Indiana § 8-10-5-13 Revenue bonds; issuance and sale

Indiana Statutes

§ 8-10-5-13 — Revenue bonds; issuance and sale

Indiana § 8-10-5-13

Art. 10PORTS

Ch. 5Creation of Port Authorities by Local Governments

This text of Indiana § 8-10-5-13 (Revenue bonds; issuance and sale) 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 § 8-10-5-13 (2026).

Text

(a)Whenever a port authority, which was created or which shall be hereafter created by a city, town or county acting as a singular government unit or which after its creation has come under the jurisdiction of a city, town, or county as a singular government unit, has been authorized by the governing body of the city, town, or county to issue and sell revenue bonds for the purpose of obtaining funds with which to construct, purchase, lease, operate, maintain, or improve facilities included in the development plan or amendment thereof, the revenue bonds shall be:

(1)issued in the name of the city, town, or county;

(2)executed by the executive of the city, town, or county and the chairman of the board of directors of the port authority; and

(3)attested to by the clerk or clerk-treasurer

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(a) Whenever a port authority, which was
created or which shall be hereafter created by a city, town or county
acting as a singular government unit or which after its creation has
come under the jurisdiction of a city, town, or county as a singular
government unit, has been authorized by the governing body of the
city, town, or county to issue and sell revenue bonds for the purpose of
obtaining funds with which to construct, purchase, lease, operate,
maintain, or improve facilities included in the development plan or
amendment thereof, the revenue bonds shall be:
(1) issued in the name of the city, town, or county;
(2) executed by the executive of the city, town, or county and the
chairman of the board of directors of the port authority; and
(3) attested to by the clerk or clerk-treasurer of the city or town or
auditor if a county.
(b) In authorizing revenue bonds and providing for the issuance and
sale thereof, the governing body of the city, town, or county shall, by
ordinance, consistent with pertinent statutes, provide all necessary
details concerning the form and tenor of the revenue bonds, the amount
thereof, the maturity dates, the provision for payment of principal and
interest, the negotiability, and all other details, requirements,
regulations, or specifications necessary to make the revenue bonds
acceptable and legal instruments.
(c) The governing body shall, in its ordinance, make provision for
the expenditure of the funds derived from the sale of the revenue bonds
in accordance with the purposes for which the issuance and sale was
authorized. The governing body shall specifically provide for the
allocation of income and revenue of the port authority into the fund or
funds as may be necessary to properly secure the accumulation of
money in a separate account or accounts for use in the payment of
principal and interest of the revenue bonds as they become due and
payable.
Formerly: Acts 1959, c.343, s.12a; Acts 1961, c.247, s.5. As
amended by Acts 1981, P.L.74, SEC.4; P.L.8-1989, SEC.52.