(a)The city may:
(1)use revenues from the tax collected under this chapter to pay
all or part of the costs associated with the improvements
described in section 7(d) of this chapter;
(2)issue bonds, enter into leases, or incur other obligations to pay
any costs associated with the improvements described in section
7(d) of this chapter;
(3)reimburse itself or any nonprofit corporation for any money
advanced to pay those costs; or
(4)refund bonds issued or other obligations incurred under this
chapter.
(b)Bonds or other obligations issued under this section:
(1)are payable from revenues under this chapter, any other
revenues available to the city, or any combination of these
sources, in accordance with a pledge made under IC 5-1-14-4;
(2)must be issued in the manner prescribed by IC
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(a) The city may:
(1) use revenues from the tax collected under this chapter to pay
all or part of the costs associated with the improvements
described in section 7(d) of this chapter;
(2) issue bonds, enter into leases, or incur other obligations to pay
any costs associated with the improvements described in section
7(d) of this chapter;
(3) reimburse itself or any nonprofit corporation for any money
advanced to pay those costs; or
(4) refund bonds issued or other obligations incurred under this
chapter.
(b) Bonds or other obligations issued under this section:
(1) are payable from revenues under this chapter, any other
revenues available to the city, or any combination of these
sources, in accordance with a pledge made under IC 5-1-14-4;
(2) must be issued in the manner prescribed by IC 36-4-6-19
through IC 36-4-6-20;
(3) may, in the discretion of the city, be sold at a negotiated sale
at a price to be determined by the city or in accordance with IC 5-1-11 and IC 5-3-1; and
(4) may be issued for a term not to exceed twenty-five (25) years,
the term to apply to any refunding bonds issued to refund bonds
originally issued under this section.
(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 city, or any combination of
these sources;
(3) may provide that payments by the city 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 city for purposes of the
Constitution of the State of Indiana.
(d) A lease may be entered into by the city only after a public
hearing with notice given in accordance with IC 5-3-1 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 city only if the executive finds that the service to be
provided throughout the life of the lease will serve the public purpose
of the city and is in the best interests of its residents. A lease approved
by the executive must also be approved by an ordinance of the city
fiscal body.
(e) Upon execution of a lease under this section, and after approval
of the lease by the city fiscal body, the executive shall publish notice
of the execution of the lease and the approval of the lease in
accordance with IC 5-3-1.
(f) An action to contest the validity of bonds issued or leases entered
into under this section must be brought within thirty (30) days after the
adoption of a bond ordinance or notice of the execution and approval
of the lease, as applicable.