§ 36-7-29-15 — Amount of bonds

(a) Except as provided in subsection (b) or
(c), the amount of the district bonds issued under this chapter may not
exceed the total amount that the board determines is reasonably
necessary to be incurred in connection with the substance removal or
remedial action. The board shall base a determination under this
subsection on the best estimates available before the district bonds are
issued.
(b) This subsection applies to a district located in a city described
in section 1(1) of this chapter. Notwithstanding any other law, the total
amount of the district bonds issued under this chapter, including
district bonds already issued and outstanding under this chapter, may
not exceed four percent (4%) of the total adjusted value of taxable
property in the district as determined under IC 36-1-15 of the district
after deducting all mortgage exemptions in the district.
(c) This subsection applies to a district located in a county described
in section 1(2) of this chapter. Notwithstanding any other law, the total
amount of the district bonds issued under this chapter, including
district bonds already issued and outstanding under this chapter, may
not exceed two percent (2%) of the total adjusted value of taxable
property in the district as determined under IC 36-1-15.

Legislative History

As added by P.L.44-1994, SEC.11. Amended by P.L.6-1997, SEC.212.