(a)If the consolidated city desires to obtain
all or a part of the money necessary to pay the cost of any parking
facility or facilities by the issuance of revenue bonds, then bonds to
carry out the purposes of this chapter may be authorized by ordinance
of the legislative body. The ordinance must set out the amount, date,
denominations, terms, conditions, and form of the bonds and the
interest coupons, and any covenants relative to safeguarding the
interest of the bondholders. The ordinance must specify in detail the
revenues pledged to the payment of the interest on and the principal of
the bonds and may contain provisions for the issuance of additional
bonds of equal priority or junior and subordinate from time to time
under restrictions set forth in the ordinance.
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(a) If the consolidated city desires to obtain
all or a part of the money necessary to pay the cost of any parking
facility or facilities by the issuance of revenue bonds, then bonds to
carry out the purposes of this chapter may be authorized by ordinance
of the legislative body. The ordinance must set out the amount, date,
denominations, terms, conditions, and form of the bonds and the
interest coupons, and any covenants relative to safeguarding the
interest of the bondholders. The ordinance must specify in detail the
revenues pledged to the payment of the interest on and the principal of
the bonds and may contain provisions for the issuance of additional
bonds of equal priority or junior and subordinate from time to time
under restrictions set forth in the ordinance.
(b) Upon the sale and delivery of the bonds authorized, the
ordinance constitutes a contract between the city and the bondholders,
and may not be amended so as to affect adversely the rights of the
holders of the bonds.
(c) In case different parcels of land, buildings, or air rights are to be
acquired or more than one (1) parking facility is to be constructed or
more than one (1) contract for work is let by the board at approximately
the same time, whether under one (1) or more declaratory resolutions,
the ordinance may provide for the total cost of them by bonds of the
same series. If the cost of construction of more than one (1) parking
facility is financed from the same issue or series of bonds, all of the
parking facilities shall be considered as a single parking facility for the
purposes of this chapter with regard to the custody, application, and
accounting of funds and remedies upon default.
(d) The revenue bonds may bear interest at a rate not exceeding the
maximum rate fixed by the ordinance, payable semiannually, may be
payable in such amounts and at such times, not exceeding fifty (50)
years from the date of issuance, at such place or places, either within
or without Indiana, and may be redeemable before maturity on such
terms and conditions, all as determined by the board and provided in
the authorizing resolution.
(e) In case any of the officers whose signatures or countersignatures
appear on the bonds or the coupons cease to be officers before the
delivery of the bonds to the purchaser, the signatures or
countersignatures are nevertheless valid and sufficient for all purposes
as if the officers had remained in office until the delivery of the bonds.
(f) The authorizing ordinance may provide for the redemption of the
bonds on call, before maturity, on terms as set out in the ordinance and
the bonds, and may include such provisions and covenants relative to
the operation, protection, and insuring of the parking facility and the
safeguarding of funds and rights of the bondholders as the board
considers expedient.
(g) The bonds of the same series may be in one (1) or more issues
of the same or different priorities, as stated in the authorizing ordinance
and on the face of the bonds, and are payable from the net revenues
derived from the operation of the parking facility or facilities on
account of which the bonds of that series are issued, from net revenues
derived from other parking facilities, of the on-street parking meters or
parking mechanisms pledged as authorized in this chapter, or from the
proceeds derived from the disposition of the parking facility or
facilities. The bonds constitute a charge on these revenues, or a lien on
the property acquired from the proceeds of the bonds, or both, to the
extent and with such priority as may be provided in the authorizing
resolution and expressly stated in the bonds.
(h) All bonds issued under this chapter, in the hands of bona fide
holders, have all of the qualities of negotiable instruments under
negotiable instruments law. The bonds and the interest on them are
exempt from taxation as provided by IC 6-8-5.
(i) Unless registered, the bonds are payable to bearer, and the
interest payable shall be evidenced by attached coupons. The bonds
may be registerable as to principal only in the holder's name on the
records of the city kept by the city fiscal officer. This registration shall
be noted on the bond by the fiscal officer or other designated officer,
after which no transfer is valid unless made on the books of the city by
the registered holder and similarly noted on the bond. Any bond so
registered as to principal may be discharged from registration by being
transferred to bearer, after which it is transferable by delivery, but may
again be registered as to principal as before. The registration of bonds
as to principal does restrict the negotiability of the interest coupons by
delivery only.
(j) Notwithstanding any other law, the authorizing resolution or
ordinance may provide for a pledge of all or a certain designated part
of the gross or net revenues derived from:
(1) other parking facilities, on-street parking meters, and parking
mechanisms;
(2) parking and traffic violation fines and fees;
(3) lease rentals in connection with any parking facilities;
(4) private pledges and contributions; and
(5) any federal and state grants and distributions not dedicated or
restricted by law to other purposes, to the payment of principal of
and interest on revenue bonds issued or to be issued under this
chapter and the accumulation and maintenance of the reserve for
them, to the extent and in the manner provided in the resolution
or ordinance authorizing the issuance of the bonds.
If such a pledge is made, it is irrevocable so long as any of the bonds
on account of which the pledge is made are outstanding, and the pledge
takes precedence over any budget provision or appropriation payable
out of unobligated revenues so pledged where the provision or
appropriation is made after the authorization of the pledge by the
legislative body.
(k) So long as the net revenues derived from other parking facilities,
on-street parking meters, or parking mechanisms are not needed for the
payment of any pledge made under this section, the city may use and
expend those revenues as otherwise authorized by law. The city may
not make any covenant relative to the number or location of the parking
meters to be maintained by it in and along its public ways.
(l) Any bonds may be sold at public or private sale for such price or
prices, in such manner, and at such time or times as may be determined
by the board. The bonds must be executed in the name of the city, as
other bonds of the city are executed. Each bond must state on its face
that it does not constitute an obligation of the city in any respect, or
within the meaning and limitations of the constitution of Indiana, but
is payable solely from the revenue funds or property pledged to it. Each
bond must contain a reference to the authorizing resolution or
ordinance and the date of its adoption.
(m) An action to question the validity of any bonds issued under this
chapter, or to prevent their issuance, sale, or delivery, must be brought
within thirty (30) days following the adoption of the ordinance
approving the bonds. All such bonds after that time are incontestable,
except for fraud, forgery, or violation of constitutional provisions.
(n) Bonds may be issued under this chapter for the purpose of
providing money to pay the cost of completing, improving, or enlarging
any parking facility or facilities acquired under this chapter and also for
the purpose of funding judgments or refunding bonds previously issued
under this chapter.
(o) Preliminary expenses advanced by any person or governmental
agency may be reimbursed from the proceeds of the bonds. The
proceeds of the bonds of each issue after reimbursement shall be used
solely for the payment of the cost of the parking facility or facilities on
account of which the bonds were issued, including incidental expenses
and interest, and shall be disbursed in such manner and under such
restrictions, if any, as the board may provide in the resolution or the
legislative body may provide in the ordinance authorizing the issuance
of the bonds.
(p) If the proceeds of the bonds of any issue, by error of estimates
or otherwise, are less than the cost, additional bonds may in like
manner be issued to provide the amount of the deficit. Unless otherwise
provided in the resolution authorizing the issuance of the bonds, the
additional bonds shall be considered to be of the same issue and shall
be entitled to payment from the same fund without preference or
priority of the bonds first issued. If the proceeds of the bonds of any
issue exceed the cost of the parking facility or facilities on account of
which they have been issued, the surplus shall be deposited in the fund
or account from which the bonds are payable.
As added by Acts 1982, P.L.77, SEC.13.