§ 36-9-37-8.5 — Assessments; installment payments

Indiana § 36-9-37-8.5

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

Text

5. (a) With respect to assessments imposed
after June 30, 2001, the municipal works board shall establish a
procedure to permit owners of real property in the unit to elect whether
to pay assessments in:
(1) ten (10), twenty (20), or thirty (30) annual installments; or
(2) a number of monthly installments that corresponds to ten (10),
twenty (20), or thirty (30) annual installments.
(b) The municipal works board shall establish the timing of the
election under subsection (a) to permit the municipal works board to
structure the maturities of the principal of the bonds in a number of
annual series that is consistent with the installment periods elected by
owners of real property under subsection (a).
(c) A person who elects to pay the person's assessment in
installments under this section must, when directed by the municipal
works board, enter into a written agreement stating that in
consideration of that privilege the person:
(1) will not make an objection to an illegality or irregularity
regarding the assessment against the person's property; and
(2) will pay the assessment as required by law with specified
interest.
(d) The agreement under subsection (c) shall be filed in the office
of the disbursing officer.
(e) The interest rate specified for the installments of the assessment
may be equal to or greater than the interest rate on bonds issued under
section 28 of this chapter.
(f) An assessment of less than one hundred dollars ($100) may not
be paid in installments.
(g) If the property owner is not an individual, the election under
subsection (a) must be made in the following manner:
(1) For a partnership, at least one (1) of the partners must sign the
waiver and other instruments required for the election.
(2) For a corporation, the president or vice president must do all
of the following:
(A) Sign the waiver and other instruments required for the
election.
(B) File a certified copy of the resolution of the board of
directors or trustees authorizing the president or vice president
to execute those instruments on behalf of the corporation.
(3) For a church, a lodge, a charitable institution, or other
organization, the person or persons acting on behalf of the
organization must sign the waiver and other instruments required
for the election, but only after being instructed to do so by a
resolution adopted at a meeting of the organization called for that
purpose.

Legislative History

As added by P.L.62-2001, SEC.4.