Indiana Code 8-1.5-5-21. Bonds for proposed work projects
(1) all expenses necessarily incurred for supervision and inspection during the period of construction; and
Terms Used In Indiana Code 8-1.5-5-21
- board: means the following:
Indiana Code 8-1.5-5-2
- Contract: A legal written agreement that becomes binding when signed.
- department: means the following:
Indiana Code 8-1.5-5-3
- district: means the special taxing district established by section 5 of this chapter. See Indiana Code 8-1.5-5-3.5
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(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.
As added by P.L.125-1987, SEC.1. Amended by P.L.6-1997, SEC.132; P.L.282-2003, SEC.16.