 5-1-13 and IC 5-1-14.
(f) The special tax described in this section may not be levied after
the last of the principal and interest on bonds issued under this chapter
have been completely paid.