Indiana Code 36-9-4-10. Public acquisition of systems; declaratory resolution; creation of public transportation corporation
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Sec. 10. (a) If, as a result of its studies under section 9 of this chapter, the municipal legislative body finds that public acquisition of the system would fulfill one (1) or more of the conditions listed in section 5(a)(2) of this chapter, it may adopt an ordinance:
(2) providing for the creation of a public transportation corporation;
(1) declaring that public acquisition of the system is in the public interest of the municipality;
Terms Used In Indiana Code 36-9-4-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(3) specifying the number of directors of the corporation; and
(4) setting forth the boundaries of the taxing district of the corporation.
(b) The taxing district set forth in the ordinance may include only:
(1) all territory inside the corporate boundaries of the municipality; and
(2) the suburban territory, as defined in IC 36-9-1-9, that is served by the system at the time of acquisition.
[Pre-Local Government Recodification Citation: 19-5-2-9 part.]
As added by Acts 1981, P.L.309, SEC.77. Amended by P.L.348-1983, SEC.2.