(a)In order to raise money to pay the city's
portion of the total cost of an improvement and in anticipation of the
special benefit tax to be levied, the board shall issue, in the name of the
city, at one (1) time, or from time to time as the proceeds are needed,
the bonds of the grade separation or railroad relocation and
reconstruction district not to exceed in aggregate amount the balance
of the city's portion of the total cost after deducting from the city's
portion the total amount of benefits, if any, which have been assessed
by the board and finally confirmed or adjudged against lots and parcels
of land exclusive of improvements lying within two thousand (2,000)
feet of any grade crossing eliminated or altered by the improvement, or
within two thousand (2,000) feet of any lands or
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(a) In order to raise money to pay the city's
portion of the total cost of an improvement and in anticipation of the
special benefit tax to be levied, the board shall issue, in the name of the
city, at one (1) time, or from time to time as the proceeds are needed,
the bonds of the grade separation or railroad relocation and
reconstruction district not to exceed in aggregate amount the balance
of the city's portion of the total cost after deducting from the city's
portion the total amount of benefits, if any, which have been assessed
by the board and finally confirmed or adjudged against lots and parcels
of land exclusive of improvements lying within two thousand (2,000)
feet of any grade crossing eliminated or altered by the improvement, or
within two thousand (2,000) feet of any lands or rights-of-way
abandoned in whole or in part for railroad use or from which railroad
facilities are to be removed.
(b) The bonds may be issued in any denomination not exceeding one
thousand dollars ($1,000) each in not less than forty (40) nor more than
sixty (60) equal series, as the board determines, and shall be payable
one (1) series each six (6) months beginning on the first day of July of
the first year following the date of their issue. If the bond issue is
ordered in any calendar year after the date of the annual tax levy, then
the first series shall mature on the first day of July of the second year
and the balance of the bonds at the designated regular intervals. The
bonds shall be negotiable as inland bills of exchange and shall bear
interest payable on the first days of January and July of each year, the
first interest to be payable on the first maturity date of the bonds.
(c) Upon adoption of a resolution ordering bonds, the board shall
certify a copy of the resolution to the controller or clerk-treasurer of the
city in which the grade separation district is located; that officer shall
prepare the bonds, and the mayor of the city shall execute the bonds
and the city controller or clerk-treasurer shall attest the execution. The
bonds shall be exempt from taxation for all purposes. All bonds issued
by the board shall be sold by the city controller or clerk-treasurer to the
highest bidder, but not at less than par and accrued interest to date of
delivery, after giving notice of sale of the bonds by publication in
accordance with IC 5-3-1. The publication shall be made not less than
fifteen (15) days prior to the date fixed for the sale of the bonds.
(d) The bonds are not a corporate obligation or indebtedness of the
city, but constitute an indebtedness of the district as a special taxing
district, and the bonds and interest shall be payable only out of a
special tax levied upon all property of the special taxing district, as in
this chapter provided, and the bonds shall recite the terms upon their
face, together with the purposes for which they are issued.
(e) No suit to question the validity of the bonds issued for the
special taxing district, or to prevent their issue, may be maintained after
the date set for the sale of the bonds, and all bonds after that date are
incontestable for any cause.
[Pre-Local Government Recodification Citation:
19-5-14-29.]
As added by Acts 1980, P.L.8, SEC.70. Amended by Acts 1980,
P.L.73, SEC.1.