§ 36-9-37-37 — Refunding bonds

Indiana § 36-9-37-37

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

Text

(a) Instead of issuing certificates of
indebtedness under section 35 of this chapter, the municipal legislative
body may by ordinance issue refunding bonds to meet a deficiency
arising in the municipal improvement fund if the following conditions
are met:
(1) At least one (1) of the conditions listed in section 35(b) of this
chapter is met.
(2) The amount of the deficiency is clearly established.
(3) The liability of the municipality for the deficiency is
established. However, this subdivision does not require the
liability of the municipality to be established by a judgment
against the municipality.
(b) Refunding bonds issued under this section shall be issued in the
manner prescribed by IC 5-1-9. The proceeds of the bonds may be used
only to discharge the liability of the municipality for the deficiency.

Legislative History

As added by P.L.98-1993, SEC.8.