§ 36-7-30.5-23 — Issuance of bonds

Indiana § 36-7-30.5-23

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 30.5: Development of Multicounty Federal Military Bases

Text

(a) In addition to other methods of raising
money for property acquisition, redevelopment, reuse, or economic
development activities in or directly serving or benefitting a military
base development area, and in anticipation of the taxes allocated under
section 30 of this chapter, other revenues of the district, or any
combination of these sources, the development authority may by
resolution issue the bonds of the development authority.
(b) The secretary-treasurer of the development authority shall
prepare the bonds. The seal of the development authority 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 president of the development
authority and attested by the secretary-treasurer.
(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 a unit but are an
indebtedness of only the development authority. The bonds and interest
are payable, as set forth in the bond resolution of the development
authority, from any of the following:
(1) The tax proceeds allocated under section 30 of this chapter.
(2) Other revenues available to the development authority.
(3) A combination of the methods stated in subdivisions (1)
through (2).
The bonds issued under this section 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 development authority, the development
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
development authority and properties becoming available to the
development 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 development authority. The development 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 development authority that are payable solely from
revenues of the development authority shall contain a statement to that
effect in the form of the bond.

Legislative History

As added by P.L.203-2005, SEC.11. Amended by P.L.219-2007, SEC.137.