2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-1. Definitions

Sec. 1. The following terms as used in this chapter have the following meanings:
(1) "Governing body" means the council, commission, board of commissioners, board of directors, board of trustees, or other legislative body in which the legislative powers of the issuing body are vested.
(2) "Issuing body" means the state of Indiana, its agencies, commissions, universities, colleges, institutions, political subdivisions, counties, school corporations, hospital associations, municipal and quasi-municipal corporations, special taxing districts, and any corporation which has issued bonds payable directly or indirectly from lease rentals payable by any of the foregoing issuing bodies now or hereafter existing under the laws of the state.
(3) "Bond" means any revenue bond, general obligation bond, or advance refunding bond.
(4) "Revenue bond" means any bond, note, warrant, certificate of indebtedness, or other obligation, including a certificate or other evidence of participation in the lessor's interest in and rights under a lease, for the payment of money issued by an issuing body or any predecessor of any issuing body which is payable from designated revenues, rental payments, special benefits, taxes, or a special fund but excluding any obligation constituting an indebtedness within the meaning of the constitutional debt limitation and any obligation payable solely from special assessments or special assessments and a guaranty fund.
(5) "General obligation bond" means any bond, note, warrant, certificate of indebtedness, or other obligation of an issuing body which constitutes an indebtedness within the meaning of the constitutional debt limitation.
(6) "Advance refunding bonds" means bonds issued for the purpose of refunding bonds first subject to redemption or maturing after the date of the advance refunding bonds.
(7) "Ordinance" means an ordinance of a city or town or resolution or other instrument by which the governing body of the issuing body exercising any power under this chapter takes formal action and adopts legislative provisions and matters of some permanency.
(8) "Corporation which has issued bonds" means a corporation organized under IC 20-47-2 or IC 20-47-3, the laws of any state of the United States of America or of the United States of America, including any bank, trust company, or national association serving as a trustee under an indenture providing for issuance of bonds.
(9) "Local issuing body" means an issuing body that is:
(A) a political subdivision (as defined in IC 36-1-2-13);
(B) a district (as defined in IC 6-1.1-21.2-5); or
(C) a corporation or other entity that:
(i) is not a body corporate and politic established as an instrumentality of the state; and
(ii) has issued bonds that are payable directly or indirectly from lease rentals payable by a political subdivision or district described in clause (A) or (B).
(10) "Special benefit taxes" means a special tax levied and collected on an ad valorem basis on property for the purpose of financing local public improvements that:
(A) are not political or governmental in nature; and
(B) are of special benefit to the residents and property of the area.
(11) "Tax increment revenues" means an allocation of:
(A) ad valorem property taxes;
(B) state or local adjusted gross income taxes; or
(C) state or local gross retail and use taxes;
to a redevelopment district that is based on an increase in the assessed value, wages, sales, or other economic activity occurring in a designated area. The term includes allocations described in IC 5-28-26-9, IC 6-1.1-21.2-10, IC 36-7-26-10, IC 36-7-27-8, IC 36-7-31-6, and IC 36-7-31.3-4.
(12) "Redevelopment district" refers to the following:
(A) An airport development zone under IC 8-22-3.5.
(B) A redevelopment district established under:
(i) IC 36-7-14; or
(ii) IC 36-7-15.1.
(C) A special taxing district described in:
(i) IC 36-7-14.5-12.5(d); or
(ii) IC 36-7-30-3(b).
(D) Another public entity to which tax increment revenues are allocated.
(13) Words used in this chapter importing singular or plural number may be construed so that one (1) number includes both.
Formerly: Acts 1973, P.L.28, SEC.1; Acts 1975, P.L.36, SEC.1. As amended by P.L.2-2006, SEC.8; P.L.146-2008, SEC.23; P.L.136-2018, SEC.19.