§ 8-1.5-5-21 — Bonds for proposed work projects

Indiana § 8-1.5-5-21

• Jurisdiction: Indiana
• Art. 1.5: MUNICIPAL UTILITIES
• Ch. 5: Department of Storm Water Management

Text

(a) To procure money to pay for the required
property and the acquisition, 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 unit served by the department,
special taxing district bonds of the storm water district. The bonds may
not exceed the total estimated 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 fiscal officer, who shall then
prepare the bonds. The executive shall execute the bonds, and the fiscal
officer shall attest the bonds.
(c) The board may not issue bonds of the storm water district,
payable by a special benefit property tax, when the total of the
outstanding bonds of the district that are payable from a special benefit
property tax, 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. For purposes
of this section, bonds are not considered to be outstanding bonds if the
payment has been provided for by an irrevocable deposit in escrow of
government obligations sufficient to pay the bonds when due or called
for redemption.
(d) The bonds are not a corporate obligation or indebtedness of the
unit but are an indebtedness of the storm water district. The bonds and
interest are payable:
(1) out of a special benefit tax levied upon all of the property of
the storm water district; or
(2) 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.

Legislative History

As added by P.L.125-1987, SEC.1. Amended by P.L.6-1997, SEC.132; P.L.282-2003, SEC.16.