reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-3. Execution of Contract; Procedure

Sec. 3. All contracts so entered into shall be executed in duplicate and one (1) copy thereof shall be kept by the county auditor and one (1) copy shall be delivered to the owner of such bond. At the time of the execution of such contract, the county auditor shall register all such matured bonds as may be presented for redemption, and all such redemption bonds which are issued to redeem such matured bonds and which are merged in any contract entered into in accordance with the provisions of this chapter, in a record kept in the county auditor's office for that purpose, showing the name and address of the owner of the matured and redemption bond, the amount thereof, the rate of interest, the number of the bond or other identification mark and the amount of the annual payment, including both the partial payment on the principal sum of the redemption bond and the interest which will fall due and be payable on each of the ten (10) dates, respectively, when the county has obligated itself to make such payment, and appropriate entries shall be made in such record as the payments on such redemption bond, principal and interest, are made.
[Pre-Local Government Recodification Citation: 17-3-82-3.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-4. Calculation of Tax Levy Necessary to Make Payments on Principal and Interest on Redemption Bonds; Submission to County Council

Sec. 4. At the time when the annual estimates are made for the county budget, the county auditor shall calculate the amount of the tax levy which will be necessary to make the payments on the principal and interest on such redemption bonds during the ensuing fiscal year of the county and shall submit his calculation, together with a detailed statement of all bonds outstanding and payable under the provisions of this chapter, to the county council at its annual meeting, and the county council shall levy the amount found to be necessary to make such payments as they fall due during the ensuing fiscal year.
[Pre-Local Government Recodification Citation: 17-3-82-4.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-5. "Bond Owner" or "Bondholder" Defined

Sec. 5. The term "bond owner" or "bondholder" shall be construed to mean the person who owns the bond at the time of the execution of such contract and the provisions of such contract shall inure to and be binding upon any subsequent grantee, executor, administrator, heir, devisee, trustee, receiver or assign of such matured and/or redemption bond owner or bondholder.
[Pre-Local Government Recodification Citation: 17-3-82-5.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-6. Validity or Priority of Lien of Bond Against Taxable Property

Sec. 6. Neither the provisions of this chapter nor any contract executed under this chapter shall release, waive, or destroy the validity or priority of any lien of any such bond against the taxable property of such county or any taxing district coterminous with such county, or any taxing district coterminous with any civil township of such county.
[Pre-Local Government Recodification Citation: 17-3-82-6.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-7. "Bond" and "Bond Fund" Defined

Sec. 7. The term "bond" as used in this chapter shall mean and include any bond issued by and which is an obligation of the county in its civil capacity; and any so-called county unit road bond which has been issued by the board of commissioners and is an obligation of the taxing district which is coterminous with the county; and any so-called gravel road bond which has been issued by the board of commissioners and is an obligation of the taxing district which is coterminous with any civil township. The term "bond fund" means any fund from which any of such bonds so issued or the interest thereon is paid.
[Pre-Local Government Recodification Citation: 17-3-82-7.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 8. Judgment Funding Bonds of Counties › 5-1-8-1. Issuance and Sale of Judgment Funding Bonds; Purpose; Authority; Restrictions

Sec. 1. (a) The county council may, in its discretion, authorize the issuance and sale of judgment funding bonds of the county for the purpose of procuring funds to pay any judgment taken against the county. Such bonds shall be authorized, issued and sold pursuant to statutes governing the issuance of refunding bonds of the county, and the amount thereof shall not exceed the face of the judgment or judgments being funded, plus the accrued interest thereon, together with the costs taxed by the court.
(b) The term of any judgment funding bond under subsection (a) with regard to either:
(1) the city of Hobart; or
(2) the Merrillville Community School Corporation;
issued for the purpose of paying a property tax judgment rendered against Lake County for assessment year 2011, 2012, 2013, or 2014 shall be twenty-five (25) years.
[Pre-Local Government Recodification Citation: 17-1-24-27 part.]
As added by Acts 1980, P.L.8, SEC.14. Amended by P.L.236-2023, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 9. Refunding Bonds of Cities and Towns › 5-1-9-1. Issuance; Purpose; Restrictions

Sec. 1. Any city or town whose indebtedness is evidenced by bonds, notes, judgments, or other obligations issued, rendered, or negotiated by the city or town, may, for the purpose of funding or refunding the indebtedness, or any part thereof, reducing the rate of interest thereon, extending the time of payment and cancelling so much thereof as may be or become due, by the vote of two-thirds (2/3) of the members of the fiscal body of the city or town, issue its bonds, for an amount not exceeding in the aggregate the whole amount of the indebtedness of the city or town.
[Pre-Local Government Recodification Citation: 18-1-19-1 part.]
As added by Acts 1980, P.L.8, SEC.15. Amended by P.L.8-1989, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 10. Funding and Refunding Bonds of Townships › 5-1-10-1. Issuance; Purpose; Restrictions

