§ 36-9-4-45 — Bonds; terms; tax exemption; procedure

Indiana § 36-9-4-45

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 4: Urban Mass Transportation Systems; Public

Text

(a) Bonds issued under this chapter:
(1) shall be issued in the denomination;
(2) are payable over a period not to exceed thirty (30) years from
the date of the bonds; and
(3) mature;
as determined by the ordinance authorizing the bond issue.
(b) All bonds issued under this chapter, the interest on them, and the
income from them are exempt from taxation to the extent provided by
IC 6-8-5-1.
(c) The provisions of IC 6-1.1-20 relating to:
(1) filing petitions requesting the issuance of bonds and giving
notice of those petitions;
(2) giving notice of a hearing on the appropriation of the proceeds
of the bonds;
(3) the right of taxpayers to appear and be heard on the proposed
appropriation;
(4) the approval of the appropriation by the department of local
government finance; and
(5) the right of:
(A) taxpayers and voters to remonstrate against the issuance of
bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
apply to the issuance of bonds under this chapter.
(d) A suit to question the validity of bonds issued under this chapter
or to prevent their issue and sale may not be instituted after the date set
for the sale of the bonds, and the bonds are incontestable after that date.
[Pre-Local Government Recodification Citation:
19-5-2-27.]
As added by Acts 1981, P.L.309, SEC.77. Amended by
P.L.90-2002, SEC.505; P.L.219-2007, SEC.142; P.L.146-2008,
SEC.787.