HB 1478-19_ Filed 04/10/2007, 10:14 Delph

SENATE MOTION


MADAM PRESIDENT:

    I move
that Engrossed House Bill 1478 be amended to read as follows:

SOURCE: Page 4, line 1; (07)MO147819.4. -->     Page 4, between lines 1 and 2, begin a new paragraph and insert:
SOURCE: IC 4-10-20; (07)MO147819.5. -->     "SECTION 5. IC 4-10-20 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]:
    Chapter 20. State Fiscal Year Spending Limit
    Sec. 1. The limits on state expenditures set forth in this chapter are in addition to the limits set forth in IC 4-10-21. Nothing in this chapter may be construed to allow state expenditures to exceed the limits set forth in IC 4-10-21.
    Sec. 2. (a) This chapter does not apply to the extent that payments for pensions, including accrued unfunded liability, and final court judgments on which the state is obligated to pay exceed the spending limits imposed by this chapter.
    (b) This chapter does not apply to the extent that money expended from a reserve fund exceeds the spending limits imposed by this chapter if the initial transfer of the money into the reserve fund was included in the fiscal year spending of a previous state fiscal year.
    Sec. 3. As used in this chapter, "calendar quarter" means the period of three (3) consecutive calendar months ending on March 31, June 30, September 30, or December 31.
    Sec. 4. As used in this chapter, "fiscal year spending" means all state governmental expenditures and reserve increases in a state fiscal year, except expenditures from the following:
        (1) Money deposited into the property tax elimination fund established by IC 4-10-22-4.
        (2) Money received as gifts.
        (3) Federal funds.
        (4) Money collected for another government.
        (5) Pension contributions by employees and pension fund earnings.
        (6) Money received from damage awards.
        (7) Money received from property sales.
        (8) Money received from settlement awards.
        (9) State dedicated funds other than the property tax replacement fund established by IC 6-1.1-21-1 (before January 1, 2008).
    Sec. 5. As used in this chapter, "GDP deflator" refers to the United States Department of Commerce, Bureau of Economic Analysis, Price Indexes for Gross Domestic Product, National Income and Product Accounts Table 1.1.4 or its successor index or table.
    Sec. 6. As used in this chapter, "inflation" means, with respect to any fiscal year, the lesser of:
        (1) the percentage change between:
            (A) the quotient of:
                (i) the sum of the GDP deflator for the four (4) calendar quarters ending on March 31 of the calendar year before the adoption of the state biennial budget; divided by
                (ii) four (4); and
            (B) the quotient of:
                (i) the sum of the GDP deflator for the four (4) calendar quarters ending on March 31 of the calendar year before the calendar year described in clause (A); divided by
                (ii) four (4); or
        (2) six percent (6%).
    Sec. 7. As used in this chapter, "maximum annual percentage change in fiscal year spending" means the sum of the following:
        (1) Inflation with respect to the fiscal year in question, as calculated under section 6 of this chapter.
        (2) The annual percentage rate of change in population.
    Sec. 8. As used in this chapter, "population" means:
        (1) the number of residents of the state as estimated by the United States Bureau of the Census each year; or
        (2) the number of residents of the state as counted by the United States Bureau of the Census in a decennial census.
    Sec. 9. As used in this chapter, "state fiscal year" means a twelve (12) month period beginning on July 1 and ending on June 30.
    Sec. 10. Before July 1, 2007, and before July 1 of each even-numbered year thereafter, the department of state revenue shall:
        (1) certify to the governor and the legislative council:
            (A) the inflation amount calculated under section 6 of this chapter; and
            (B) the annual percentage rate of change in population as reported in the most recent population estimate report of the United States Bureau of Census; and
        (2) provide the information certified under subdivision (1) to

the general public.
    Sec. 11. (a) This subsection applies to state fiscal years beginning July 1, 2007, and beginning July 1 in each odd-numbered year thereafter. The state may not increase fiscal year spending more than the maximum annual percentage change in fiscal year spending applicable to that state fiscal year.
    (b) This subsection applies to state fiscal years beginning July 1, 2008, and beginning July 1 in each even-numbered year thereafter. State fiscal year spending may not exceed the amount determined under the following STEPS:
        STEP ONE: Determine the amount of state fiscal year spending permitted under subsection (a) for the previous state fiscal year.
        STEP TWO: Multiply the STEP ONE amount by the maximum annual percentage change in fiscal year spending applicable to the previous state fiscal year.
        STEP THREE: Add the STEP TWO amount to the STEP ONE amount.
    (c) If the general assembly considers it necessary to spend more money than permitted by the spending limit imposed by this chapter, the general assembly may do so if the general assembly adopts a concurrent resolution approved by at least two-thirds (2/3) of the members of both houses of the general assembly. The resolution must:
        (1) state that the general assembly desires to budget and spend more money than permitted by this chapter; and
        (2) set forth the reasons necessitating the excess spending.
If a resolution authorizing spending in excess of the limit imposed by this chapter is adopted under this subsection, an action may not be initiated under section 12 of this chapter concerning excess spending if the excess spending results from the adoption of the resolution and the reasons for the excess spending are set forth in the resolution.
    Sec. 12. (a) This chapter may be enforced in a private individual civil action or a class action suit. A plaintiff that prevails in an action initiated under this section is entitled to costs and reasonable attorney's fees. The state may recover costs and reasonable attorney's fees in an action initiated under this section only if the action is ruled frivolous.
    (b) Revenue that is determined in an action initiated under this section to have been collected illegally, kept illegally, or spent illegally during the four (4) state fiscal years preceding the date on which a suit is filed under this section shall be deposited in the property tax elimination fund established by IC 4-10-22-4.

SOURCE: IC 4-10-21-0.5; (07)MO147819.6. -->     SECTION 6. IC 4-10-21-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 0.5. The limits on state expenditures set forth in this chapter are in addition to the limits set forth in

IC 4-10-20. Nothing in this chapter may be construed to allow state expenditures to exceed the limits set forth in IC 4-10-20.

SOURCE: IC 4-10-22; (07)MO147819.7. -->     SECTION 7. IC 4-10-22 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]:
    Chapter 22. State Combined Reserves Distribution
    Sec. 1. As used in this chapter, "fund" refers to the property tax elimination fund established under section 4 of this chapter.
    Sec. 2. As used in this chapter, "state combined reserves" means the sum of the balance in the following:
        (1) The counter-cyclical revenue and economic stabilization fund established under IC 4-10-18.
        (2) The Medicaid contingency and reserve account established under IC 4-12-1-15.5.
        (3) The tuition reserve and the state general fund reserve as determined by the budget agency under IC 4-12-1-12.
    Sec. 3. As used in this chapter, "state fiscal year" means a twelve (12) month period beginning on July 1 and ending on June 30 in the immediately following fiscal year.
    Sec. 4. The property tax elimination fund is established. The fund shall be administered by the treasurer of state. The fund consists of transfers made under section 9 of this chapter. The money in the fund may only be used for the following purposes:
        (1) To replace property taxes if a state constitutional amendment to eliminate or repeal property taxes is ratified.
        (2) To augment the state combined reserves as provided in section 9 of this chapter.
    Sec. 5. The expenses of administering the fund shall be paid from money in the fund.
    Sec. 6. The treasurer of state shall invest money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the fund.
    Sec. 7. Money in the fund at the end of a state fiscal year does not revert to the state general fund.
    Sec. 8. On June 30 of each state fiscal year, the budget agency shall determine a fraction (expressed as a percentage) for which:
        (1) the numerator is the balance of the state combined reserves; and
        (2) the denominator is the sum of the total revenue deposited in the state general fund and the property tax replacement fund for the state fiscal year.
The budget agency shall forward this percentage to the auditor.
    Sec. 9. If the percentage determined in section 8 of this chapter:
        (1) is greater than seven percent (7%), the auditor shall transfer an amount equal to the difference between the percentage determined in section 8 of this chapter and seven percent (7%) from the state combined reserves to the

property tax elimination fund; and
        (2) is less than two percent (2%), the auditor shall transfer an amount equal to the difference between two percent (2%) and the percentage determined in section 8 of this chapter from the property tax elimination fund to the state combined reserves.