Sec. 1. Any civil township in the state whose indebtedness is evidenced by bonds, notes, judgments, or other obligations issued or negotiated by such township, or rendered against such township, may for the purpose of funding or refunding such indebtedness, or any part thereof, reducing the rate of interest thereon, extending the time of payment and canceling so much thereof as may be or become due, by the vote of two-thirds (2/3) of the members of the township board, and with the approval of the township trustee, issue its bonds, with interest coupons attached, for an amount not exceeding in the aggregate the whole amount of the indebtedness of such township.
[Pre-Local Government Recodification Citation: 17-4-30-1 part.]
As added by Acts 1980, P.L.8, SEC.17. Amended by P.L.8-1987, SEC.6; P.L.233-2015, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-1. Public Sale; Negotiated Sale; "Bonds"; Sale to Federal Government

Sec. 1. (a) Except as otherwise provided in this chapter or in the statute authorizing their issuance, all bonds issued by or in the name of counties, townships, cities, towns, school corporations, and special taxing districts, agencies or instrumentalities thereof, or by entities required to sell bonds pursuant to this chapter, whether the bonds are general obligations or issued in anticipation of the collection of special taxes or are payable out of revenues, may be sold:
(1) at a public sale; or
(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2025, in the case of:
(A) counties;
(B) townships;
(C) cities;
(D) towns;
(E) taxing districts;
(F) special taxing districts; and
(G) school corporations.
(b) The word "bonds" as used in this chapter means any obligations issued by or in the name of any of the political subdivisions or bodies referred to in subsection (a), except obligations payable in the year in which they are issued, obligations issued in anticipation of the collection of delinquent taxes, and obligations issued in anticipation of the collection of frozen bank deposits.
(c) Notwithstanding any of the provisions of subsection (a) or any of the provisions of section 2 of this chapter, any bonds may be sold to the federal government or any agency thereof, at private sale and without a public offering.
[Pre-Local Government Recodification Citation: 19-8-5-1.]
As added by Acts 1980, P.L.8, SEC.19. Amended by P.L.44-1983, SEC.3; P.L.23-1984, SEC.3; P.L.125-2018, SEC.1; P.L.38-2021, SEC.1; P.L.236-2023, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-2. Publication of Notice of Sale; Publication of Notice of Intent to Sell

Sec. 2. (a) Notice of sale of bonds sold at public sale under section 1 of this chapter shall be published in accordance with the provisions of this chapter and either IC 5-3-1 or subsection (b).
(b) If a political subdivision or body referred to in section 1 of this chapter determines to sell bonds under this subsection, notice of intent to sell such bonds shall be published once each week for two (2) weeks in accordance with IC 5-3-1-4 and in a newspaper of general circulation published in the state capital. The notice must state that any person interested in submitting a bid for the bonds may furnish in writing to the official of the political subdivision or body responsible for their sale, at the address set forth in the notice, the person's name, address, and telephone number. The person may also furnish a telex number. The notice of intent to sell bonds must state:
(1) the amount of the bonds to be offered;
(2) the denominations;
(3) the dates of maturity;
(4) the maximum rate or rates of interest;
(5) the place of sale; and
(6) the time within which the name, address, and telephone number must be furnished, which must not be less than seven (7) days after the last publication of the notice of intent to sell.
The official of the political subdivision or body responsible for the bond sale shall notify each person so registered of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Bids may not be received more than ninety (90) days after the first publication of the notice of intent to sell.
(c) This chapter does not prevent the sale of bonds under the provisions of any statute inconsistent with this chapter so long as the procedures required for the sale in that statute are complied with, but if notice of that sale must be published, the notice shall be published in accordance with IC 5-3-1.
[Pre-Local Government Recodification Citation: 19-8-5-2 part.]
As added by Acts 1980, P.L.8, SEC.19. Amended by Acts 1981, P.L.45, SEC.4; P.L.44-1983, SEC.4; P.L.23-1984, SEC.4; P.L.125-2018, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-3. Maximum Interest Rate to Be Fixed; Notice of Intent to Sell; Bidding Awards; Continuation of Sale; Price of Bonds; Action to Contest Validity

