Sec. 1. (a) The county council may, in its discretion, authorize the issuance and sale of
judgment funding bonds of the county for the purpose of procuring funds to pay any judgment taken against the county. Such bonds shall be authorized, issued and sold pursuant to statutes governing the issuance of refunding bonds of the county, and the amount thereof shall not exceed the face of the judgment or judgments being funded, plus the accrued interest thereon, together with the costs taxed by the court.
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Terms Used In Indiana Code 5-1-8-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) the city of Hobart; or
(2) the Merrillville Community School Corporation;
issued for the purpose of paying a property tax judgment rendered against Lake County for assessment year 2011, 2012, 2013, or 2014 shall be twenty-five (25) years.
[Pre-Local Government Recodification Citation: 17-1-24-27 part.]
As added by Acts 1980, P.L.8, SEC.14. Amended by P.L.236-2023, SEC.4.
