Section 5-1-8-1 - Issuance and sale of judgment funding bonds; purpose; authority; restrictions(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.
Amended by P.L. 236-2023,SEC. 4, eff. 7/1/2023.As added by Acts1980 , P.L. 8, SEC.14.