§ 36-7-30-18 — Issuance of bonds

Indiana § 36-7-30-18

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 30: Reuse of Federal Military Bases

Text

(a) In addition to other methods of raising
money for property acquisition, redevelopment, or economic
development activities in or directly serving or benefiting a military
base reuse area, and in anticipation of the taxes allocated under section
25 of this chapter, other revenues of the district, or any combination of
these sources, the reuse authority may by resolution issue the bonds of
the special taxing district in the name of the unit.
(b) The reuse authority shall certify a copy of the resolution
authorizing the bonds to the municipal or county fiscal officer, who
shall then prepare the bonds. The seal of the unit must be impressed on
the bonds or a facsimile of the seal must be printed on the bonds.
(c) The bonds must be executed by the appropriate officer of the
unit, and attested by the unit's fiscal officer.
(d) The bonds are exempt from taxation for all purposes.
(e) Bonds issued under this section may be sold at public sale in
accordance with IC 5-1-11 or at a negotiated sale.
(f) The bonds are not a corporate obligation of the unit but are an
indebtedness of the taxing district. The bonds and interest are payable,
as set forth in the bond resolution of the reuse authority, from any of
the following:
(1) The tax proceeds allocated under section 25 of this chapter.
(2) Other revenues available to the reuse authority.
(3) A combination of the methods stated in subdivisions (1)
through (2).
If the bonds are payable solely from the tax proceeds allocated under
section 25 of this chapter, other revenues of the reuse authority, or any
combination of these sources, the bonds may be issued in any amount
without limitation.
(g) Proceeds from the sale of bonds may be used to pay the cost of
interest on the bonds for a period not to exceed five (5) years after the
date of issuance.
(h) All laws relating to the filing of petitions requesting the issuance
of bonds and the right of taxpayers and voters to remonstrate against
the issuance of bonds do not apply to bonds issued under this chapter.
(i) If a debt service reserve is created from the proceeds of bonds,
the debt service reserve may be used to pay principal and interest on
the bonds as provided in the bond resolution.
(j) If bonds are issued under this chapter that are payable solely or
in part from revenues of the reuse authority, the reuse authority may
adopt a resolution or trust indenture or enter into covenants as is
customary in the issuance of revenue bonds. The resolution or trust
indenture may pledge or assign revenues of the reuse authority and
properties becoming available to the reuse authority under this chapter.
The resolution or trust indenture may also contain provisions for
protecting and enforcing the rights and remedies of the bond owners as
may be reasonable and proper and not in violation of law, including a
covenant setting forth the duties of the reuse authority. The reuse
authority may establish fees and charges for the use of any project and
covenant with the owners of any bonds to set the fees and charges at a
rate sufficient to protect the interest of the owners of the bonds.
Revenue bonds issued by the reuse authority that are payable solely
from revenues of the reuse authority shall contain a statement to that
effect in the form of the bond.

Legislative History

As added by P.L.26-1995, SEC.14. Amended by P.L.228-1997, SEC.2; P.L.219-2007, SEC.134.