§ 36-7-30-24 — Activities financed by bonds, notes, or warrants

(a) In order to finance activities authorized
under this chapter, the reuse authority may apply for and accept
advances, short term and long term loans, grants, contributions, and
any other form of financial assistance from the federal government, or
from any of its agencies. The reuse authority may also enter into and
carry out contracts and agreements in connection with that financial
assistance upon the terms and conditions that the reuse authority
considers reasonable and appropriate, if those terms and conditions are
not inconsistent with the purposes of this chapter. The provisions of
such a contract or an agreement in regard to the handling, deposit, and
application of project funds, as well as all other provisions, are valid
and binding on the unit or its executive departments and officers, as
well as the reuse authority, notwithstanding any other provision of this
chapter.
(b) The reuse authority may issue and sell bonds, notes, or warrants
to the federal government to evidence short term or long term loans
made under this section, without notice of sale being given or a public
offering being made.
(c) Notwithstanding the provisions of this chapter or any other law,
the bonds, notes, or warrants issued by the reuse authority under this
section may:
(1) be in the amounts, form, or denomination;
(2) be either coupon or registered;
(3) carry conversion or other privileges;
(4) have a rank or priority;
(5) be of such description;
(6) be secured, subject to other provisions of this section, in such
manner;
(7) bear interest at a rate or rates;
(8) be payable as to both principal and interest in a medium of
payment, at time or times, which may be upon demand, and at a
place or places;
(9) be subject to terms of redemption, with or without premium;
(10) contain or be subject to any covenants, conditions, and
provisions; and
(11) have any other characteristics;
that the reuse authority considers reasonable and appropriate.
(d) Bonds, notes, or warrants issued under this section are not an
indebtedness of the unit or taxing district within the meaning of any
constitutional or statutory limitation of indebtedness. The bonds, notes,
or warrants are not payable from or secured by a levy of taxes, but are
payable only from and secured only by any combination of:
(1) income funds;
(2) properties of the project becoming available to the reuse
authority under this chapter; or
(3) any other legally available revenues of the reuse authority;
as the reuse authority specifies in the resolution authorizing their
issuance.
(e) Bonds, notes, or warrants issued under this section are exempt
from taxation for all purposes.
(f) Bonds, notes, or warrants issued under this section must be
executed by the appropriate officers of the unit and must be attested by
the appropriate officers of the unit.
(g) Following the adoption of the resolution authorizing the issuance
of bonds, notes, or warrants under this section, the reuse authority shall
certify a copy of that resolution to the officers of the unit who have
duties with respect to bonds, notes, or warrants of the unit. At the
proper time, the reuse authority shall deliver to the officers the
unexecuted bonds, notes, or warrants prepared for execution in
accordance with the resolution.
(h) All bonds, notes, or warrants issued under this section shall be
sold by the officers of the unit who have duties with respect to the sale
of bonds, notes, or warrants of the unit. If an officer whose signature
appears on any bonds, notes, or warrants issued under this section
leaves office before their delivery, the signature remains valid and
sufficient for all purposes as if the officer had remained in office until
the delivery.
(i) If at any time during the life of a loan contract or agreement
under this section the reuse authority can obtain loans for the purposes
of this section from sources other than the federal government at
interest rates not less favorable than provided in the loan contract or
agreement, and if the loan contract or agreement so permits, the reuse
authority may do so and may pledge the loan contract and any rights
under the contract as security for the repayment of the loans obtained
from other sources. A loan under this subsection may be evidenced by
bonds, notes, or warrants issued and secured in the same manner as
provided in this section for loans from the federal government. The
bonds, notes, or warrants may be sold at either public or private sale,
as the reuse authority considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a contract or
an agreement under this section to be used for project expenditure
purposes, repayment of survey and planning advances, or repayment of
temporary or definitive loans may be expended by the reuse authority
without regard to any law concerning the making and approval of
budgets, appropriations, and expenditures.
(k) Bonds, notes, or warrants issued under this section are declared
to be issued for an essential public and governmental purpose.

Legislative History

As added by P.L.26-1995, SEC.14. Amended by P.L.228-1997, SEC.3.