§ 36-9-37-29 — Bonds; series; redemption; time for payment; computation of interest; actions challenging validity

Indiana § 36-9-37-29

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 37: Barrett Law Funding for Municipalities

Text

(a) The municipal legislative body shall
provide in the preliminary resolution that the bonds issued in
anticipation of the collection of the assessments shall be issued so as
to mature not less than ten (10) years and not more than thirty (30)
years from the date of issuance.
(b) The terms of the bonds may allow early redemption of the bonds
for and to the extent of prepayment of the assessments in anticipation
of which the bonds were issued.
(c) If the assessment roll for the cost of an improvement was finally
approved before July 1 of a year, the first of the series of bonds issued
for the payment of the improvement is payable on February 1 of the
following year, and the interest on the bonds shall be computed
accordingly.
(d) If the assessment roll for the cost of an improvement was finally
approved after June 30 of a year, the first of the series of bonds issued
for the payment of the improvement is payable on August 1 of the
following year, and the interest on the bonds shall be computed
accordingly.
(e) Interest on the bonds is payable semiannually, beginning on the
date prescribed by subsection (c) or (d).
(f) The municipal works board may by ordinance or resolution
choose to:
(1) sell the bonds by negotiated private sale to a financial
institution; and
(2) remit the proceeds of the bonds to the contractor for the public
improvement.
(g) An action to challenge the validity of the bonds or the sale of the
bonds may not be brought after issuance of the bonds.

Legislative History

As added by P.L.98-1993, SEC.8. Amended by P.L.62-2001, SEC.7.