Indiana Code 36-8-19-8.7. Purchase of firefighting equipment on installment conditional sale or mortgage contract
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Sec. 8.7. After a sufficient appropriation for the purchase of firefighting apparatus and equipment, including housing, is made and is available, the participating units, with the approval of the fiscal body of each participating unit, may purchase the firefighting apparatus and equipment for the territory on an installment conditional sale or mortgage contract running for a period not exceeding:
(2) fifteen (15) years for a territory that:
(1) six (6) years; or
Terms Used In Indiana Code 36-8-19-8.7
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- participating unit: refers to a unit or fire protection district that adopts an ordinance or a resolution under section 6 of this chapter. See Indiana Code 36-8-19-2
- territory: refers to a fire protection territory established under this chapter. See Indiana Code 36-8-19-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) has a total assessed value of sixty million dollars ($60,000,000) or less, as determined by the department of local government finance; and
(B) is purchasing the firefighting equipment with funding from the:
(i) state or its instrumentalities; or
(ii) federal government or its instrumentalities.
The purchase shall be amortized in equal or approximately equal installments payable on January 1 and July 1 each year.
As added by P.L.83-1998, SEC.4. Amended by P.L.90-2002, SEC.501; P.L.178-2002, SEC.135.