Sec. 42. (a) The
board may authorize and make temporary loans in anticipation of the collection of taxes in the district actually levied and in course of collection for the
fiscal year in which the loans are made.
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Terms Used In Indiana Code 14-27-6-42
- board: refers to the board of the levee authority. See Indiana Code 14-27-6-2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(1) The total amount of the issue.
(2) The denomination of the warrant.
(3) The time and place payable.
(4) The rate of interest.
(5) The revenues in anticipation of which the warrants are issued and out of which the warrants are payable.
(6) A reference to the ordinance authorizing the warrants and the date of passage of the ordinance.
(c) The ordinance authorizing the temporary loans must appropriate and pledge sufficient of the current revenues in anticipation of which the warrants are issued and out of which the warrants are payable to the payment of the warrants. The warrants evidencing the temporary loans shall be executed, sold, and delivered in the same manner as are bonds of the authority.
[Pre-1995 Recodification Citation: 13-2-31-20.]
As added by P.L.1-1995, SEC.20.
