Section 8-1.5-4-11 - Bonds and interest issued against special redemption fund(a) The bonds and the interest issued against the special redemption fund:(1) are a valid claim of the holders only against that fund and the fixed proportion or amount of the revenues pledged to that fund; and(2) are exempt from taxation in Indiana as provided by IC 6-8-5.(b) The bonds may be issued either as registered bonds or as coupon bonds payable to bearer. Coupons and bearer bonds may be registered as to principal in the holder's name on the books of the municipality, registration being noted on the bond by the municipal clerk or other designated officer, after which no transfer is valid unless made on the books of the municipality by the registered holder and similarly noted on the bonds. Any bond so registered as to principal may be discharged from registration by being transferred to bearer, after which it is transferable by delivery but may be again registered as to principal as before. The registration of the bonds as to the principal does not restrain the negotiability of the coupons by delivery, but the coupons may be surrendered and the interest made payable only to the registered holder of the bonds. If the coupons are surrendered, the surrender and cancellation shall be noted on the bond, and interest on the bond is then payable to the registered holder on order in cash or at his option by check or draft payable at the place or one (1) of the places where the coupons were payable.(c) Bonds shall be sold in accordance with IC 5-1-11.As added by Acts1982 , P.L. 74, SEC.1.