SOURCE: IC 5-1-16-42; (07)MO147819.8. -->     SECTION 8. IC 5-1-16-42 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 42. (a) When the authority, the board of trustees or board of managers of the hospital, the board of commissioners of the county, and a majority of the county council have agreed upon the terms and conditions of any lease proposed to be entered into under section 38 or 39 of this chapter, and before the final execution of the lease, the county auditor shall give notice by publication of a public hearing to be held in the county by the board of commissioners. The hearing shall take place on a day not earlier than ten (10) days after the publication of the notice. The notice of the hearing shall be published one (1) time in a newspaper of general circulation printed in the English language and published in the county. The notice shall do the following:
        (1) Name the day, place, and hour of the hearing.
        (2) Set forth a brief summary of the principal terms of the lease agreed upon, including the character and location of the property to be leased, the lease rental to be paid, and the number of years the contract is to be in effect.
        (3) State a location where the proposed lease, drawings, plans, specifications, and estimates may be examined.
The proposed lease and the drawings, plans, specifications, and estimates of construction cost for the building shall be open to inspection by the public during the ten (10) day period and at the hearing. All interested persons shall have a right to be heard at the hearing on the necessity for the execution of the lease and whether the lease rental under the lease is fair and reasonable. The hearing may be adjourned to a later date with the place of the hearing fixed prior to adjournment. Following the hearing, the board of commissioners may either authorize the execution of the lease as originally agreed upon or may make modifications that are agreed upon by the authority, the board of trustees or board of managers of the hospital, and the county council. The authorization shall be by an order that is entered in the official records of the board of commissioners. The lease contract shall be executed on behalf of the county by the board of commissioners.
    (b) If the execution of the lease as originally agreed upon or as modified by agreement is authorized, notice of the signing of the lease shall be given on behalf of the county by publication one (1) time in a newspaper of general circulation printed in the English language and published in the county. Except as provided in subsection (d), ten (10) or more taxpayers in the county whose tax rate will be affected by the proposed lease and who may be of the opinion that no necessity exists

for the execution of the lease or that the lease rental under the lease is not fair and reasonable may file a petition in the office of the county auditor within thirty (30) days after publication of notice of the execution of the lease that sets forth the taxpayers' objections and facts supporting those objections. Upon the filing of a petition, the county auditor shall immediately certify a copy of the petition together with such other data as may be necessary in order to present the questions involved to the department of local government finance. Upon receipt of the certified petition and information, the department of local government finance shall fix a time and place in the affected county for the hearing of the matter that is not less than five (5) or more than fifteen (15) days after receipt. Notice of the hearing shall be given by the department of local government finance to the board of county commissioners and to the first ten (10) taxpayer petitioners upon the petition by certified mail sent to the addresses listed on the petition at least five (5) days before the date of the hearing.
    (c) No action to contest the validity of the lease or to enjoin the performance of any of the terms and conditions of the lease shall be instituted at any time later than thirty (30) days after publication of notice of the execution of the lease, or if an appeal has been taken to the department of local government finance, then within thirty (30) days after the decision of the department.
    (d) The authority for taxpayers to object to a proposed lease under subsection (b) does not apply if the authority complies with the procedures for the issuance of bonds and other evidences of indebtedness described in IC 6-1.1-20-3.1 and IC 6-1.1-20-3.2. IC 6-1.1-20.".

SOURCE: Page 19, line 41; (07)MO147819.19. -->     Page 19, delete lines 41 through 42, begin a new line block indented and insert:
        "(4) To pay the principal or interest upon an obligation issued in the manner provided in:
             (A) IC 6-1.1-20-3 (before its repeal); or
             (B) IC 6-1.1-20-3.1 through IC 6-1.1-20-3.2; or
            (C) IC 6-1.1-20-3.5 through IC 6-1.1-20-3.6 (in the case of a preliminary determination made after June 30, 2007, to issue bonds or enter into a lease with respect to a controlled project that will cost a political subdivision more than the lesser of:
                (i) two percent (2%) of the political subdivision's total gross certified assessed value; or
                (ii) ten million dollars ($10,000,000)).
".
    Page 20, delete line 1.
    Page 26, line 14, strike "IC 6-1.1-20-3.1(2)," and insert " IC 6-1.1-20-3.1(b)(2) or IC 6-1.1-20-3.5(b)(2), whichever is applicable,".
    Page 39, between lines 31 and 32, begin a new paragraph and insert:
SOURCE: IC 6-1.1-20-1.8; (07)MO147819.33. -->     "SECTION 33. IC 6-1.1-20-1.8 IS ADDED TO THE INDIANA

CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 1.8. As used in this chapter, "county voter registration office" means the following:
        (1) A board of registration established under IC 3-7-12 or by a county executive acting under IC 3-7-12.
        (2) A board of elections and registration established under IC 3-6-5.2 or IC 3-6-5.4.
        (3) The office of the circuit court clerk of a county in which a board has not been established as described in subdivision (1) or (2).

SOURCE: IC 6-1.1-20-1.9; (07)MO147819.34. -->     SECTION 34. IC 6-1.1-20-1.9 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 1.9. As used in this chapter, "registered voter" means the following:
        (1) In the case of a petition under section 3.1 of this chapter to initiate a petition and remonstrance process, an individual who is registered to vote in the political subdivision on the date the proper officers of the political subdivision publish notice under section 3.1(2) of this chapter of a preliminary determination by the political subdivision to issue bonds or enter into a lease.
        (2) In the case of:
            (A) a petition under section 3.2 of this chapter in favor of the proposed debt service or lease payments; or
            (B) a remonstrance under section 3.2 of this chapter against the proposed debt service or lease payments;
        an individual who is registered to vote in the political subdivision on the date that is thirty (30) days after the notice of the applicability of the petition and remonstrance process is published under section 3.2(1) of this chapter.