Sec. 3. (a) In authorizing and advertising such bonds for sale only a maximum interest rate shall be fixed, not exceeding the maximum rate provided for in the governing statute or bond ordinance or resolution of the issuing political subdivision or body. Bidders for such bonds shall be required to bid on the interest rate or rates which the bonds shall bear.
(b) The notice of intent to sell the bonds required under section 2 of this chapter must:
(1) specify the principal amount of bonds maturing on each maturity date or mandatory sinking fund redemption date; or
(2) state that the principal maturity schedule or mandatory sinking fund redemption schedule will be provided at least twenty-four (24) hours before the scheduled time of sale upon request by bidders.
(c) The bonds shall be awarded to the bidder offering the lowest interest cost to be determined by computing the total interest on all bonds from the date thereof to the date of maturity and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. If no acceptable bid is received at the time fixed for sale of the bonds, then the sale may be continued from day to day for a period not to exceed thirty (30) days without readvertising. During the continuation of the sale, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale in the bond sale notice. The acceptability of a bid is within the sole discretion of the political subdivision or body referred to in section 1(a) that is issuing the bonds.
(d) Any bonds sold at public sale under this chapter may be sold, notwithstanding the provisions of any other law, at a price or prices determined by the officer or body authorized by law to issue or sell bonds, but not for less than ninety-seven percent (97%) of their par value.
(e) An action to contest the validity of any bonds sold under this chapter may not be brought after the fifteenth day following the first publication of notice of the sale of the bonds. An action to contest the validity of any bond sale under this chapter may not be brought after the fifth day following the bond sale.
[Pre-Local Government Recodification Citation: 19-8-5-3 part.]
As added by Acts 1980, P.L.8, SEC.19. Amended by P.L.44-1983, SEC.5; P.L.23-1984, SEC.5; P.L.35-1990, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-4. Prohibitions; Advantage in Bidding; Payment Before Delivery; Technical Services

Sec. 4. (a) It shall be unlawful for any officer or body authorized by law to issue or sell bonds to enter into a contract or agreement prior to the award of such bonds with any person, limited liability company, firm, or corporation, directly or indirectly interested in bidding on or purchasing such bonds, for the furnishing of legal, engineering, or other technical services, or for the furnishing of printed bond forms or any other contract or agreement which will give to any person, firm, limited liability company, or corporation an advantage in bidding on or purchasing such bonds or controlling the sale thereof. Any funds expended on account of any such contract or agreement shall be chargeable to the officer or officers authorizing or making such expenditure.
(b) It shall be unlawful for any officer or body authorized to issue or sell bonds to require the successful bidder therefor to pay for such bonds prior to the time that such bonds are delivered, or prior to the time that the successful bidder shall have had reasonable opportunity to examine such bonds and the proceedings had relative to the authorization, issuance and sale of the same. Nothing in this chapter, however, shall prevent any county, township, city, town, school corporation or special taxing district from employing or contracting for legal, engineering or other technical services, prior to the sale of any such bonds, provided that such services are not to be supplied by or through a person, firm, limited liability company, or corporation directly or indirectly interested in bidding on or purchasing such bonds.
[Pre-Local Government Recodification Citation: 19-8-5-4 part.]
As added by Acts 1980, P.L.8, SEC.19. Amended by P.L.8-1993, SEC.47.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-5. Transcript of Proceedings Relative to Issuance of Bonds to Be Furnished to Purchaser

Sec. 5. Whenever any bonds are sold, there shall be furnished to the purchaser thereof a transcript of the proceedings had and actions taken relative to the authorization, issuance, and sale of such bonds, certified by the person or persons charged with recording the minutes or keeping the records of the body or bodies having to do with the authorization and issuance of such bonds. In cases where such transcripts relate to the issuance of general obligation bonds, or bonds payable in anticipation of the collection of special taxes, such transcripts shall also have attached thereto the certificate of the proper officers showing the assessed valuation of taxable property in and outstanding indebtedness of the issuing unit and other pertinent details bearing on the validity of said bonds. Such transcripts and the certificates attached thereto shall import verity and shall be accepted in evidence in any legal proceedings relating to or affecting said bonds.
[Pre-Local Government Recodification Citation: 19-8-5-5.]
As added by Acts 1980, P.L.8, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-6. Other Statutory Authorization to Issue and Exchange Bonds for Refunding or Redeeming Outstanding Bonds

