Sec. 38. (a) The board may issue general obligation bonds of the authority for the purpose of procuring money to pay the cost of:

(1) acquiring real property or rights-of-way; or

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Terms Used In Indiana Code 14-27-6-38

  • board: refers to the board of the levee authority. See Indiana Code 14-27-6-2
  • levee: means any wall built along a stream to keep the stream from overflowing the banks. See Indiana Code 14-27-6-4
  • 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.
(2) constructing, enlarging, improving, remodeling, repairing, or equipping levees, gates, and pumping stations and sewers, ditches, and drains in connection with that construction or maintenance or other facilities;

for use as or in connection with or for administrative purposes of the levee.

     (b) The board must authorize the issuance of bonds by ordinance providing for the following:

(1) The amount, terms, and tenor of the bonds.

(2) The time and character of notice.

(3) The mode of selling the bonds.

     (c) The bonds:

(1) may bear interest at any rate;

(2) are payable in not more than twenty-five (25) years after the date of issuance; and

(3) shall be:

(A) executed in the name of the authority by the president of the board; and

(B) attested by the secretary and treasurer who shall affix to each of the bonds the official seal of the authority.

     (d) The interest coupons attached to the bonds may be executed by placing on the coupons the facsimile signature of the president of the board.

[Pre-1995 Recodification Citation: 13-2-31-19(a).]

As added by P.L.1-1995, SEC.20.

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