Sec. 3. Bonds may be issued by either of the following methods:

(1) Solely against the revenues expected to be produced by the operation of the district. The board may make proper contractual arrangements to pay the bonds from the net revenues produced.

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Terms Used In Indiana Code 14-33-11-3

(2) Against the real property of the district in anticipation of the collection of special benefits taxes. Bonds issued against the real property of the district may be paid in part:

(A) by revenues derived from reasonable charges for services or property produced incident to the operation of the district; or

(B) from the collection of assessments for exceptional benefits.

[Pre-1995 Recodification Citation: 13-3-3-81 part.]

As added by P.L.1-1995, SEC.26.