Sec. 6. (a) In cases where other statutes authorize the issuance and exchange of new bonds for the purpose of refunding or redeeming outstanding bonds for the payment of which no funds are available, it shall be the duty of the officers charged with issuance and exchange of the new bonds to cause the bonds to be offered:
(1) at a public sale as provided in this chapter; or
(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2025, in the case of:
(A) counties;
(B) townships;
(C) cities;
(D) towns;
(E) taxing districts;
(F) special taxing districts; and
(G) school corporations.
(b) In cases where it is necessary to provide for the refunding of bonds or interest coupons maturing at various times over a period not exceeding six (6) months, the bodies and officials charged with the duty of issuing and selling the refunding bonds may, for the purpose of reducing the cost of issuance of the bonds, issue and sell one (1) issue of bonds in an amount sufficient to provide for the refunding of all of the bonds and interest coupons required to be refunded during the six (6) month period.
[Pre-Local Government Recodification Citation: 19-8-5-6 part.]
As added by Acts 1980, P.L.8, SEC.19. Amended by P.L.125-2018, SEC.3; P.L.38-2021, SEC.2; P.L.236-2023, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11. Procedures for Selling Bonds › 5-1-11-7. Restrictions on Powers

Sec. 7. Nothing in this chapter contained shall be so construed as to enlarge the powers of counties, townships, cities, towns, school corporations, and special taxing districts, or agencies or instrumentalities thereof to issue bonds.
[Pre-Local Government Recodification Citation: 19-8-5-7.]
As added by Acts 1980, P.L.8, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11.5. Additional Requirements for the Issuance of Bonds › 5-1-11.5-1. "Adm"

Sec. 1. As used in this chapter, "ADM" has the meaning set forth in IC 20-18-2-2.
As added by P.L.244-2017, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11.5. Additional Requirements for the Issuance of Bonds › 5-1-11.5-2. "Bonds"

Sec. 2. As used in this chapter, "bonds" means any bonds, notes, or other evidences of indebtedness, whether payable from property taxes, other taxes, revenues, fees, or any other source. However, the term does not include notes, warrants, or other evidences of indebtedness that have a maturity of not more than five (5) years and that are made in anticipation of and to be paid from revenues of the school corporation, county, or municipality.
As added by P.L.244-2017, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11.5. Additional Requirements for the Issuance of Bonds › 5-1-11.5-3. Application to Certain School Corporations

Sec. 3. This section applies only to a school corporation that has an ADM of more than fifteen thousand (15,000) for the school corporation's most recent fall count. Notwithstanding any other law, a school corporation subject to this section may not issue bonds after August 15, 2020, unless the school corporation has for its preceding budget year prepared an annual financial report using the modified accrual basis of accounting in accordance with generally accepted accounting principles. However, upon request of a school corporation to the state examiner, the state examiner may waive the requirement under this section if the state examiner determines that a waiver is in the best interest of the school corporation.
As added by P.L.244-2017, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 11.5. Additional Requirements for the Issuance of Bonds › 5-1-11.5-4. Application to Certain Counties and Municipalities

Sec. 4. This section applies only to the following:
(1) A county that has a population of more than one hundred thousand (100,000).
(2) A municipality that has a population of more than seventy-five thousand (75,000).
Notwithstanding any other law, a county or municipality subject to this section may not issue bonds after June 30, 2020, unless the county or municipality has for its preceding budget year prepared an annual financial report using the modified accrual basis of accounting in accordance with generally accepted accounting principles. However, upon request of a county or municipality to the state examiner, the state examiner may waive the requirement under this section if the state examiner determines that a waiver is in the best interest of the county or municipality.
As added by P.L.244-2017, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 12. Payment of Bond Premiums › 5-1-12-1. "Municipal Corporation" Defined

Sec. 1. The term "municipal corporation" means a county, township, city, town, or school corporation.
[Pre-Local Government Recodification Citation: 19-8-8-2.]
As added by Acts 1980, P.L.8, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 12. Payment of Bond Premiums › 5-1-12-2. Premiums on Bid Prices to Constitute Part of Fund to Retire Bond and Pay Interest Thereon

Sec. 2. Whenever any bonds are sold by any municipal corporation and when the successful bidder agrees to pay and does pay any premium as a part of the bid price of such bonds, any and all premiums so received shall be paid into and shall constitute a part of the fund which is created to retire such bonds and to pay the interest thereon.
[Pre-Local Government Recodification Citation: 19-8-8-1.]
As added by Acts 1980, P.L.8, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 13. Disposition of Surplus Bond Proceeds › 5-1-13-1. Definitions

Sec. 1. The definitions in this section apply throughout this chapter:
(1) "Bonds" has the same definition that the term is given in IC 5-1-11-1.
(2) "Local issuing body" has the meaning set forth in IC 5-1-5-1.
(3) "Political subdivision" has the same definition that the term is given in IC 36-1-2-13.
(4) "Special benefit taxes" has the meaning set forth in IC 5-1-5-1.
(5) "Tax increment revenues" has the meaning set forth in IC 5-1-5-1.
[Pre-Local Government Recodification Citation: 19-8-6-2.]
As added by Acts 1980, P.L.8, SEC.23. Amended by P.L.24-1984, SEC.1; P.L.146-2008, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 13. Disposition of Surplus Bond Proceeds › 5-1-13-2. Use of Surplus Proceeds

