§ 5-1-5-17 — Last date for payment of certain refunding bonds

(a) This section applies to bonds that are:
(1) issued after June 30, 2008, by a local issuing body; and
(2) payable from ad valorem property taxes, special benefit taxes
on property, or tax increment revenues derived from property
taxes;
including bonds that are issued under a statute that permits the bonds
to be issued without complying with any other law or otherwise
expressly exempts the bonds from the requirements of this section.
(b) Except as provided by section 2.5 of this chapter, the last date
permitted under an agreement for the payment of principal and interest
on bonds that are issued to retire or otherwise refund other revenue
bonds or general obligation bonds may not extend beyond the
maximum term of the bonds being refunded.

Legislative History

As added by P.L.146-2008, SEC.24. Amended by P.L.229-2011, SEC.64.