§ 5-1-14-17 — General obligation bonds issued before May 1, 2025; one year wait period

Indiana § 5-1-14-17

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

Text

(a) This section applies to a qualified political
subdivision.
(b) As used this section, "general obligation bond" means a bond
issued for a short term period of not more than five (5) years and
payable from property taxes for a purpose or project that is not a
controlled project (as defined in IC 6-1.1-20-1.1) for which the bond is
not required to be issued using the procedures in IC 6-1.1-20.
(c) As used in this section, "qualified political subdivision" means
a county, city, town, township, or school corporation.
(d) Notwithstanding any other law, and except as provided in
subsection (e), if a qualified political subdivision issues new general
obligation bonds, or has issued general obligation bonds before May 1,
2025, for a period of two (2) years of less, then at the expiration of
those general obligation bonds, the qualified political subdivision must
wait one (1) year from that date before the qualified political
subdivision may issue general obligation bonds.
(e) Subsection (d) shall not apply to a qualified political subdivision
in the case of a natural disaster, an accident, or another unanticipated
emergency as determined by the department of local government
finance.

Legislative History

As added by P.L.68-2025, SEC.3.