(a)Bonds shall not be issued under this chapter
unless these bonds are rated "A" or better by one (1) of the nationally
recognized rating agencies or unless these bonds are sold in a
transaction not involving any public offering within the meaning of
Section 4(2) of the federal Securities Act of 1933, as amended, and
rules and regulations adopted under the federal Securities Act of 1933,
as amended.
(b)The exercise of any or all powers or the issue of bonds under this
chapter shall be authorized by ordinance of the governing body.
Notwithstanding any law to the contrary, this ordinance may be
adopted at the same meeting at which it is introduced and it shall take
effect immediately upon adoption. Any ordinance authorizing bonds
shall be adopted only after the governing body has held a pu
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(a) Bonds shall not be issued under this chapter
unless these bonds are rated "A" or better by one (1) of the nationally
recognized rating agencies or unless these bonds are sold in a
transaction not involving any public offering within the meaning of
Section 4(2) of the federal Securities Act of 1933, as amended, and
rules and regulations adopted under the federal Securities Act of 1933,
as amended.
(b) The exercise of any or all powers or the issue of bonds under this
chapter shall be authorized by ordinance of the governing body.
Notwithstanding any law to the contrary, this ordinance may be
adopted at the same meeting at which it is introduced and it shall take
effect immediately upon adoption. Any ordinance authorizing bonds
shall be adopted only after the governing body has held a public
hearing on the proposed financing after giving not less than five (5)
days notice by publication in at least one (1) newspaper of general
circulation in the county or municipality. This ordinance shall also set
forth a legislative finding and declaration of the public purpose of the
bond issue and that the ordinance is being enacted pursuant to the
powers granted by this chapter. No action to contest the validity of any
bonds may commence more than thirty (30) days following the
adoption of the ordinance approving the bonds. However, if authorized
by ordinance, any officer of the county or municipality may bring an
action under IC 34-13-5 or file a petition under IC 36-4-4-5 within this
thirty (30) day period to determine the validity of any bonds or any
agreements in connection with them. In this proceeding, no bond need
be filed by the petitioner or plaintiff unless requested by the county or
municipality, and any judgment shall be final unless appealed within
thirty (30) days after entry of the judgment.
(c) The bonds shall bear interest at the rate or rates, may be payable
at the times, may be in one (1) or more series, may bear the date or
dates, may mature at the time or times not exceeding forty (40) years
from their respective dates, may be payable in the medium of payment
at the place or places, may carry the registration privileges, may be
subject to the terms of redemption at the premiums, may be executed
in the manner, may contain the terms, covenants, and conditions, may
be in the form either coupon or registered, and may bear the name that
the ordinance or trust indenture securing the bonds provides. The
bonds may be sold at public or private sale in a manner and upon the
terms provided in the ordinance. Pending the preparation of definitive
bonds, interim receipts, or certificates in the form and with the
provisions as provided in the ordinance may be issued to the purchaser
of bonds sold pursuant to this chapter.
(d) The bonds and interim receipts or certificates are negotiable
instruments under the laws of this state. Bonds and receipts and the
authorization, issuance, sale, and delivery thereof are not subject to any
general law concerning bonds of municipalities.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981,
P.L.62, SEC.7; P.L.3-1990, SEC.22; P.L.1-1998, SEC.76;
P.L.136-2018, SEC.38.