§ 5-1-10-1 — Issuance; purpose; restrictions

Any civil township in the state whose
indebtedness is evidenced by bonds, notes, judgments, or other
obligations issued or negotiated by such township, or rendered against
such township, may for the purpose of funding or refunding such
indebtedness, or any part thereof, reducing the rate of interest thereon,
extending the time of payment and canceling so much thereof as may
be or become due, by the vote of two-thirds (2/3) of the members of the
township board, and with the approval of the township trustee, issue its
bonds, with interest coupons attached, for an amount not exceeding in
the aggregate the whole amount of the indebtedness of such township.
[Pre-Local Government Recodification Citation: 17-4-30-1
part.]
As added by Acts 1980, P.L.8, SEC.17. Amended by
P.L.8-1987, SEC.6; P.L.233-2015, SEC.6.