§ 36-9-36-62 — Improvement costs to be paid by unit; bonds and certificates of indebtedness

Indiana § 36-9-36-62

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 36: Barrett Law Funding for Counties and Municipalities

Text

(a) A difference between the total
assessments for an improvement and the contract price of the
improvement shall be paid by the unit.
(b) The unit's part of the cost of an improvement shall, if possible,
be paid from the general fund of the unit. If payment from the unit's
general fund is not possible, the unit may issue bonds or certificates of
indebtedness to the contractor for the amount of the unit's part of the
cost. The unit's fiscal officer shall issue the bonds or certificates and
shall fix the denominations of the bonds or certificates at the time of
the approval of the final assessment roll and at the time of a subsequent
reduction of assessments on appeal.
(c) The certificates of indebtedness issued under this section (or
under IC 36-9-18 before its repeal in 1993) entitle the contractor to the
amounts the certificates specify when a fund for redemption of the
certificates has been provided.
(d) The certificates of indebtedness are negotiable instruments and
bear interest from the date of the final acceptance of the work.

Legislative History

As added by P.L.98-1993, SEC.7.