§ 36-9-31-13 — Borrowing limitations pending receipt of grant to city

Indiana § 36-9-31-13

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

Text

(a) The consolidated city, pending receipt of
any grant may, but within the limitation set forth in this section, borrow
money from any person and evidence the debt so incurred by note or
notes executed by the executive and fiscal officer of the consolidated
city and containing such terms and provisions as may be prescribed by
the board. The city may, in anticipation of the issuance of bonds issued
under section 9, 10, or 11 of this chapter, borrow money from any
person and evidence the debt so incurred by note or notes executed by
the executive and fiscal officer and containing such terms and
provisions as may be prescribed by the board.
(b) Any note or notes issued under this section or any renewal of
them must mature not more than five (5) years from the date of
issuance of the original note and must pledge for the payment of the
principal and interest the proceeds of the grant or bonds.
(c) The board shall apply the proceeds of any note or notes issued
under this section to the cost of the facility for which the grant is to be
made or bonds issued, but no purchaser of any obligations is liable for
the proper application of the proceeds.
As added by Acts 1982, P.L.77, SEC.27.