Indiana Code 36-9-6.1-11. Costs exceeding balance in thoroughfare fund; bond issue
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Sec. 11. If a unit’s costs in acquiring property and paying benefits assessed against the unit under this chapter exceed the balance in the unit’s thoroughfare fund, the unit may issue bonds in an amount sufficient to pay all or part of those costs. The bonds must be:
(2) authorized by ordinance of the fiscal body of the unit;
(1) approved by the executive of the unit;
Terms Used In Indiana Code 36-9-6.1-11
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) issued and sold in the same form and manner, including the same interest rate and maturities, as bonds for general purposes of the unit.
As added by P.L.220-1986, SEC.30.