SOURCE: IC 6-1.1-20-3.1; (07)MO147819.35. -->     SECTION 35. IC 6-1.1-20-3.1, AS AMENDED BY P.L.2-2006, SECTION 54, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 3.1. (a) This section applies only to a controlled project that is not subject to section 3.5 of this chapter.
    (b)
A political subdivision may not impose property taxes to pay debt service or lease rentals without completing the following procedures:
        (1) The proper officers of a political subdivision shall:
            (A) publish notice in accordance with IC 5-3-1; and
            (B) send notice by first class mail to any organization that delivers to the officers, before January 1 of that year, an annual written request for such notices;
        of any meeting to consider adoption of a resolution or an ordinance making a preliminary determination to issue bonds or enter into a lease and shall conduct a public hearing on a preliminary determination before adoption of the resolution or ordinance.
        (2) When the proper officers of a political subdivision make a preliminary determination to issue bonds or enter into a lease, the officers shall give notice of the preliminary determination by:
            (A) publication in accordance with IC 5-3-1; and
            (B) first class mail to the organizations described in subdivision (1)(B).
        (3) A notice under subdivision (2) of the preliminary determination of the political subdivision to issue bonds or enter into a lease must include the following information:
            (A) The maximum term of the bonds or lease.
            (B) The maximum principal amount of the bonds or the maximum lease rental for the lease.
            (C) The estimated interest rates that will be paid and the total interest costs associated with the bonds or lease.
            (D) The purpose of the bonds or lease.
            (E) A statement that any owners of real property within the political subdivision who want to initiate a petition and remonstrance process against the proposed debt service or lease payments must file a petition that complies with subdivisions (4) and (5) not later than thirty (30) days after publication in accordance with IC 5-3-1.
            (F) With respect to bonds issued or a lease entered into to open:
                (i) a new school facility; or
                (ii) an existing facility that has not been used for at least three (3) years and that is being reopened to provide additional classroom space;
            the estimated costs the school corporation expects to incur annually to operate the facility.
            (G) A statement of whether the school corporation expects to appeal for a new facility adjustment (as defined in IC 20-45-1-16) for an increased maximum permissible tuition support levy to pay the estimated costs described in clause (F).
        (4) After notice is given, a petition requesting the application of a petition and remonstrance process may be filed by the lesser of:
            (A) one hundred (100) owners of real property within the political subdivision; or
            (B) five percent (5%) of the owners of real property within the political subdivision.
        (5) The state board of accounts shall design and, upon request by the county auditor, deliver to the county auditor or the county auditor's designated printer the petition forms to be used solely in the petition process described in this section. The county auditor shall issue to an owner or owners of real property within the political subdivision the number of petition forms requested by the owner or owners. Each form must be accompanied by instructions detailing the requirements that:
            (A) the carrier and signers must be owners of real property;
            (B) the carrier must be a signatory on at least one (1) petition;
            (C) after the signatures have been collected, the carrier must swear or affirm before a notary public that the carrier witnessed each signature; and
            (D) govern the closing date for the petition period.
        Persons requesting forms may not be required to identify themselves and may be allowed to pick up additional copies to distribute to other property owners.
        (6) Each petition must be verified under oath by at least one (1) qualified petitioner in a manner prescribed by the state board of accounts before the petition is filed with the county auditor under subdivision (7).
        (7) Each petition must be filed with the county auditor not more than thirty (30) days after publication under subdivision (2) of the notice of the preliminary determination.
        (8) The county auditor must file a certificate and each petition with:
            (A) the township trustee, if the political subdivision is a township, who shall present the petition or petitions to the township board; or
            (B) the body that has the authority to authorize the issuance of the bonds or the execution of a lease, if the political subdivision is not a township;
        within fifteen (15) business days of the filing of the petition requesting a petition and remonstrance process. The certificate must state the number of petitioners that are owners of real property within the political subdivision.
If a sufficient petition requesting a petition and remonstrance process is not filed by owners of real property as set forth in this section, the political subdivision may issue bonds or enter into a lease by following the provisions of law relating to the bonds to be issued or lease to be entered into.".
SOURCE: Page 39, line 34; (07)MO147819.39. -->     Page 39, line 34, after "Sec. 3.2." insert " (a) This section applies only to a controlled project that is not subject to section 3.6 of this chapter.
     (b)".
    Page 40, line 2, strike "3.1(1)(B)" and insert " 3.1(b)(1)(B)".
    Page 42, between lines 35 and 36, begin a new paragraph and insert:
SOURCE: IC 6-1.1-20-3.5; (07)MO147819.35. -->     "SECTION 35. IC 6-1.1-20-3.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 3.5. (a) This section applies only to a controlled project:
        (1) for which the proper officers of a political subdivision make a preliminary determination after June 30, 2007, to issue bonds or enter into a lease; and
        (2) that will cost a political subdivision more than the lesser

of:
            (A) two percent (2%) of the political subdivision's total gross certified assessed value; or
            (B) ten million dollars ($10,000,000).
    (b) A political subdivision may not impose property taxes to pay debt service or lease rentals without completing the following procedures:
        (1) The proper officers of a political subdivision shall:
            (A) publish notice in accordance with IC 5-3-1; and
            (B) send notice by first class mail to any organization that delivers to the officers, before January 1 of that year, an annual written request for notices;
        of any meeting to consider the adoption of an ordinance or a resolution making a preliminary determination to issue bonds or enter into a lease and shall conduct a public hearing on a preliminary determination before adoption of the ordinance or resolution.
        (2) Whenever the proper officers of a political subdivision make a preliminary determination to issue bonds or enter into a lease, the officers shall give notice of the preliminary determination by:
            (A) publication in accordance with IC 5-3-1; and
            (B) first class mail to the organizations described in subdivision (1)(B).
        (3) A notice under subdivision (2) of the preliminary determination of the political subdivision to issue bonds or enter into a lease must include the following information:
            (A) The maximum term of the bonds or lease.
            (B) The maximum principal amount of the bonds or the maximum lease rental for the lease.
            (C) The estimated interest rates that will be paid and the total interest costs associated with the bonds or lease.
            (D) The purpose of the bonds or lease.
            (E) A statement that any owners of real property within the political subdivision or registered voters residing within the political subdivision who want to initiate a local public question opposing the proposed debt service or lease payments must file a petition that complies with subdivisions (4) and (5) not later than thirty (30) days after publication in accordance with IC 5-3-1.
            (F) With respect to bonds issued or a lease entered into to open:
                (i) a new school facility; or
                (ii) an existing facility that has not been used for at least three (3) years and that is being reopened to provide additional classroom space;
            the estimated costs the school corporation expects to
annually incur to operate the facility.


