Indiana § 36-9-36-63 Certificates of indebtedness issued under IC 36-9-36-62; authorization;
interest; payment; maturity date

Indiana Statutes

§ 36-9-36-63 — Certificates of indebtedness issued under IC 36-9-36-62; authorization; interest; payment; maturity date

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

(a)The certificates of indebtedness issued under section 62 of this chapter must be authorized by a resolution adopted by the works board and shall be signed by the following:

(1)The county auditor, for an improvement by a county.

(2)The municipal executive and fiscal officer, for an improvement by a municipality.

(b)The rate of interest on the certificates of indebtedness shall be fixed in the resolution of the works board. The rate may not be less than the current rate being paid on bonds then being issued in anticipation of the collection of special assessments.

(c)The certificates of indebtedness are payable out of the proceeds of the special tax levy or sale of bonds under section 64 of this chapter (or under IC 36-9-18 before its repeal in 1993). This fact must be recited on the

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(a) The certificates of indebtedness issued
under section 62 of this chapter must be authorized by a resolution
adopted by the works board and shall be signed by the following:
(1) The county auditor, for an improvement by a county.
(2) The municipal executive and fiscal officer, for an
improvement by a municipality.
(b) The rate of interest on the certificates of indebtedness shall be
fixed in the resolution of the works board. The rate may not be less than
the current rate being paid on bonds then being issued in anticipation
of the collection of special assessments.
(c) The certificates of indebtedness are payable out of the proceeds
of the special tax levy or sale of bonds under section 64 of this chapter
(or under IC 36-9-18 before its repeal in 1993). This fact must be
recited on the face of the certificates.
(d) All of the certificates mature on December 31 of the year in
which the special levy to pay the certificates is collected unless the
resolution authorizing the issuance of the certificates of indebtedness
provides the following:
(1) That not more than one-half (1/2) of the certificates are
payable on June 30 of the year in which the special levy to pay the
certificates is collected if a levy has been made in place of the
sale of bonds.
(2) That the balance is payable on December 31 of the same year.
(e) The certificates of indebtedness do not draw interest after the
maturity date named in the certificates unless the certificates are
presented for payment on that date and stamped "not paid for want of
funds". If not paid for want of funds, the certificates may be presented
for payment again at six (6) month intervals after the maturity date,
until the certificates are paid.
(f) If a sufficient levy or sale of bonds is not made in any year for
the payment of the certificates of indebtedness, the certificates shall be
paid when money becomes available for that purpose out of taxes
collected from any subsequent levy of the special tax or sale of bonds.

Indiana § 36-9-36-63 (Certificates of indebtedness issued under IC 36-9-36-62; authorization; interest; payment; maturity date) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.