Indiana § 36-8-15-16 Bonds; limitation on total issue; nature of bonds

Indiana Statutes

§ 36-8-15-16 — Bonds; limitation on total issue; nature of bonds

Indiana·Title 36 LOCAL GOVERNMENT·Art. 8 PUBLIC SAFETY·Ch. 15 Public Safety Communications Systems and Computer

(a)The total issue of bonds under section 15 of this chapter, for purposes of the district, including bonds already issued or to be issued, may not exceed one percent (1%) of the adjusted value of the taxable property within the district, as determined under IC 36-1-15. All bonds or obligations issued in violation of this subsection are void.

(b)Bonds issued under section 15 of this chapter are not, in any respect, corporate obligations or indebtedness of the consolidated city but constitute an indebtedness of the district. The bonds and interest on them are payable only out of revenues of the district. Bonds must recite these terms upon their face.

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(a) The total issue of bonds under section 15
of this chapter, for purposes of the district, including bonds already
issued or to be issued, may not exceed one percent (1%) of the adjusted
value of the taxable property within the district, as determined under
IC 36-1-15. All bonds or obligations issued in violation of this
subsection are void.
(b) Bonds issued under section 15 of this chapter are not, in any
respect, corporate obligations or indebtedness of the consolidated city
but constitute an indebtedness of the district. The bonds and interest on
them are payable only out of revenues of the district. Bonds must recite
these terms upon their face.

Indiana § 36-8-15-16 (Bonds; limitation on total issue; nature of bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.