§ 36-9-4-46 — Bonds; special tax levy

(a) The board of directors of a public
transportation corporation that issues bonds under this chapter shall
levy a special tax each year upon all the property within the taxing
district of the corporation. The tax shall be levied in such a manner as
to meet and pay the principal of the bonds as they mature, together with
all accruing interest.
(b) The county treasurer shall collect the tax in the same manner as
other taxes are collected. As the treasurer collects the tax, the treasurer
shall remit it to the controller of the public transportation corporation.
(c) In determining the amount of the levy, the board of directors
shall consider any surplus of accumulated revenue derived from the
operation of the urban mass transportation system, above the sum
considered necessary to be applied upon or reserved for the payment
of the operating and capital expenditures of the system, including
expenditures for the replacement of and additions to the property of the
system and reserves established for the depreciation of the property of
the system. If the board finds that this surplus is sufficient, it may apply
all or part of the surplus to the payment of the principal of the bonds,
together with the interest on them.
[Pre-Local Government Recodification Citation:
19-5-2-28.]
As added by Acts 1981, P.L.309, SEC.77. Amended by
P.L.127-2017, SEC.284.