Ind. Code § 13-18-8-3

Current through P.L. 171-2024

Section 13-18-8-3 - Issuance of bonds as direct obligation of municipal corporation

If the estimated cost of the steps necessary for a municipal corporation to comply with a final order is great enough that the bond issue necessary to finance the project would not raise the total outstanding bonded indebtedness of the municipal corporation in excess of the constitutional limit, the necessary bonds:

(1) may be issued as a direct obligation of the municipal corporation; and

(2) may be retired by a general tax levy against all the property within the limit of the municipal corporation listed and assessed for taxation.

IC 13-18-8-3

Pre-1996 Recodification Citation: 13-1-3-12(b) part.

As added by P.L. 1-1996, SEC.8.