§ 36-9-38-30 — Bonds

Indiana § 36-9-38-30

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 38: Barrett Law Funding for Municipal Improvement

Text

(a) For the purposes of anticipating the
collection of assessments under this chapter, the municipality shall
issue bonds payable out of the assessments. However, a consolidated
city is not required to issue bonds under this section.
(b) The terms of the bonds may allow early retirement of the bonds
for and to the extent of prepayment of assessments in anticipation of
which the bonds were issued.
(c) The bonds bear interest at a rate or rates determined by the
legislative body of the municipality and shall be executed, sold, and
delivered in denominations determined to be appropriate by the
municipal fiscal officer as bonds of a municipality are executed, sold,
and delivered.
(d) If the bonds are sold at a public sale, the advertisement of the
sale of the bonds shall be published in accordance with IC 5-3-1. The
municipality may also sell the bonds by negotiated private sale to a
financial institution.
(e) Unless the municipality chooses to sell the bonds by a negotiated
private sale to a financial institution, the sale shall be made to the
highest and best bidder, as provided in IC 36-9-36. However, the sale
may not be for less than the face value of the bonds, plus interest from
the date of the bonds to the date of delivery.
(f) The bonds and interest on the bonds are exempt from taxation to
the extent provided by IC 6-8-5-1.
(g) The bonds are not a corporate obligation or an indebtedness of
the municipality and are payable only out of money actually paid and
collected under this chapter (or under IC 36-9-20 before its repeal in
1993). The bonds must state this fact on the bonds' face.

Legislative History

As added by P.L.98-1993, SEC.9. Amended by P.L.62-2001, SEC.10.