Sec. 2. (a) Notwithstanding any other law, whenever:
(1) bonds are issued by any local issuing body in the state of Indiana for any lawful purpose or project;
(2) the purpose or project for which the bonds were issued has been accomplished or abandoned; and
(3) a surplus remains from the proceeds of the bonds or investment earnings derived from the proceeds of those bonds;
the local issuing body may use the surplus only in the manner prescribed by subsection (b), (c), or (d).
(b) The legislative body or other governing body of any such local issuing body may by an order, ordinance, or resolution entered of record direct the disbursing officer of such local issuing body to transfer the surplus bond proceeds or investment earnings to the fund of the local issuing body pledged to the payment of principal and interest on those bonds, and upon such order, ordinance, or resolution being made, the disbursing officer shall make such transfer. Thereafter such funds transferred shall be used for the payment of the bonds to which the surplus bond proceeds or investment earnings are attributable or interest due for such bonds.
(c) Surplus bond proceeds or investment earnings may be used by a local issuing body for the following purposes:
(1) To maintain a debt service reserve fund for the bonds to which the surplus bond proceeds or investment earnings are attributable, at the level required under the terms of the bonds, if the local issuing body adopts an ordinance, resolution, or order authorizing that use of the proceeds or earnings.
(2) To pay the principal or interest, or both, on any other bonds of the local issuing body, if the local issuing body adopts an ordinance, a resolution, or an order authorizing the use of the surplus proceeds to pay principal or interest on the bonds.
(3) To reduce the rate or amount of ad valorem property taxes, special benefit taxes on property, or tax increment revenues imposed by or allocated to the local issuing body.
(d) This section applies to bonds that are not payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes. Surplus bond proceeds or investment earnings may be used by a local issuing body for the same purpose or type of project for which the bonds were originally issued, if:
(1) the fiscal officer of the local issuing body certifies before or at the time of that use that the surplus was not anticipated at the time of issuance of the bonds; and
(2) the board or legislative body responsible for issuing the bonds takes action approving the use of surplus bond proceeds or investment earnings for the same purpose or type of project for which the bonds were originally issued.
[Pre-Local Government Recodification Citation: 19-8-6-1.]
As added by Acts 1980, P.L.8, SEC.23. Amended by P.L.24-1984, SEC.2; P.L.37-1988, SEC.1; P.L.2-1989, SEC.3; P.L.146-2008, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 13. Disposition of Surplus Bond Proceeds › 5-1-13-3. Income From Investment of Proceeds of Sale of Bonds; Application

Sec. 3. Notwithstanding any other law, income from the investment of proceeds of the sale of bonds issued by any political subdivision that are payable from property taxes shall be applied to the improvement or the public purpose for which the bonds were issued or shall be used to pay interest on the bonds and in no event may such income be used for any other purpose except as provided in section 2 of this chapter.
As added by P.L.24-1984, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-1. Bonds, Notes, or Warrants Not Subject to Maximum Interest Rate Limitations

Sec. 1. (a) Any bonds, notes, or warrants, whether payable from property taxes, revenues, or any other source, are not subject to the maximum interest rate limitations contained in any law enacted before December 31, 1982, if they are issued by or in the name of any entity named in IC 5-1-1-1.
(b) After July 1, 1979, any bond, coupon, certificate of indebtedness, or installment payment payable by a city, town, or property holder for public improvements under the Barrett Law is not subject to any maximum interest rate limitation. This subsection does not apply to interest rates or penalties on delinquencies provided under the Barrett Law.
(c) This section does not limit an interest rate review conducted by the department of local government finance under IC 6-1.1-20-7.
[Pre-Local Government Recodification Citation: 6-1.1-20-8.]
As added by Acts 1980, P.L.8, SEC.25. Amended by P.L.44-1983, SEC.6; P.L.90-2002, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-1.2. Issuer Defined

Sec. 1.2. As used in this chapter, "issuer" means any issuer of obligations that is referred to in IC 5-1-1-1(b).
As added by P.L.37-1988, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-1.3. Definitions