            (G) A statement of whether the school corporation expects to appeal for a new facility adjustment (as defined in IC 20-45-1-16) for an increased maximum permissible tuition support levy to pay any estimated costs described in clause (F).
         (4) After notice is given, a petition requesting the application of a local public question may be filed by the lesser of:
            (A) one hundred (100) persons who are either owners of real property within the political subdivision or registered voters residing within the political subdivision; or
            (B) five percent (5%) of the registered voters residing within the political subdivision.
        (5) The state board of accounts shall design and, upon request by the county voter registration office, deliver to the county voter registration office or the county voter registration office's designated printer the petition forms to be used solely in the petition process described in this section. The county voter registration office shall issue to an owner or owners of real property within the political subdivision or a registered voter residing within the political subdivision the number of petition forms requested by the owner or owners or the registered voter. Each form must be accompanied by instructions detailing the requirements that:
            (A) the carrier and signers must be owners of real property or registered voters;
            (B) the carrier must be a signatory on at least one (1) petition;
            (C) after the signatures have been collected, the carrier must swear or affirm before a notary public that the carrier witnessed each signature; and
            (D) govern the closing date for the petition period.
        Persons requesting forms may be required to identify themselves as owners of real property or registered voters and may be allowed to pick up additional copies to distribute to other property owners or registered voters. Each person signing a petition must indicate whether the person is signing the petition as a registered voter within the political subdivision or is signing the petition as the owner of real property within the political subdivision. A person who signs a petition as a registered voter must indicate the address at which the person is registered to vote. A person who signs a petition as a real property owner must indicate the address of the real property owned by the person in the political subdivision.
        (6) Each petition must be verified under oath by at least one (1) qualified petitioner in a manner prescribed by the state board of accounts before the petition is filed with the county voter registration office under subdivision (7).
        (7) Each petition must be filed with the county voter registration office not more than thirty (30) days after publication under subdivision (2) of the notice of the preliminary determination.
        (8) The county voter registration office shall determine whether each person who signed the petition is a registered voter. The county voter registration office shall forward a copy of the petition to the county auditor not more than fifteen (15) business days after receiving the petition. Not more than ten (10) business days after receiving the copy of the petition, the county auditor shall provide to the county voter registration office a statement verifying:
            (A) whether a person who signed the petition as a registered voter but is not a registered voter, as determined by the county voter registration office, is the owner of real property in the political subdivision; and
            (B) whether a person who signed the petition as an owner of real property within the political subdivision does in fact own real property within the political subdivision.
        (9) The county voter registration office shall, not more than ten (10) business days after receiving the statement from the county auditor under subdivision (8), make the final determination of the number of petitioners that are registered voters in the political subdivision and, based on the statement provided by the county auditor, the number of petitioners that own real property within the political subdivision. Whenever the name of an individual who signs a petition form as a registered voter contains a minor variation from the name of the registered voter as set forth in the records of the county voter registration office, the signature is presumed to be valid, and there is a presumption that the individual is entitled to sign the petition under this section. Except as otherwise provided in this chapter, in determining whether an individual is a registered voter, the county voter registration office shall apply the requirements and procedures used under IC 3 to determine whether a person is a registered voter for purposes of voting in an election governed by IC 3. However, an individual is not required to comply with the provisions concerning providing proof of identification to be considered a registered voter for purposes of this chapter. A person is entitled to sign a petition only one (1) time under this section with respect to a particular controlled project, regardless of whether the person owns more than one (1) parcel of real property within the subdivision and regardless of whether the person is both a registered voter in the political subdivision and the owner of real property within the political subdivision. Notwithstanding any other provision of this section, if a petition is presented to the county voter

registration office within thirty-five (35) days of an election, the county voter registration office may defer acting on the petition, and the time requirements under this section for action by the county voter registration office do not begin to run until five (5) days after the date of the election.
        (10) The county voter registration office must file a certificate and each petition with:
            (A) the township trustee, if the political subdivision is a township, who shall present the petition or petitions to the township board; or
            (B) the body that has the authority to authorize the issuance of the bonds or the execution of a lease, if the political subdivision is not a township;
        within thirty-five (35) business days of the filing of the petition requesting a local public question. The certificate must state the number of petitioners that are owners of real property within the political subdivision and the number of petitioners who are registered voters residing within the political subdivision.
If a sufficient petition requesting a local public question is not filed by owners of real property or registered voters as set forth in this section, the political subdivision may issue bonds or enter into a lease by following the provisions of law relating to the bonds to be issued or lease to be entered into.

SOURCE: IC 6-1.1-20-3.6; (07)MO147819.36. -->     SECTION 36. IC 6-1.1-20-3.6 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 3.6. (a) This section applies only to a controlled project:
        (1) for which the proper officers of a political subdivision make a preliminary determination after June 30, 2007, to issue bonds or enter into a lease; and
        (2) that will cost a political subdivision more than the lesser of:
            (A) two percent (2%) of the political subdivision's total gross certified assessed value; or
            (B) ten million dollars ($10,000,000).
    (b) If a sufficient petition requesting a local public question is filed by owners of real property or registered voters as set forth in section 3.5 of this chapter, a political subdivision may not impose property taxes to pay debt service or lease rentals unless the political subdivision's proposed debt service or lease rental is approved in an election on a local public question held under this section.
    (c) The following question shall be submitted to the voters at the election conducted under this section:
        "Shall ________ (insert the name of the political subdivision) issue bonds or enter into a lease to finance ___________ (insert the name of the controlled project)?".
    (d) The county auditor shall certify the public question described in subsection (c) under IC 3-10-9-3 to the county election board of the county that contains the greatest percentage of population of the political subdivision. After the public question is certified, the public question shall be placed on the ballot at the next primary or general election in which all voters of the political subdivision are entitled to vote.
    (e) The circuit court clerk shall certify the results of the public question to the following:
        (1) The county auditor of each county in which the political subdivision is located.
        (2) The department of local government finance.
    (f) If a majority of the voters voting on the public question vote in favor of the public question, the department of local government finance shall take prompt and appropriate steps to notify the political subdivision that the political subdivision may issue the proposed bonds or enter into the lease by following the provisions of law relating to the bonds to be issued or the leases to be entered into.
    (g) If a majority of the voters voting on the public question vote in opposition to the public question, both of the following apply:
        (1) The political subdivision may not issue the proposed bonds or enter into the proposed lease rental.
        (2) Another public question under this section on the same or a substantially similar project may not be submitted to the voters earlier than one (1) year after the date of the election.
    (h) IC 3, to the extent not inconsistent with this section, applies to an election held under this section.
".
SOURCE: Page 43, line 29; (07)MO147819.43. -->     Page 43, between lines 29 and 30, begin a new paragraph and insert:
SOURCE: IC 6-1.1-20-9; (07)MO147819.37. -->     "SECTION 37. IC 6-1.1-20-9 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 9. (a) When the proper officers of a political subdivision decide to issue bonds payable from property taxes to finance a public improvement, they shall adopt an ordinance or resolution which sets forth their determination to issue the bonds. Except as provided in subsection (b), the political subdivision may not advertise for or receive bids for the construction of the improvement until the expiration of the latter of: after:
        (1) the expiration of the time period within which:
             (A) taxpayers may file a petition for review of or the proposed issue;
            (B) taxpayers and voters may petition for
a remonstrance against the proposed issue in the case of a proposed issue that is subject to section 3.1 of this chapter; or
             (C) taxpayers and voters may petition for a local public question opposing the proposed issue in the case of a proposed issue that is subject to section 3.5 of this chapter; or
        (2) the time period during which a petition for review of the proposed issue is pending before the department of local government finance.
    (b) When a petition for review of a proposed issue is pending before the department of local government finance, the department may order the political subdivision to advertise for and receive bids for the construction of the public improvement. When the department of local government finance issues such an order, the political subdivision shall file a bid report with the department within five (5) days after the bids are received, and the department shall render a final decision on the proposed issue within fifteen (15) days after it receives the bid report. Notwithstanding the provisions of this subsection, a political subdivision may not enter into a contract for the construction of a public improvement while a petition for review of the bond issue which is to finance the improvement is pending before the department of local government finance.
SOURCE: IC 6-1.1-20-10; (07)MO147819.38. -->     SECTION 38. IC 6-1.1-20-10, AS AMENDED BY P.L.162-2006, SECTION 5, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 10. (a) This section applies only to a political subdivision that adopts an ordinance or a resolution making a preliminary determination to issue bonds or enter into a lease that is subject to section 3.1 of this chapter. During the period commencing with the adoption of the ordinance or resolution and, if a petition and remonstrance process is commenced under section 3.2 of this chapter, continuing through the sixty (60) day period commencing with the notice under section 3.2(1) section 3.2(b)(1) of this chapter, the political subdivision seeking to issue bonds or enter into a lease for the proposed controlled project may not promote a position on the petition or remonstrance by doing any of the following:
        (1) Allowing facilities or equipment, including mail and messaging systems, owned by the political subdivision to be used for public relations purposes to promote a position on the petition or remonstrance, unless equal access to the facilities or equipment is given to persons with a position opposite to that of the political subdivision.
        (2) Making an expenditure of money from a fund controlled by the political subdivision to promote a position on the petition or remonstrance or to pay for the gathering of signatures on a petition or remonstrance. This subdivision does not prohibit a political subdivision from making an expenditure of money to an attorney, an architect, a construction manager, or a financial adviser for professional services provided with respect to a controlled project.
        (3) Using an employee to promote a position on the petition or remonstrance during the employee's normal working hours or paid overtime, or otherwise compelling an employee to promote a position on the petition or remonstrance at any time.
        (4) In the case of a school corporation, promoting a position on a petition or remonstrance by:
            (A) using students to transport written materials to their residences or in any way directly involving students in a school organized promotion of a position; or
            (B) including a statement within another communication sent to the students' residences.
However, this section does not prohibit an employee of the political subdivision from carrying out duties with respect to a petition or remonstrance that are part of the normal and regular conduct of the employee's office or agency.
    (b) A person may not solicit or collect signatures for a petition or remonstrance on property owned or controlled by the political subdivision.
    (c) The staff and employees of a school corporation may not personally identify a student as the child of a parent or guardian who supports or opposes a petition or remonstrance.
    (d) A person or an organization that has a contract or arrangement (whether formal or informal) with a school corporation for the use of any of the school corporation's facilities may not spend any money to promote a position on the petition or remonstrance. A person or an organization that violates this subsection commits a Class A infraction.
    (e) An attorney, an architect, a construction manager, or a financial adviser for professional services provided with respect to a controlled project may not spend any money to promote a position on the petition or remonstrance. A person who violates this subsection:
        (1) commits a Class A infraction; and
        (2) is barred from performing any services with respect to the controlled project.
SOURCE: IC 6-1.1-20-10.1; (07)MO147819.30. -->     SECTION 30. IC 6-1.1-20-10.1 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 10.1. (a) This section applies only to a political subdivision that adopts an ordinance or a resolution making a preliminary determination to issue bonds or enter into a lease that is subject to section 3.5 of this chapter.
    (b) During the period beginning with the adoption of the ordinance or resolution and continuing through the day on which a local public question is submitted to the voters of the political subdivision under section 3.6 of this chapter, the political subdivision seeking to issue bonds or enter into a lease for the proposed controlled project may not promote a position on the local public question by doing any of the following:
        (1) Allowing facilities or equipment, including mail and messaging systems, owned by the political subdivision to be used for public relations purposes to promote a position on the local public question, unless equal access to the facilities or equipment is given to persons with a position opposite to

