§ 36-9-31-10 — Revenue bonds of consolidated city

Indiana § 36-9-31-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 31: Collection and Disposal of Waste in Indianapolis

Text

(a) The board may recommend to the
city-county legislative body that it finance the cost of facilities for
waste disposal by borrowing money and issuing revenue bonds from
time to time under this section.
(b) The issuance of revenue bonds must be authorized by ordinance
of the legislative body.
(c) The revenue bonds are special obligations of the consolidated
city and are payable solely from and secured by a lien upon the
revenues of all or part of the facilities whether or not the facilities are
being financed with revenue bonds under this section, as shall be more
fully described in the ordinance authorizing the issuance of the revenue
bonds. The ordinance may pledge and assign for the security of the
revenue bonds all or part of the revenues or net revenues of the
facilities.
(d) The revenue bonds, and interest on them, are not a debt of the
consolidated city or the board, nor a charge, lien, or encumbrance, legal
or equitable, upon property of the board or the city, or upon the
revenues of the board other than those revenues of the facilities that
have been pledged to the payment of the revenue bonds. Every revenue
bond must recite in substance that the revenue bond, including interest,
is payable solely from the revenues pledged to its payment, and that
neither the board nor the city is under any obligation to pay it, except
from those revenues.
(e) In order that the payment of the revenue bonds and the interest
on them be adequately secured, the consolidated city and its officers,
agents, and employees shall provide for such covenants and do such
other acts and things that may be necessary, convenient, or desirable in
order to secure the revenue bonds or that may tend to make the revenue
bonds more marketable.
As added by Acts 1982, P.L.77, SEC.27.