Sec. 1.3. The following definitions apply throughout this chapter:
(1) "Local issuing body" has the meaning set forth in IC 5-1-5-1.
(2) "Special benefit taxes" has the meaning set forth in IC 5-1-5-1.
(3) "Swap agreement" has the meaning set forth in IC 8-9.5-9-4, except that the term includes a swap agreement entered into by an issuing body (as defined in section 17.2(b) of this chapter) only if any part of the payments owed by the issuing body under the agreement, including any termination or settlement payments, is payable out of:
(A) tax revenues; or
(B) a special assessment.
(4) "Tax increment revenues" has the meaning set forth in IC 5-1-5-1.
As added by P.L.146-2008, SEC.28. Amended by P.L.218-2011, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-1.5. Obligations Defined

Sec. 1.5. As used in this chapter, "obligations" has the meaning set forth in IC 5-1-3-1(2).
As added by P.L.37-1988, SEC.3. Amended by P.L.88-2021, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-2. Provisions for Payment of Bonds, Notes, or Warrants Before Maturity Date

Sec. 2. Any bonds, notes, or warrants, whether payable from property taxes, revenues, or any other source, issued by an entity enumerated in section 1(a) of this chapter may provide that the bonds, notes, or warrants may be payable before maturity from available funds and with such premiums as are set forth in the bonds, notes, or warrants. In addition, the bonds, notes, or warrants may provide that they may be registered as to principal or interest, or both, at the option of the holder, and upon such terms and conditions as are set forth in the bonds, notes, or warrants.
[Pre-Local Government Recodification Citation: 6-1.1-20-8.5.]
As added by Acts 1980, P.L.8, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-3. Maintenance of Federal Tax Exclusion From Gross Income for Interest on Bonds

Sec. 3. Notwithstanding any other law, any issuer may take any reasonable and necessary action to establish or maintain the exclusion from gross income for interest on obligations of the issuer under federal law. These actions may include, without limitation:
(1) filing information reports with the federal government;
(2) rebating money derived from bond proceeds or money treated as bond proceeds under federal law, or earnings thereon, to the federal government;
(3) restricting the yield on money or earnings described in subdivision (2) to the yield on bonds of the issuer;
(4) investing money or earnings described in subdivision (2) in obligations of issuers that bear interest that is excludable from gross income under federal law;
(5) issuing obligations in an amount sufficient to serve the public purpose of the financing without considering earnings thereon;
(6) qualifying obligations under any volume cap or electing any carryforward of unused volume cap;
(7) designating, through its legislative body or any board responsible for issuing obligations as long as the obligations are executed by the executive of the issuer, obligations to qualify for any exemption from the loss of any deduction for interest incurred by any financial institution to carry tax exempt obligations or for any exemption from federal arbitrage rebate requirements; and
(8) complying with limitations imposed by federal law on the issuance of tax exempt bonds under IC 36-7-14, IC 36-7-14.5, IC 36-7-15.1, or IC 36-7-15.3, including, without limitation:
(A) designation of redevelopment project areas by a legislative body (as defined in IC 36-1-2-9) having jurisdiction over the area;
(B) considering any factors required by federal law in determining whether an area meets the criteria for designation as a redevelopment project area; and
(C) limiting the use of property in a redevelopment project area.
As added by P.L.27-1986, SEC.1. Amended by P.L.37-1988, SEC.4; P.L.2-1989, SEC.4; P.L.185-2005, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-4. Pledge Made by Issuer Binding; Lien

Sec. 4. (a) Notwithstanding any other law, a pledge of revenues or other money, or property made by any issuer is binding from the time the pledge is made. Revenues or other money, or property pledged and thereafter received by the issuer are immediately subject to the lien of the pledge without any further act, and the lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the issuer, regardless of whether the parties have notice of any lien. No resolution, ordinance, indenture, or any other instrument by which a pledge is created needs to be filed or recorded except in the records of the issuer.
(b) Notwithstanding any other law, an issuer may pledge any revenues or other money or pledge or mortgage property to pay debt service on or secure any obligations or any lease rental or contractual payments, if:
(1) the issuer has the necessary statutory authority to issue obligations, pay lease rentals, or make contractual payments for any project or purpose for which the pledge or mortgage is made;
(2) the revenues, money, or property is legally available, under federal, state, and local laws, to pay or secure debt service, lease rentals, or contractual payments; and
(3) the pledge or mortgage does not purport to create an obligation in violation of any statutory or constitutional limitation to which the issuer is subject.
As added by P.L.27-1986, SEC.2. Amended by P.L.37-1988, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-5. Bond Anticipation Notes; Issuance

