Indiana § 8-1.5-5-12 Assumption and payment of liability upon acquisition of storm water
system

Indiana Statutes

§ 8-1.5-5-12 — Assumption and payment of liability upon acquisition of storm water system

Indiana § 8-1.5-5-12

Art. 1.5MUNICIPAL UTILITIES

Ch. 5Department of Storm Water Management

This text of Indiana § 8-1.5-5-12 (Assumption and payment of liability upon acquisition of storm water system) 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 § 8-1.5-5-12 (2026).

Text

(a)If the board acquires a storm water system and assumes the liability incurred by the seller to construct the storm water system, the principal and interest on the liability so assumed shall be paid from the bond and interest redemption account in the same manner as bonds of the district would be paid, and the board shall set aside sufficient revenues to comply with the requirements of the instrument creating the liability.

(b)A unit acquiring a storm water system may not assume any liability for the payment of a secured debt or charge other than the obligation to apply the revenues in the manner prescribed in the ordinance.

(c)The board may issue bonds in exchange for, or satisfaction of, the liability assumed in the acquisition of a storm water system. The bonds so issued may not be

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(a) If the board acquires a storm water system
and assumes the liability incurred by the seller to construct the storm
water system, the principal and interest on the liability so assumed shall
be paid from the bond and interest redemption account in the same
manner as bonds of the district would be paid, and the board shall set
aside sufficient revenues to comply with the requirements of the
instrument creating the liability.
(b) A unit acquiring a storm water system may not assume any
liability for the payment of a secured debt or charge other than the
obligation to apply the revenues in the manner prescribed in the
ordinance.
(c) The board may issue bonds in exchange for, or satisfaction of,
the liability assumed in the acquisition of a storm water system. The
bonds so issued may not be issued at less than ninety-seven percent
(97%) of the par value thereof in exchange for, or satisfaction of, the
liability. Notwithstanding section 13(c) of this chapter, bonds issued in
exchange for, or satisfaction of, the liability need not be sold in
accordance with IC 5-1-11. However, the interest rate on such bonds
may not exceed the average yield on municipal revenue bonds of
comparable credit rating and maturity as of the end of the week
immediately preceding the issuance of the bonds.