Sec. 44. (a) If the board of directors of a public transportation corporation decides to issue bonds to obtain all or part of the money to be expended for the establishment and maintenance of an urban mass transportation system under this chapter, the board shall adopt an ordinance directing the issuance of the bonds. The board shall certify a copy of the ordinance to the controller of the corporation, who shall then prepare the bonds.

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Terms Used In Indiana Code 36-9-4-44

  • 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
     (b) The bonds must be executed by the chair of the board and attested by the controller of the corporation.

     (c) The controller is responsible for the sale of the bonds.

     (d) Except as otherwise provided in this section, the bonds shall be issued in the same manner as bonds for the general purposes of the municipality served by the public transportation corporation. However, the bonds may be sold to the federal government at private sale and without a public offering.

     (e) In addition to the general power to issue bonds for the establishment and maintenance of a system, the board may issue bonds specifically:

(1) for the payment of any judgment against the corporation; and

(2) to establish or maintain a program of self-insurance or mutual insurance.

[Pre-Local Government Recodification Citation: 19-5-2-26.]

As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.317, SEC.6; P.L.353-1987, SEC.2; P.L.127-2017, SEC.283.

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