Sec. 5. Notwithstanding any other law, any city, town, county, school corporation, or regional district organized under IC 13-26 or IC 13-3-2 (before its repeal) that has complied with all statutory requirements for the issuance of its bonds, other than IC 5-1-11 or any public sale statute, may, in lieu of issuing bonds at that time and without the need for complying with any other law applicable to the issuance of bonds, notes, or other evidences of indebtedness, issue its notes in anticipation of the issuance of bonds to a financial institution. However, if the amount of the notes is at least one million dollars ($1,000,000), the notes may be issued to any purchaser. The bond anticipation notes may be issued on terms set forth in a resolution or ordinance authorizing their issuance and in any amount equal to or less than the amount of bonds authorized to be issued. The city, town, county, school corporation, or district may renew or extend the bond anticipation notes from time to time on terms agreed to with the financial institution or other purchaser. The amount of the accrued interest on the date of renewal or extension of the bond anticipation notes may be paid or added to the principal amount of the bond anticipation notes being renewed or extended as long as the aggregate principal amount of bond anticipation notes outstanding at any time does not exceed the maximum principal amount permitted by this section. The bond anticipation notes, including any renewals or extensions, must mature in the amounts and at the times (not exceeding five (5) years from the date of the original issuance of the bond anticipation notes) agreed to by the city, town, county, school corporation, or district and the financial institution or other purchaser. The bond anticipation notes must be finally paid, and interest on the bond anticipation notes may be finally paid, with the proceeds of the bonds issued by the city, town, county, school corporation, or district. In connection with the issuance of bonds, part or all of the proceeds of which will be used to retire the bond anticipation notes, it is not necessary for the city, town, county, school corporation, or district to repeat the procedures for the issuance of bonds, as the procedures followed before the issuance of the bond anticipation notes are for all purposes sufficient to authorize the issuance of the bonds.
As added by P.L.44-1987, SEC.4. Amended by P.L.2-1989, SEC.5; P.L.35-1990, SEC.2; P.L.1-1996, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-6. Use of Proceeds for Costs of Issuance of Obligation, Funding Debt Services Reserves, or Payment of Interest; Reimbursements

Sec. 6. (a) Notwithstanding any other law, an issuer may use proceeds of its obligations to pay the reasonable cost of issuance of the obligations or to fund reasonably required debt service reserves to secure the payment of the obligations.
(b) Notwithstanding any other law, an issuer may use proceeds of the issuer's obligations to pay interest on the obligations for:
(1) a period not to exceed two (2) years from the date of issuance of the obligations; or
(2) any longer period that is permitted by any other statute.
(c) Notwithstanding any other law, an issuer may reimburse itself for preliminary costs incurred in financing any project or purpose from proceeds of the obligations when issued.
As added by P.L.37-1988, SEC.6. Amended by P.L.35-1990, SEC.3; P.L.24-1995, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-7. Application of Section; Stadium; Lease Rental Tax

Sec. 7. (a) This section applies to:
(1) each county having a population of more than one hundred eighty thousand (180,000) and less than one hundred eighty-five thousand (185,000); and
(2) each second class city located in a county described in subdivision (1).
(b) As used in this section, "stadium" means a structure used for athletic, recreational, cultural, and community events.
(c) Notwithstanding any other law, a stadium constitutes a:
(1) government building under IC 36-9-13;
(2) structure under IC 36-1-10;
(3) park purpose under IC 36-10-1;
(4) park improvement under IC 36-10-4; and
(5) redevelopment project or purpose under IC 36-7-14.
(d) Notwithstanding any other law, a legislative body of a city may levy a tax in the park district established under IC 36-10-4 to pay lease rentals to a lessor of a stadium under IC 36-1-10 or IC 36-9-13.
As added by P.L.38-1988, SEC.1. Amended by P.L.12-1992, SEC.14; P.L.170-2002, SEC.12; P.L.119-2012, SEC.11; P.L.104-2022, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-8. Money Withheld by Auditor as Not Creating Debt for Constitutional Purposes

Sec. 8. If a statute provides that amounts due under a loan to a political subdivision (as defined in IC 36-1-2) or a local public improvement bond bank shall or may be withheld by the auditor of state from other money payable to the political subdivision or bond bank upon failure to make repayment of the loan, the requirement or permission to withhold amounts due under the loan does not create a debt of the political subdivision for purposes of the Constitution of the State of Indiana.
As added by P.L.2-1989, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-9. Rights of Owners of Obligations Not to Be Impaired

