§ 5-1-14-15 — Bonds and obligations to fund pension benefits

Indiana § 5-1-14-15

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 14: Miscellaneous Provisions

Text

(a) Before July 1, 2008, a county or
municipality may issue bonds, notes, or other obligations for the
purpose of providing funds to pay pension benefits under IC 36-8-6, IC 36-8-7, or IC 36-8-7.5.
(b) Notwithstanding any other law:
(1) bonds, notes, or other obligations issued for the purpose
described in this section may have a final maturity date up to, but
not exceeding, forty (40) years from the date of original issuance;
(2) the amount of bonds, notes, or other obligations that may be
issued for the purpose described in this section may not exceed
two percent (2%) of the true tax value of property located within
the county or municipality; and
(3) the proceeds of bonds, notes, or other obligations issued for
the purpose described in this section may be deposited to the
issuing county's or municipality's separate account described in IC 5-10.3-11-6.
(c) This section is supplemental to all other laws but does not
relieve a county or municipality from complying with other procedural
requirements for the issuance of bonds, notes, or other obligations.

Legislative History

As added by P.L.234-2007, SEC.37. Amended by P.L.146-2008, SEC.30.