HOUSE BILL No. 1130
DIGEST OF INTRODUCED BILL
Synopsis: Approval of bond issues by nonelected boards. Requires a
lease with an original term of at least five years or the bonded
indebtedness of a civil taxing unit that does not have a majority of
elected members to be approved by the city, town, or county fiscal
Effective: July 1, 2002.
January 8, 2002, read first time and referred to Committee on Rules and Legislative
Second Regular Session 112th General Assembly (2002)
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HOUSE BILL No. 1130
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-1-14-15; (02)IN1130.1.1. -->
IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2002]: Sec. 15. (a) This section applies only to a civil taxing unit
(as defined in
(1) has a governing body that is not comprised of a majority
of officials who are elected to serve on the governing body of
the civil taxing unit; and
(2) is not a special taxing district located in a consolidated city
(b) Notwithstanding any other law, a civil taxing unit must
request and obtain approval to incur bonded indebtedness on
bonds (as defined in
) or enter into a lease with an
original term of at least five (5) years from the appropriate fiscal
body described under subsection (c) or (d) before:
(1) incurring the bonded indebtedness or executing the lease;
(2) requesting that the department of local government
finance approve the bonded indebtedness or lease.
(1) the assessed valuation of a civil taxing unit is entirely
contained within a city or town; or
(2) the assessed valuation of a civil taxing unit is not entirely
contained within a city or town, but the civil taxing unit was
originally established by the city or town;
the governing body of the civil taxing unit must obtain approval to
incur the bonded indebtedness or execute a lease described in
subsection (b) from the fiscal body of the city or town.
(d) If subsection (c) does not apply, the governing body of the
civil taxing unit must obtain approval to incur the bonded
indebtedness or to execute a lease described in subsection (b) from
the county fiscal body in the county where the civil taxing unit has
the most assessed valuation.
SOURCE: ; (02)IN1130.1.2. -->
SECTION 2. [EFFECTIVE JULY 1, 2002]
, as added
by this act, applies only to bonded indebtedness, including the
refinancing of a bonded indebtedness, and leases for which an
initial public notice of the proposed bond issue or lease is published
after December 31, 2002.