that of the political subdivision.
        (2) Making an expenditure of money from a fund controlled by the political subdivision to promote a position on the local public question. This subdivision does not prohibit a political subdivision from making an expenditure of money to an attorney, an architect, a construction manager, or a financial adviser for professional services provided with respect to a controlled project.
        (3) Using an employee to promote a position on the local public question during the employee's normal working hours or paid overtime, or otherwise compelling an employee to promote a position on the local public question at any time.
        (4) In the case of a school corporation, promoting a position on a local public question by:
            (A) using students to transport written materials to their residences or in any way directly involving students in a school organized promotion of a position; or
            (B) including a statement within another communication sent to the students' residences.
However, this section does not prohibit an employee of the political subdivision from carrying out duties with respect to a local public question that are part of the normal and regular conduct of the employee's office or agency.
    (c) The staff and employees of a school corporation may not personally identify a student as the child of a parent or guardian who supports or opposes a controlled project subject to a local public question held under section 3.6 of this chapter.
    (d) A person or an organization that has a contract or arrangement (whether formal or informal) with a school corporation for the use of any of the school corporation's facilities may not spend any money to promote a position on a local public question. A person or an organization that violates this subsection commits a Class A infraction.
    (e) An attorney, an architect, a construction manager, or a financial adviser for professional services provided with respect to a controlled project may not spend any money to promote a position on a local public question. A person who violates this subsection:
        (1) commits a Class A infraction; and
        (2) is barred from performing any services with respect to the controlled project.
".

SOURCE: Page 149, line 13; (07)MO147819.149. -->     Page 149, between lines 13 and 14, begin a new paragraph and insert:
SOURCE: IC 8-14-9-12; (07)MO147819.106. -->     "SECTION 106. IC 8-14-9-12 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 12. All bonds and interest on bonds issued under this chapter are exempt from taxation as provided under IC 6-8-5-1. All general laws relating to:
        (1) the filing of a petition requesting the issuance of bonds;
        (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

        (3) the appropriation of the proceeds of the bonds and the approval of the appropriation by the department of local government finance; and
        (4) the sale of bonds at public sale for not less than par value;
are applicable to proceedings under this chapter.".
SOURCE: Page 149, line 20; (07)MO147819.149. -->     Page 149, between lines 20 and 21, begin a new paragraph and insert:
SOURCE: IC 8-22-3-16; (07)MO147819.107. -->     "SECTION 107. IC 8-22-3-16 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 16. (a) The board may issue general obligation bonds of the authority for the purpose of procuring funds to pay the cost of acquiring real property, or constructing, enlarging, improving, remodeling, repairing, or equipping buildings, structures, runways, or other facilities, for use as or in connection with or for administrative purposes of the airport. The issuance of the bonds must be authorized by ordinance of the board providing for the amount, terms, and tenor of the bonds and for the time and character of notice and the mode of making sale. If one (1) airport is owned by the authority, an ordinance authorizing the issuance of bonds for a separate second airport is subject to approval as provided in this section. The bonds bear interest and are payable at the times and places that the board determines but running not more than twenty-five (25) years after the date of their issuance, and they must be executed in the name of the authority by the president of the board and attested by the secretary who shall affix to each of the bonds the official seal of the authority. The interest coupons attached to the bonds may be executed by placing on them the facsimile signature of the president of the board.
    (b) The issuance of general obligation bonds must be approved by resolution of the following body:
        (1) When the authority is established by an eligible entity, by its fiscal body.
        (2) When the authority is established by two (2) or more eligible entities acting jointly, by the fiscal body of each of those entities.
        (3) When the authority was established under IC 19-6-2 (before its repeal), by the mayor of the consolidated city, and if a second airport is to be funded, also by the city-county council.
        (4) When the authority was established under IC 19-6-3 (before its repeal), by the county council.
    (c) The airport director shall manage and supervise the preparation, advertisement, and sale of the bonds, subject to the authorizing ordinance. Before the sale of the bonds, the airport director shall cause notice of the sale to be published once each week for two (2)

