§ 6-9-20-8.7 — Bonds, leases, or other obligations; validity

Indiana § 6-9-20-8.7

• Jurisdiction: Indiana
• Art. 9: INNKEEPER'S TAXES; OTHER LOCAL TAXES
• Ch. 20: Vanderburgh County Food and Beverage Tax

Text

7. (a) The county may issue bonds, enter into
leases, or incur other obligations to:
(1) pay any costs associated with the financing, construction,
renovation, improvement, and equipping of a county auditorium
or auditorium renovation resulting in a new convention center and
related parking facilities; or
(2) refund bonds issued or other obligations incurred under this
chapter so long as any bonds issued or other obligations incurred
to refund bonds or retire other obligations do not extend the date
that the previous bonds or other obligations will be completely
paid as to principal and interest.
(b) Bonds issued or other obligations incurred under this section:
(1) are payable solely from money provided in this chapter;
(2) must be issued in the manner prescribed by IC 36-2-6-18
through IC 36-2-6-20 before January 1, 2002;
(3) may not have a term that is longer than twenty-five (25) years
after the date construction, renovation, or improvements on the
county auditorium or auditorium renovation resulting in a new
convention center and related parking facilities are completed;
and
(4) may, in the discretion of the county, be sold at a negotiated
sale at a price to be determined by the county or in accordance
with IC 5-1-11 and IC 5-3-1.
(c) Leases entered into under this section:
(1) may be for a term not to exceed twenty-five (25) years;
(2) may provide for payments from revenues under this chapter,
any other revenues available to the county, or any combination of
these sources;
(3) may provide that payments by the county to the lessor are
required only to the extent and only for the time that the lessor is
able to provide the leased facilities in accordance with the lease;
(4) must be based upon the value of the facilities leased; and
(5) may not create a debt of the county for purposes of the
Constitution of the State of Indiana.
(d) A lease may be entered into by the county executive only after
a public hearing at which all interested parties are provided the
opportunity to be heard. After the public hearing, the executive may
approve the execution of the lease on behalf of the county only if the
executive finds that the service to be provided throughout the life of the
lease will serve the public purpose of the county and is in the best
interests of its residents. A lease approved by the executive must also
be approved by an ordinance of the county fiscal body.
(e) An action to contest the validity of bonds issued or leases
entered into under this section must be brought not later than thirty (30)
days after the adoption of a bond ordinance or commissioners' action
approving the execution of the lease.

Legislative History

As added by P.L.99-1995, SEC.11. Amended by P.L.85-1995, SEC.37; P.L.69-1996, SEC.4.