(a)The consolidated city may, upon request
of the board:
(1)enter into agreements concerning, and acquire by any lawful
means, real property or interests in real and personal property
needed for the purposes of this section;
(2)enter into financing agreements to purchase, lease as lessee,
construct, remodel, rebuild, enlarge, or substantially improve
facilities for waste disposal;
(3)lease facilities to users or developers with or without an option
to purchase;
(4)sell facilities to users or developers for consideration, which
may be paid in installments or otherwise;
(5)make direct loans to users or developers for the cost of
acquisition, construction, or installation of facilities, including
land, machinery, or equipment, in which event the bonds shall be
secured by the pledge of o
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(a) The consolidated city may, upon request
of the board:
(1) enter into agreements concerning, and acquire by any lawful
means, real property or interests in real and personal property
needed for the purposes of this section;
(2) enter into financing agreements to purchase, lease as lessee,
construct, remodel, rebuild, enlarge, or substantially improve
facilities for waste disposal;
(3) lease facilities to users or developers with or without an option
to purchase;
(4) sell facilities to users or developers for consideration, which
may be paid in installments or otherwise;
(5) make direct loans to users or developers for the cost of
acquisition, construction, or installation of facilities, including
land, machinery, or equipment, in which event the bonds shall be
secured by the pledge of one (1) or more bonds or other secured
or unsecured debt obligations of the users or developers;
(6) enter into agreements with users or developers to allow the
users or developers to wholly or partially acquire, construct, or
modify facilities to be acquired by the city; and
(7) issue waste disposal development bonds under this section to
accomplish the purposes of this section and to secure payment of
the bonds as provided in this section.
(b) This section does not authorize the financing of facilities for a
developer unless any agreement that may exist between a developer
and a user is fully disclosed to, and approved by, the board.
(c) The board may, from time to time, enter into negotiations with
any one (1) or more persons concerning the terms and conditions of
financing facilities. Preliminary expenses in connection with
negotiations may be paid from money furnished by the proposed user
or developer, or from grant money, or from funds of the board.
(d) The board shall hold a public hearing on the proposed financing
of the facilities after giving public notice. Upon findings by the board
that the proposed financing will be of benefit to the health or welfare
of the consolidated city and that the proposed financing complies with
the purposes and provisions of this chapter, the board shall, by
resolution, approve the financing, including the form and terms of the
financing agreement, the waste disposal development bonds, and the
trust indenture, if any. The resolution of the board shall be transmitted
by the secretary of the board to the legislative body.
(e) If the legislative body finds that the proposed financing will be
of benefit to the health or welfare of the consolidated city and complies
with the purposes and provisions of this section, it may adopt an
ordinance approving the proposed financing. The ordinance may also
authorize the issuance of waste disposal development bonds payable
solely from revenues and receipts derived from a financing agreement
or from payments made under a guaranty agreement by a developer,
user, or any other person. The waste disposal development bonds are
not in any respect a general obligation of the consolidated city.
(f) Any financing agreement must provide for payments in an
amount not less than an amount sufficient to pay the principal of,
premium, if any, and interest on the waste disposal development bonds
authorized for the financing of the facilities. The term of any financing
agreement may not exceed forty (40) years from the date of any waste
disposal development bonds issued under the agreement. However, a
financing agreement does not terminate after forty (40) years if a
default under it remains uncured, unless the termination is authorized
by and according to the terms of the financing agreement. If the
consolidated city retains an interest in the facilities, the financing
agreement must require the user or developer to pay all costs of
maintenance, repair, taxes, assessments, insurance premiums, trustee's
fees, and any other expenses relating to the facilities, so that the city
will not incur any expenses on account of the facilities that are not
covered by the payments provided for in the financing agreement.
(g) The consolidated city may advance all expenses, premiums, and
commissions that it considers necessary or advantageous in connection
with the issuance.
(h) The consolidated city is exempt from all property taxes on
facilities. Developers and users are liable for property taxes on
facilities as provided by law. This section does not deny any tax
exemption a developer or user may have under other laws because of
the nature of the facilities or the user.
(i) The user or developer is responsible for obtaining and
maintaining all approvals and permits required for the construction of
the facilities under this section.
As added by Acts 1982, P.L.77, SEC.27.