consecutive weeks in two (2) newspapers of general circulation published in the district, setting out the time and place where bids will be received, the amount and maturity dates of the issue, the maximum interest rate, and the terms and conditions of sale and delivery of the bonds. The bonds shall be sold to the highest bidder, in accordance with the procedures for selling public bonds. After the bonds have been properly sold and executed, the airport director shall deliver them to the treasurer of the authority and take his a receipt for them, and shall certify to the treasurer the amount which the purchaser is to pay for them, together with the name and address of the purchaser. On payment of the purchase price the treasurer shall deliver the bonds to the purchaser, and the treasurer and airport director or superintendent shall report their actions to the board.
    (d) The provisions of IC 6-1.1-20 and IC 5-1 relating to:
         (1) the filing of a petition requesting the issuance of bonds and giving notice of them;
         (2) the giving of notice of determination to issue bonds;
         (3) the giving of notice of hearing on the appropriation of the proceeds of bonds and the right of taxpayers to appeal and be heard on the proposed appropriation;
         (4) the approval of the appropriation by the department of local government finance;
         (5) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
and
         (6) the sale of bonds at public sale for not less than par value;
are applicable to proceedings under this chapter for the issuance of general obligation bonds.
    (e) Bonds issued under this chapter are not a corporate obligation or indebtedness of any eligible entity but are an indebtedness of the authority as a municipal corporation. An action to question the validity of the bonds issued or to prevent their issue must be instituted not later than the date set for sale of the bonds, and all of the bonds after that date are incontestable.".

SOURCE: Page 162, line 28; (07)MO147819.162. -->     Page 162, delete lines 28 through 29, begin a new line block indented and insert:
        "(5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question.".
    Page 163, between lines 34 and 35, begin a new paragraph and insert:
SOURCE: IC 12-29-2-18; (07)MO147819.120. -->     "SECTION 120. IC 12-29-2-18 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 18. All general

Indiana statutes relating to the following apply to the issuance of county bonds under this chapter:
        (1) The filing of a petition requesting the issuance of bonds.
        (2) The giving of notice of the following:
            (A) The filing of the petition requesting the issuance of the bonds.
            (B) The determination to issue bonds.
            (C) A hearing on the appropriation of the proceeds of the bonds.
        (3) The right of taxpayers to appear and be heard on the proposed appropriation.
        (4) The approval of the appropriation by the department of local government finance.
        (5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question.".

SOURCE: Page 164, line 6; (07)MO147819.164. -->     Page 164, between lines 6 and 7, begin a new paragraph and insert:
SOURCE: IC 14-27-6-40; (07)MO147819.121. -->     "SECTION 121. IC 14-27-6-40 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 40. The provisions of IC 5-1 and IC 6-1.1-20 relating to the following apply to proceedings under this chapter:
        (1) The filing of a petition requesting the issuance of bonds and giving notice of the petition.
        (2) The giving of notice of determination to issue bonds.
        (3) The giving of notice of hearing on the appropriation of the proceeds of bonds and the right of taxpayers to appeal and be heard on the proposed appropriation.
        (4) The approval of the appropriation by the department of local government finance.
        (5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question.

        (6) The sale of bonds at public sale for not less than the par value.".
SOURCE: Page 165, line 17; (07)MO147819.165. -->     Page 165, between lines 17 and 18, begin a new paragraph and insert:
SOURCE: IC 14-33-11-8; (07)MO147819.124. -->     "SECTION 124. IC 14-33-11-8 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 8. (a) Before offering bonds for sale, the board shall give notice in the same manner as is provided required by IC 6-1.1-20 for the sale of bonds by municipal corporations.
    (b) Persons affected are entitled to:
         (1) remonstrate against issuance of the bonds (in the case of a

preliminary determination made to issue bonds that is subject to IC 6-1.1-20-3.1); or
         (2) vote on the proposed issuance of bonds in an election on a local public question (in the case of a preliminary determination to issue bonds that is subject to IC 6-1.1-20-3.5).
     (c) An action to question the validity of the bonds may not be instituted after the date fixed for sale, and the bonds are incontestable after that time.

SOURCE: IC 14-33-11-9; (07)MO147819.18. -->     SECTION 18. IC 14-33-11-9 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 9. If the board is denied the right to issue bonds as a result of remonstrance proceedings or an election on a local public question held under IC 6-1.1-20-3.6:
        (1) all contracts let by the board for work to be paid from the sale of bonds are void; and
        (2) no liability accrues to the district or to the board.
SOURCE: IC 16-22-6-20; (07)MO147819.19. -->     SECTION 19. IC 16-22-6-20 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 20. (a) If the execution of the original or a modified lease is authorized, notice of the signing shall be published on behalf of the county one (1) time in a newspaper of general circulation and published in the county. Except as provided in subsection (b), at least ten (10) taxpayers in the county whose tax rate will be affected by the proposed lease may file a petition with the county auditor not more than thirty (30) days after publication of notice of the execution of the lease. The petition must set forth the objections to the lease and facts showing that the execution of the lease is unnecessary or unwise or that the lease rental is not fair and reasonable.
    (b) The authority for taxpayers to object to a proposed lease described in subsection (a) does not apply if the authority complies with the procedures for the issuance of bonds and other evidences of indebtedness described in IC 6-1.1-20-3.1 and IC 6-1.1-20-3.2. IC 6-1.1-20.
SOURCE: IC 16-22-8-43; (07)MO147819.20. -->     SECTION 20. IC 16-22-8-43 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 43. (a) The board may issue general obligation bonds of the corporation to procure funds to pay the cost of acquiring real property or constructing, enlarging, improving, remodeling, repairing, or equipping buildings and other structures for use as or in connection with hospitals, clinics, health centers, dispensaries, or for administrative purposes. The issuance of the bonds shall be authorized by ordinance of the board providing for the amount, terms, and tenor of the bonds, for the time and character of notice, and the mode of making the sale. The bonds shall be payable not more than forty (40) years after the date of issuance and shall be executed in the name of the corporation by the chairman of the board and attested by the executive director, who shall affix to each of the bonds the official seal of the corporation. The interest coupons attached

to the bonds may be executed by facsimile signature of the chairman of the board.
    (b) The executive director shall manage and supervise the preparation, advertisement, and sale of bonds, subject to the provisions of the authorizing ordinance. Before the sale of the bonds, the executive director shall publish notice of the sale in accordance with IC 5-3-1, setting out the time and place where bids will be received, the amount and maturity dates of the issue, the maximum interest rate, and the terms and conditions of sale and delivery of the bonds. The bonds shall be sold to the highest and best bidder. After the bonds have been sold and executed, the executive director shall deliver the bonds to the treasurer of the corporation and take the treasurer's receipt, and shall certify to the treasurer the amount that the purchaser is to pay, together with the name and address of the purchaser. On payment of the purchase price, the treasurer shall deliver the bonds to the purchaser, and the treasurer and executive director shall report the actions to the board.
    (c) IC 5-1 and IC 6-1.1-20 apply to the following proceedings:
        (1) Notice and filing of the petition requesting the issuance of the bonds.
        (2) Notice of determination to issue bonds.
        (3) Notice of hearing on the appropriation of the proceeds of the bonds and the right of taxpayers to appeal and be heard.
        (4) Approval by the department of local government finance.
        (5) The right to:
             (A) remonstrate; or
             (B) vote on the proposed issuance of bonds in an election on a local public question.
        (6) Sale of bonds at public sale for not less than the par value.
    (d) The bonds are the direct general obligations of the corporation and are payable out of unlimited ad valorem taxes levied and collected on all the taxable property within the county of the corporation. All officials and bodies having to do with the levying of taxes for the corporation shall see that sufficient levies are made to meet the principal and interest on the bonds at the time fixed for payment.
    (e) The bonds are exempt from taxation for all purposes, but the interest is subject to the adjusted gross income tax.".

