Indiana § 8-1.5-4-18 Special taxing district bonds of the waterworks district; issuance

Indiana Statutes

§ 8-1.5-4-18 — Special taxing district bonds of the waterworks district; issuance

Indiana § 8-1.5-4-18

Art. 1.5MUNICIPAL UTILITIES

Ch. 4Department of Waterworks in Certain Municipalities

This text of Indiana § 8-1.5-4-18 (Special taxing district bonds of the waterworks district; issuance) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 8-1.5-4-18 (2026).

Text

(a)To procure money to pay for the required property and the erection and construction of the proposed work, and in anticipation of the collection of the special benefit tax, the board may issue, in the name of the municipality, the special taxing district bonds of the waterworks district. The bonds may exceed the total cost of the work and property to be acquired as provided for in the resolution, including:

(1)all expenses necessarily incurred for supervision and inspection during the period of construction; and

(2)expenses actually incurred preliminary to the acquiring of the necessary property and the construction of the work, including the cost of records, engineering expenses, publication of notices, salaries, and other expenses incurred, before and in connection with the acquirin

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(a) To procure money to pay for the required
property and the erection and construction of the proposed work, and
in anticipation of the collection of the special benefit tax, the board
may issue, in the name of the municipality, the special taxing district
bonds of the waterworks district. The bonds may exceed the total cost
of the work and property to be acquired as provided for in the
resolution, including:
(1) all expenses necessarily incurred for supervision and
inspection during the period of construction; and
(2) expenses actually incurred preliminary to the acquiring of the
necessary property and the construction of the work, including the
cost of records, engineering expenses, publication of notices,
salaries, and other expenses incurred, before and in connection
with the acquiring of the property, the letting of the contract, and
the sale of bonds.
(b) After adopting a resolution authorizing the bonds, the board
shall certify a copy of the resolution to the municipal fiscal officer, who
shall then prepare the bonds. The bonds shall be executed by the
municipal executive and attested by the fiscal officer. The bonds are
exempt from taxation as provided by IC 6-8-5. All bonds issued by the
board shall be sold by the fiscal officer under IC 5-1-11.
(c) The board may not issue bonds of the waterworks district,
payable by special taxation, when the total of the outstanding bonds of
the district, including the bonds already issued and to be issued,
exceeds eight percent (8%) of the total adjusted value of taxable
property in the district as determined under IC 36-1-15.
(d) The bonds are not a corporate obligation or indebtedness of the
municipality, but are an indebtedness of the waterworks district. The
bonds and interest are payable out of a special benefit tax levied upon
all of the property of the waterworks district, or by any other means
including revenues, cash on hand, and cash in depreciation or reserve
accounts.
(e) The bonds must recite the terms upon their face, together with
the purpose for which they are issued. An action to question the
validity of the bonds issued for the waterworks district or to prevent
their issuance may not be brought after the date fixed for the sale of the
bonds.
As added by Acts 1982, P.L.74, SEC.1. Amended by
P.L.6-1997, SEC.131.