§ 36-9-25-39 — Certain departments; temporary loans in anticipation of funds

Indiana § 36-9-25-39

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 25: Sanitation Department in Certain Cities

Text

(a) This section applies only to departments
in a county having a population of:
(1) more than four hundred thousand (400,000) and less than
seven hundred thousand (700,000); or
(2) more than two hundred fifty thousand (250,000) and less than
three hundred thousand (300,000).
(b) The board may secure temporary loans in anticipation of
revenues of the district actually levied and in the course of collection
for the fiscal year in which loans are made. The loans must be
authorized by a resolution of the board, and the securities evidencing
them shall be issued and sold in the same manner as tax anticipation
warrants by second class cities in anticipation of property tax revenues
as provided in IC 36-4-6-20. The temporary loans shall be evidenced
by time warrants of the district in terms designating the nature of the
consideration, the time or times payable, the funds and revenues in
anticipation of which the warrants are issued and out of which they are
payable, and the place where they are payable upon presentation on or
after the date of maturity. The interest accruing on the warrants to date
of maturity shall be included in their face value. The resolution
authorizing the issue of the temporary loans must appropriate and
pledge a sufficient amount of the current revenues in anticipation of
which the warrants are issued for their payment.
[Pre-Local Government Recodification Citation:
19-2-26-3.]
As added by Acts 1981, P.L.309, SEC.98. Amended by
P.L.12-1992, SEC.185; P.L.119-2012, SEC.233; P.L.104-2022,
SEC.215.