SOURCE: Page 175, line 23; (07)MO147819.175. -->     Page 175, line 23, strike "IC 6-1.1-20-3.1(2)," and insert " IC 6-1.1-20-3.1(b)(2) or IC 6-1.1-20-3.5(b)(2), whichever is applicable,".
    Page 175, line 38, strike "replacement" and insert " acquisition".
    Page 175, line 39, delete "IC 21-2-11.5-3.1." and insert "IC 21-2-11.5-3.1 (before its repeal) or IC 20-46-5.".
    Page 177, between lines 12 and 13, begin a new paragraph and insert:
SOURCE: IC 20-47-4-6; (07)MO147819.22. -->     "SECTION 22. IC 20-47-4-6, AS ADDED BY P.L.2-2006, SECTION 170, IS AMENDED TO READ AS FOLLOWS

[EFFECTIVE UPON PASSAGE]: Sec. 6. (a) A lessor corporation may acquire and finance an existing school building, other than as provided in section 5 of this chapter, and lease the existing school building to a school corporation. A school corporation shall comply with:
         (1) IC 20-47-2 or IC 20-47-3; and
         (2) either:
            (A)
the petition and remonstrance provisions under IC 6-1.1-20 (in the case of a preliminary determination to enter into a lease that is subject to IC 6-1.1-20-3.1); or
             (B) the local public question provisions under IC 6-1.1-20 (in the case of a preliminary determination to enter into a lease that is subject to IC 6-1.1-20-3.5).
    (b) A lease made under this section may provide for the payment of lease rentals by the school corporation for the use of the existing school building.
    (c) Lease rental payments made under the lease do not constitute a debt of the school corporation for purposes of the Constitution of the State of Indiana.
    (d) A new school building may be substituted for the existing school building under the lease if the substitution was included in the notices given under IC 20-47-2, IC 20-47-3, and IC 6-1.1-20. A new school building must be substituted for the existing school building upon completion of the new school building.

SOURCE: IC 20-48-1-8; (07)MO147819.23. -->     SECTION 23. IC 20-48-1-8, AS ADDED BY P.L.2-2006, SECTION 171, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 8. The provisions of all general statutes and rules relating to:
        (1) filing petitions requesting the issuance of bonds and giving notice of the issuance of bonds;
        (2) giving notice of determination to issue bonds;
        (3) giving notice of a hearing on the appropriation of the proceeds of the bonds and the right of taxpayers to appear and be heard on the proposed appropriation;
        (4) the approval of the appropriation by the department of local government finance; and
        (5) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

apply to proceedings for the issuance of bonds and the making of an emergency loan under this article and IC 20-26-1 through IC 20-26-5. An action to contest the validity of the bonds or emergency loans may not be brought later than five (5) days after the acceptance of a bid for the sale of the bonds.
SOURCE: IC 36-3-5-8; (07)MO147819.24. -->     SECTION 24. IC 36-3-5-8 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 8. (a) This section

applies whenever a special taxing district of the consolidated city has the power to issue bonds, notes, or warrants.
    (b) Before any bonds, notes, or warrants of a special taxing district may be issued, the issue must be approved by resolution of the legislative body of the consolidated city.
    (c) Any bonds of a special taxing district must be issued in the manner prescribed by statute for that district, and the board of the department having jurisdiction over the district shall:
        (1) hold all required hearings;
        (2) adopt all necessary resolutions; and
        (3) appropriate the proceeds of the bonds;
in that manner. However, the legislative body shall levy each year the special tax required to pay the principal of and interest on the bonds and any bank paying charges.
    (d) Notwithstanding any other statute, bonds of a special taxing district may:
        (1) be dated;
        (2) be issued in any denomination;
        (3) mature at any time or times not exceeding fifty (50) years after their date; and
        (4) be payable at any bank or banks;
as determined by the board. The interest rate or rates that the bonds will bear must be determined by bidding, notwithstanding IC 5-1-11-3.
    (e) Bonds of a special taxing district are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to the following:
         (1) The filing of a petition requesting the issuance of bonds and giving notice of the petition.
         (2) The giving of notice of a hearing on the appropriation of the proceeds of bonds.
         (3) The right of taxpayers to appear and be heard on the proposed appropriation.
         (4) The approval of the appropriation by the department of local government finance.
         (5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; and or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question.
        (6)
The sale of bonds at public sale.

SOURCE: IC 36-5-2-11; (07)MO147819.25. -->     SECTION 25. IC 36-5-2-11 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 11. (a) The legislative body may issue bonds for the purpose of procuring money to be used in the exercise of the powers of the town and for the payment of town debts. However, a town may not issue bonds to procure money to pay current expenses.
    (b) Bonds issued under this section are payable in the amounts and at the times determined by the legislative body.
    (c) Bonds issued under this section are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to the following:
         (1) The filing of a petition requesting the issuance of bonds and giving notice of the petition.
         (2) The giving of notice of a hearing on the appropriation of the proceeds of bonds.
         (3) The right of taxpayers to appear and be heard on the proposed appropriation.
         (4) The approval of the appropriation by the department of local government finance.
         (5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; and or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question.

         (6) The sale of bonds at public sale for not less than their par value.
    (d) The legislative body may, by ordinance, make loans of money for not more than five (5) years and issue notes for the purpose of refunding those loans. The loans may be made only for the purpose of procuring money to be used in the exercise of the powers of the town, and the total amount of outstanding loans under this subsection may not exceed five percent (5%) of the town's total tax levy in the current year (excluding amounts levied to pay debt service and lease rentals). Loans under this subsection shall be made as follows:
        (1) The ordinance authorizing the loans must pledge to their payment a sufficient amount of tax revenues over the ensuing five (5) years to provide for refunding the loans.
        (2) The loans must be evidenced by notes of the town in terms designating the nature of the consideration, the time and place payable, and the revenues out of which they will be payable.
        (3) The interest accruing on the notes to the date of maturity may be added to and included in their face value or be made payable periodically, as provided in the ordinance.
Notes issued under this subsection are not bonded indebtedness for purposes of IC 6-1.1-18.5.
SOURCE: IC 36-7-14-25.1; (07)MO147819.26. -->     SECTION 26. IC 36-7-14-25.1, AS AMENDED BY P.L.185-2005, SECTION 17, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 25.1. (a) In addition to other methods of raising money for property acquisition or redevelopment in a redevelopment project area, and in anticipation of the special tax to be levied under section 27 of this chapter, the taxes allocated under section 39 of this chapter, or other revenues of the district, or any combination of these sources, the redevelopment commission may, by resolution and subject to subsection (p), issue the bonds of the special taxing district in the name of the unit. The amount of the bonds may not exceed the total, as estimated by the commission, of all expenses

