Indiana Code 36-7-29-17. Notes of indebtedness
(1) pending receipt of any grant; or
Terms Used In Indiana Code 36-7-29-17
- board: refers to the local environmental response financing board established by section 10 of this chapter. See Indiana Code 36-7-29-2
- district: refers to the special taxing district established by section 9 of this chapter. See Indiana Code 36-7-29-3
- 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.
- remedial action: has the meaning set forth in IC 13-11-2-185. See Indiana Code 36-7-29-5
- removal: has the meaning set forth in IC 13-11-2-187. See Indiana Code 36-7-29-6
- substance: has the meaning set forth in IC 13-11-2-98 for the term "hazardous substance". See Indiana Code 36-7-29-8
may borrow money from any person and evidence the debt by a note or notes executed by the chairperson of the board and the treasurer of the district. The note or notes must contain the terms and provisions prescribed by the board.
(b) An issuance of a note or notes or evidence of indebtedness under this section may be sold at a public or private negotiated sale.
(c) A note or notes issued or renewed under this section must mature not more than five (5) years from the date of issuance of the original note and must pledge for the payment of the principal and interest the proceeds of the grant or district bonds.
(d) The board shall apply the proceeds of any note or notes issued under this section to the cost of the substance removal or remedial action for which the grant is to be made or bonds issued, but no purchaser of any obligations is liable for the proper application of the proceeds.
(e) Notes issued under this section must be approved by a resolution of the board.
As added by P.L.44-1994, SEC.11.