§ 36-9-29.1-12 — Flood control district bonds

Indiana § 36-9-29.1-12

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 29.1: Flood Control District in Marion County

Text

(a) For the purpose of raising money to pay
for the property and the construction, and in anticipation of the special
tax to be levied as provided in section 14 of this chapter, the board may
cause to be issued, in the name of the consolidated city, the bonds of
the flood control district, not to exceed the amount of the estimated
total cost of all lands, rights-of-way, and other property so to be
acquired and the estimated cost of all work or construction as provided
for in the resolution, and including all expenses necessarily incurred in
connection with the proceedings, together with a sum sufficient to pay
the cost of supervision and inspection during the period of construction
of the work.
(b) The expenses to be covered in the amount of the bond issue must
include all expenses of every kind actually incurred preliminary to the
acquiring of the property and the construction of the work, such as the
cost of necessary records, engineering expenses, publication of notices,
salaries, and other expenses necessary to be incurred before and in
connection with the acquiring of the property, the amending of the
contract, and the sale of bonds.
(c) In case different parcels of land are to be acquired, or more than
one (1) contract for work is amended, at approximately the same time,
whether under one (1) or more resolutions, the board may provide for
the estimated total cost of these items in one (1) issue of bonds.
(d) The bonds shall be issued in accordance with IC 36-3-5-8.
(e) The bonds are negotiable instruments and bear interest payable
semiannually, on the first days of January and July of each year, with
the first interest to be payable on July 1 preceding the maturity of the
first series of the bonds.
(f) On adopting a resolution ordering the bonds, the board shall
certify a copy of it to the fiscal officer of the consolidated city, who
shall prepare the bonds. The bonds shall be executed by the city
executive and attested by the fiscal officer.
(g) The bonds are exempt from taxation as provided by IC 6-8-5.
(h) All bonds issued by the board shall be sold by the city fiscal
officer in accordance with IC 5-1-11.
(i) Bonds of the flood control district payable by special taxation
may not be issued when the total issue for that purpose, including the
bonds already issued and to be issued, exceeds two percent (2%) 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.
(j) The bonds are not, in any respect, a corporate obligation or
indebtedness of the consolidated city, but constitute an indebtedness of
the flood control district as a special taxing district, and the bonds and
interest on them are payable only out of a special tax levy upon all the
property of the district. The bonds must recite these terms upon their
face, together with the purpose for which they are issued.
(k) An action to question the validity of any bonds issued for the
flood control district or to prevent their issue must be brought before
the date set for the sale of the bonds, and all bonds, from and after that
date, are incontestable for any reason.
As added by Acts 1982, P.L.77, SEC.24. Amended by
P.L.27-1986, SEC.7; P.L.6-1997, SEC.228.