Sec. 39. (a) The levee superintendent shall manage and supervise the preparation, advertisement, and sale of the bonds, subject to the authorizing ordinance. Before the sale of the bonds, the superintendent shall have notice of the sale published one (1) time each week for two (2) consecutive weeks in two (2) newspapers of general circulation published in the district. The notice must state the following:

(1) The time and place where bids will be received.

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Terms Used In Indiana Code 14-27-6-39

  • board: refers to the board of the levee authority. See Indiana Code 14-27-6-2
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • levee: means any wall built along a stream to keep the stream from overflowing the banks. See Indiana Code 14-27-6-4
(2) The amount and maturity dates of the issue.

(3) The maximum interest rate.

(4) The terms and conditions of sale and delivery of the bonds.

     (b) The bonds shall be sold to the highest and best bidder. After the bonds have been properly sold and executed, the superintendent shall do the following:

(1) Deliver the bonds to the treasurer of the authority and take a receipt for the bonds.

(2) Certify to the treasurer the amount that the purchaser is to pay for the bonds, together with the name and address of the purchaser.

     (c) On payment of the purchase price the treasurer shall deliver the bonds to the purchaser, and the treasurer and superintendent shall report their actions to the board.

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

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

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