§ 6-1.1-39-9 — Industrial development program obligations; ordinance; proceeds of obligation

Indiana § 6-1.1-39-9

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 39: Economic Development Districts

Text

(a) The fiscal body of a unit may by ordinance
authorize the issuance of obligations to the department of commerce
under IC 4-4-8 (before its repeal) or to the Indiana economic
development corporation under IC 5-28-9 payable solely from taxes
allocated under section 5 of this chapter. Any obligations issued and
payable from taxes allocated under section 5 of this chapter are not
general obligations of the unit that established the economic
development district under this chapter.
(b) The economic development district created by a unit under this
chapter is a special taxing district authorized by the general assembly
to enable the unit to provide special benefits to taxpayers in the
economic development district by providing local public improvements
that are of public use and benefit.
(c) The ordinance of a unit authorizing the issuance of obligations
must contain a finding of the fiscal body that the proposed industrial
development program:
(1) constitutes a local public improvement;
(2) provides special benefits to property owners in the district;
and
(3) will be of public use and benefit.
(d) Proceeds of obligations issued under this section, IC 4-4-8
(before its repeal), and IC 5-28-9 may be used to pay for the following:
(1) The cost of local public improvements.
(2) Interest on the obligations for the period of construction of the
local public improvements plus one (1) year after completion of
construction.
(3) Reasonable debt service reserves.
(4) Costs of issuance of the obligations.
(5) Any other reasonable and necessary expenses related to
issuance of the obligations.

Legislative History

As added by P.L.19-1988, SEC.7. Amended by P.L.4-2005, SEC.48; P.L.146-2008, SEC.298.