§ 8-1-11.2-1 — Power to purchase; ordinance requirement; price; revenue bonds

Indiana § 8-1-11.2-1

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 11.2: Purchase of Public Utility Property by Consolidated

Text

Any consolidated city shall have the power to
purchase the whole or any part of the property of a public utility, when
but only when its city-county council by an ordinance signed and
approved by the mayor, and its board of trustees for utilities of its
department of public utilities by a resolution, have each determined and
declared it expedient so to do; which officials are hereby duly
empowered so to do; in which event such city may acquire such
property, notwithstanding a portion of it may be located anywhere
outside of the corporate limits of such city, for the price and upon the
terms and conditions stated in such ordinance and resolution, but not
otherwise. The power hereby conferred shall include the power to
purchase the capital stock of the corporation owning such property, or
sufficient of such stock to enable such city to cause the liquidation of
such corporation, payment of its debts, and vesting of title to its
remaining property in such city; and in the event of purchase of such
stock, such city, by its board of directors for utilities of its department
of public utilities, is empowered to vote such stock so as to cause the
liquidation of such corporation, the payment of its debts, and the
vesting of title to its remaining property in the city. Funds with which
to pay such purchase-price may be obtained from the sale of revenue
bonds issued and sold under the authority of IC 8-1-11.1 or under any
other statute relevant thereto.
[Pre-Local Government Recodification Citation:
19-2-13-1.]
As added by Acts 1981, P.L.11, SEC.44.