Sec. 9. (a) The general assembly covenants that it will not adopt, amend, or repeal a statute in a way that impairs the rights and remedies of the owners of obligations, until the obligations, interest on the obligations, interest on an unpaid installment of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of the owners are fully paid and discharged.
(b) An agency (as defined in IC 4-22-2-3) may not adopt, amend, or repeal a rule under IC 4-22-2 in a way that impairs the rights and remedies of the owners of obligations, until the obligations, interest on the obligations, interest on an unpaid installment of interest, and all costs and expenses in connection with an action or proceedings by or on behalf of the owners are fully paid and discharged.
As added by P.L.2-1989, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-10. Maximum Term or Repayment Period of Obligations; Continuation of Payments

Sec. 10. (a) If an issuer has issued obligations under a statute that establishes a maximum term or repayment period for the obligations, notwithstanding that statute, the issuer may continue to make payments of principal, interest, or both, on the obligations after the expiration of the term or period if principal or interest owed to owners of the obligations remains unpaid.
(b) This section does not authorize the use of revenues or funds to make payments of principal and interest other than those revenues or funds that were pledged for the payments before the expiration of the term or period.
(c) Except as otherwise provided by this section, IC 5-1-5-2.5, IC 5-1-8-1(b), IC 16-22-8-43, IC 36-7-12-27, IC 36-7-14-25.1, or IC 36-9-13-30 (but only with respect to any bonds issued under IC 36-9-13-30 that are secured by a lease entered into by a political subdivision organized and existing under IC 16-22-8), the maximum term or repayment period for obligations issued after June 30, 2008, that are wholly or partially payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes may not exceed:
(1) the maximum applicable period under federal law, for obligations that are issued to evidence loans made or guaranteed by the federal government or a federal agency;
(2) twenty-five (25) years, for obligations that are wholly or partially payable from tax increment revenues derived from property taxes; or
(3) twenty (20) years, for obligations that are not described in subdivision (1) or (2), and are wholly or partially payable from ad valorem property taxes or special benefit taxes on property.
As added by P.L.2-1989, SEC.8. Amended by P.L.146-2008, SEC.29; P.L.182-2009(ss), SEC.63; P.L.229-2011, SEC.66; P.L.236-2023, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-11. Payment of Fees and Charges Authorized

Sec. 11. If an issuer is authorized by statute to issue obligations and to make payments of principal and interest to owners of those obligations from any source, the issuer is authorized to pay fees and charges associated with the issuance of the obligations from that source, including the payment of fees and charges associated with obtaining and enforcing credit enhancement for the obligations.
As added by P.L.2-1989, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-12. Refunding Obligations

Sec. 12. Notwithstanding any other law, if an agency, an authority, a board, a department, or a commission of a unit (as defined in IC 36-1-2) is authorized to issue obligations in the name of the unit for any purpose for which any other agency, authority, board, department, or commission of the unit may issue its obligations, the agency, the authority, the board, the department, or the commission may issue obligations to refund obligations issued in the name of the unit by the other agency, authority, board, department, or commission of the unit.
As added by P.L.2-1989, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-12.5. Purchase and Issuance of Obligations on Terms Reasonable to Issuer

Sec. 12.5. Notwithstanding any other law, an issuer may purchase any obligations on terms the issuer finds reasonable and may issue its obligations to effectuate that purpose on terms that the issuer finds reasonable.
As added by P.L.224-2003, SEC.265.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-13. Contesting Validity of Obligations

Sec. 13. The following provisions apply when an issuer negotiates a sale of obligations and a statute does not specify a time within which to contest the validity of the obligations or the sale of the obligations:
(1) No action to contest the validity of the obligations may be brought after the fifteenth day following the adoption of the resolution authorizing the sale of the obligations.
(2) No action to contest the validity of the sale of the obligations may be brought after the fifth day following the sale.
As added by P.L.2-1989, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-15. Bonds and Obligations to Fund Pension Benefits

Sec. 15. (a) Before July 1, 2008, a county or municipality may issue bonds, notes, or other obligations for the purpose of providing funds to pay pension benefits under IC 36-8-6, IC 36-8-7, or IC 36-8-7.5.
(b) Notwithstanding any other law:
(1) bonds, notes, or other obligations issued for the purpose described in this section may have a final maturity date up to, but not exceeding, forty (40) years from the date of original issuance;
(2) the amount of bonds, notes, or other obligations that may be issued for the purpose described in this section may not exceed two percent (2%) of the true tax value of property located within the county or municipality; and
(3) the proceeds of bonds, notes, or other obligations issued for the purpose described in this section may be deposited to the issuing county's or municipality's separate account described in IC 5-10.3-11-6.
(c) This section is supplemental to all other laws but does not relieve a county or municipality from complying with other procedural requirements for the issuance of bonds, notes, or other obligations.
As added by P.L.234-2007, SEC.37. Amended by P.L.146-2008, SEC.30.