Sec. 17. (a) The commission may issue bonds for the purpose of construction, replacement, repair, maintenance, or improvement of flood control works within a district established under this chapter, including to reimburse a unit for expenditures made from the unit’s storm water fund prior to the bond issuance as set forth in subsection (g)(11).

     (b) The bonds are payable solely from:

(1) property tax proceeds allocated to the district’s flood control improvement fund under section 13 of this chapter;

(2) other funds available to the commission;

(3) a combination of the methods in subdivisions (1) through (2); or

(4) to the extent that the revenues under subdivisions (1) through (3) are insufficient to pay the debt service on the bonds, from any other revenues available to the unit that established the commission.

     (c) The bonds shall be authorized by a resolution of the commission.

     (d) The terms and form of the bonds shall be set out either in the resolution or in a form of trust indenture approved by the resolution.

     (e) The bonds must mature within twenty-five (25) years.

     (f) The commission shall sell the bonds at public or private sale upon such terms as determined by the commission.

     (g) All money received from any bonds issued under this chapter shall be applied solely to the payment or reimbursement of the cost of providing flood control works within the flood control improvement district for which the bonds were issued, or the cost of refunding or refinancing outstanding bonds, for which the bonds are issued. The cost may include:

(1) planning and development of flood control works and all related buildings, facilities, structures, and improvements;

(2) acquisition of a site and clearing and preparing the site for construction;

(3) equipment, facilities, structures, and improvements that are necessary or desirable to make the flood control works suitable for use and operation;

(4) architectural, engineering, consultant, and attorney‘s fees;

(5) incidental expenses in connection with the issuance and sale of bonds;

(6) reserves for principal and interest;

(7) interest during construction and for a period thereafter determined by the commission;

(8) financial advisory fees;

(9) insurance during construction;

(10) municipal bond insurance, debt service reserve insurance, letters of credit, or other credit enhancement;

(11) reimbursement to the unit that established the commission for expenditures made from the unit’s storm water fund for any or all of the purposes in subdivisions (1) through (10) prior to the bond issuance; and

(12) in the case of refunding or refinancing, payment of the principal of, redemption premiums, if any, for, and interest on, the bonds being refunded or refinanced.

As added by P.L.61-2018, SEC.1. Amended by P.L.10-2019, SEC.135.