Ind. Code § 36-9-6.1-11

Current through P.L. 171-2024

Section 36-9-6.1-11 - Costs exceeding balance in thoroughfare fund; bond issue

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:

(1) approved by the executive of the unit;

(2) authorized by ordinance of the fiscal body of the unit;

(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.

IC 36-9-6.1-11

As added by P.L. 220-1986, SEC.30.