§ 36-7-30.5-29 — Activities financed by bonds, notes, or warrants

Indiana § 36-7-30.5-29

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

Text

(a) To finance activities authorized under
this chapter, the development 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 development authority may also enter into
and carry out contracts and agreements in connection with that
financial assistance upon the terms and conditions that the
development authority considers reasonable and appropriate, if those
terms and conditions are not inconsistent with the purposes of this
chapter. The provisions of 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 development authority,
notwithstanding any other provision of this chapter.
(b) The development 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 development 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 development authority considers reasonable and appropriate.
(d) Bonds, notes, or warrants issued under this section are not an
indebtedness of a 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;
(2) funds;
(3) properties of the project becoming available to the
development authority under this chapter; or
(4) any other legally available revenues of the development
authority;
as the development 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 a development authority and
must be attested by the appropriate officers of a development authority.
(g) Following the adoption of the resolution authorizing the issuance
of bonds, notes, or warrants under this section, the development
authority shall certify a copy of that resolution to the officers who have
duties with respect to bonds, notes, or warrants of the development
authority. At the proper time, the development 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 a development authority who have duties with
respect to the sale of bonds, notes, or warrants of the development
authority. 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 development authority may 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 allows, the
development 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 development 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 development
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.203-2005, SEC.11.