Sec. 17. (a) The unit may issue revenue bonds to provide all or part of the money necessary to pay the costs of facilities acquired or constructed under this chapter. The bonds, which are payable solely from the fund established under section 18 of this chapter, must be authorized by an ordinance of the fiscal body of the unit, setting forth the terms and conditions of the bonds.

     (b) The bonds may bear interest at any rate determined by the ordinance, payable semiannually, and mature serially, either annually or semiannually and beginning at the time and extending over the period of years determined by the ordinance.

     (c) The ordinance may include the terms and conditions considered necessary and proper to protect the bondholders.

     (d) The bonds shall be issued in the name of the unit, but they are not a corporate indebtedness of the unit. The bonds must contain a statement on their face that the unit is not obligated to pay them or the interest on them, except from the fund established under section 18 of this chapter.

     (e) The bonds are negotiable instruments.

     (f) The bonds and the interest on them are exempt from all state, county, and municipal taxation.

     (g) The bonds shall be executed in the same manner as other bonds issued by the unit are executed, and shall be sold in accordance with IC 5-1-11 or at a negotiated sale.

     (h) Bonds issued by a lessor corporation under this chapter shall be sold in accordance with IC 5-1-11 or at a negotiated sale.

[Pre-Local Government Recodification Citations: 19-2-1-12 part; 19-2-1-13 part; 19-2-1-17 part.]

As added by Acts 1981, P.L.309, SEC.106. Amended by P.L.35-1990, SEC.71.