§ 36-9-6.5-9 — Bonds issued

Indiana § 36-9-6.5-9

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 6.5: Metropolitan Thoroughfare District of Marion County

Text

(a) For the purpose of raising money to pay for
any land or right-of-way to be acquired for thoroughfares within the
district or to pay for any capital improvement necessary for the
construction, reconstruction, or operation of thoroughfares within the
district, and in anticipation of the special benefit tax, the board may
cause bonds to be issued in the name of the consolidated city for the
benefit of the district. The bonds shall be issued in accordance with IC 36-3-5-8.
(b) The bonds may be in an amount not to exceed the estimated cost
of all land and rights-of-way to be acquired and the estimated cost of
all capital improvements, including all expenses necessarily incurred
in connection with the proceedings, together with a sum sufficient to
pay the costs of supervision and inspection during the period of
construction or reconstruction and all costs of programming, planning,
and designing the capital improvements. The expenses to be covered
in the amount of the bond issue include all expenses of every kind
actually incurred preliminary to the acquisition of the property and the
construction of work, such as the cost of necessary records, engineering
expenses, publication of notices, salaries, and other expenses necessary
to be incurred in connection with the acquisition of the property, the
letting of the contract, and the sale of bonds.
(c) The bonds issued may not exceed the estimates for the project
as determined by the board under section 4 of this chapter.
(d) Any surplus of bond proceeds remaining after all costs and
expenses have been fully paid shall be paid into the metropolitan
thoroughfare district bond fund. The board may appropriate the
proceeds of the bonds.
As added by Acts 1982, P.L.77, SEC.12.