Indiana § 36-9-6.5-10 Bonds; limitations; terms

Indiana Statutes

§ 36-9-6.5-10 — Bonds; limitations; terms

Indiana § 36-9-6.5-10

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 6.5Metropolitan Thoroughfare District of Marion County

This text of Indiana § 36-9-6.5-10 (Bonds; limitations; terms) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-9-6.5-10 (2026).

Text

(a)When the total issue of bonds under section 9 of this chapter for purposes of the district, including bonds already issued or to be issued, exceeds four percent (4%) of the total adjusted value of taxable property in the district as determined under IC 36-1-15, additional bonds may not be issued. All bonds or obligations issued in violation of this subsection are void.

(b)Bonds issued under section 9 of this chapter are not, in any respect, corporate obligations or indebtedness of the consolidated city but constitute an indebtedness of the metropolitan thoroughfare district, and the bonds and interest on them are payable only out of revenues of the district. The bonds must recite these terms upon their face. As added by Acts 1982, P.L.77, SEC.12. Amended by P.L.6-1997, SEC.218.

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(a) When the total issue of bonds under
section 9 of this chapter for purposes of the district, including bonds
already issued or to be issued, exceeds four percent (4%) of the total
adjusted value of taxable property in the district as determined under
IC 36-1-15, additional bonds may not be issued. All bonds or
obligations issued in violation of this subsection are void.
(b) Bonds issued under section 9 of this chapter are not, in any
respect, corporate obligations or indebtedness of the consolidated city
but constitute an indebtedness of the metropolitan thoroughfare district,
and the bonds and interest on them are payable only out of revenues of
the district. The bonds must recite these terms upon their face.
As added by Acts 1982, P.L.77, SEC.12. Amended by
P.L.6-1997, SEC.218.