reasonably incurred in connection with the acquisition and redevelopment of the property, including:
        (1) the total cost of all land, rights-of-way, and other property to be acquired and redeveloped;
        (2) all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses related to the acquisition and redevelopment of the property or the issuance of bonds;
        (3) capitalized interest permitted by this chapter and a debt service reserve for the bonds to the extent the redevelopment commission determines that a reserve is reasonably required; and
        (4) expenses that the redevelopment commission is required or permitted to pay under IC 8-23-17.
    (b) If the redevelopment commission plans to acquire different parcels of land or let different contracts for redevelopment work at approximately the same time, whether under one (1) or more resolutions, the commission may provide for the total cost in one (1) issue of bonds.
    (c) The bonds must be dated as set forth in the bond resolution and negotiable, subject to the requirements of the bond resolution for registering the bonds. The resolution authorizing the bonds must state:
        (1) the denominations of the bonds;
        (2) the place or places at which the bonds are payable; and
        (3) the term of the bonds, which may not exceed fifty (50) years.
The resolution may also state that the bonds are redeemable before maturity with or without a premium, as determined by the redevelopment commission.
    (d) The redevelopment commission shall certify a copy of the resolution authorizing the bonds to the municipal or county fiscal officer, who shall then prepare the bonds, subject to subsection (p). The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
    (e) The bonds must be executed by the appropriate officer of the unit, and attested by the municipal or county fiscal officer.
    (f) The bonds are exempt from taxation for all purposes.
    (g) The municipal or county fiscal officer shall give notice of the sale of the bonds by publication in accordance with IC 5-3-1. The municipal fiscal officer, or county fiscal officer or executive, shall sell the bonds to the highest bidder, but may not sell them for less than ninety-seven percent (97%) of their par value. However, bonds payable solely or in part from tax proceeds allocated under section 39(b)(2) of this chapter, or other revenues of the district, may be sold at a private negotiated sale.
    (h) Except as provided in subsection (i), a redevelopment commission may not issue the bonds when the total issue, including bonds already issued and to be issued, exceeds two percent (2%) of the adjusted value of the taxable property in the special taxing district, as

determined under IC 36-1-15.
    (i) The bonds are not a corporate obligation of the unit but are an indebtedness of the taxing district. The bonds and interest are payable, as set forth in the bond resolution of the redevelopment commission:
        (1) from a special tax levied upon all of the property in the taxing district, as provided by section 27 of this chapter;
        (2) from the tax proceeds allocated under section 39(b)(2) of this chapter;
        (3) from other revenues available to the redevelopment commission; or
        (4) from a combination of the methods stated in subdivisions (1) through (3).
If the bonds are payable solely from the tax proceeds allocated under section 39(b)(2) of this chapter, other revenues of the redevelopment commission, or any combination of these sources, they may be issued in any amount without limitation.
    (j) Proceeds from the sale of bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years from the date of issuance.
    (k) All laws relating to the giving of notice of the issuance of bonds, the giving of notice of a hearing on the appropriation of the proceeds of the bonds, the right of taxpayers to appear and be heard on the proposed appropriation, and the approval of the appropriation by the department of local government finance apply to all bonds issued under this chapter that are payable from the special benefits tax levied pursuant to section 27 of this chapter or from taxes allocated under section 39 of this chapter.
    (l) All laws relating to:
         (1) the filing of petitions requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
apply to bonds issued under this chapter, except for bonds payable solely from tax proceeds allocated under section 39(b)(2) of this chapter, other revenues of the redevelopment commission, or any combination of these sources.
    (m) If a debt service reserve is created from the proceeds of bonds, the debt service reserve may be used to pay principal and interest on the bonds as provided in the bond resolution.
    (n) Any amount remaining in the debt service reserve after all of the bonds of the issue for which the debt service reserve was established have matured shall be deposited in the allocation fund established under section 39(b)(2) of this chapter.
    (o) If bonds are issued under this chapter that are payable solely or in part from revenues to the redevelopment commission from a project

or projects, the redevelopment commission may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign the revenues from the project or projects, but may not convey or mortgage any project or parts of a project. The resolution or trust indenture may also contain any provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the redevelopment commission. The redevelopment commission may establish fees and charges for the use of any project and covenant with the owners of any bonds to set those fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Any revenue bonds issued by the redevelopment commission that are payable solely from revenues of the commission shall contain a statement to that effect in the form of bond.
    (p) If the total principal amount of bonds authorized by a resolution of the redevelopment commission is equal to or greater than three million dollars ($3,000,000), the bonds may not be issued without the approval, by resolution, of the legislative body of the unit.".

SOURCE: Page 185, line 36; (07)MO147819.185. -->     Page 185, between lines 36 and 37, begin a new paragraph and insert:
SOURCE: IC 36-7-14.5-12.5; (07)MO147819.148. -->     "SECTION 148. IC 36-7-14.5-12.5, AS AMENDED BY P.L.1-2006, SECTION 567, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 12.5. (a) This section applies only to an authority in a county having a United States government military base that is scheduled for closing or is completely or partially inactive or closed.
    (b) In order to accomplish the purposes set forth in section 11 of this chapter, an authority may create an economic development area:
        (1) by following the procedures set forth in IC 36-7-14-41 for the establishment of an economic development area by a redevelopment commission; and
        (2) with the same effect as if the economic development area was created by a redevelopment commission.
The area established under this section shall be established only in the area where a United States government military base that is scheduled for closing or is completely or partially inactive or closed is or was located.
    (c) In order to accomplish the purposes set forth in section 11 of this chapter, an authority may do the following in a manner that serves an economic development area created under this section:
        (1) Acquire by purchase, exchange, gift, grant, condemnation, or lease, or any combination of methods, any personal property or interest in real property needed for the redevelopment of economic development areas located within the corporate boundaries of the unit.
        (2) Hold, use, sell (by conveyance by deed, land sale contract, or

other instrument), exchange, lease, rent, or otherwise dispose of property acquired for use in the redevelopment of economic development areas on the terms and conditions that the authority considers best for the unit and the unit's inhabitants.
        (3) Sell, lease, or grant interests in all or part of the real property acquired for redevelopment purposes to any other department of the unit or to any other governmental agency for public ways, levees, sewerage, parks, playgrounds, schools, and other public purposes on any terms that may be agreed on.
        (4) Clear real property acquired for redevelopment purposes.
        (5) Repair and maintain structures acquired for redevelopment purposes.
        (6) Remodel, rebuild, enlarge, or make major structural improvements on structures acquired for redevelopment purposes.
        (7) Survey or examine any land to determine whether the land should be included within an economic development area to be acquired for redevelopment purposes and to determine the value of that land.
        (8) Appear before any other department or agency of the unit, or before any other governmental agency in respect to any matter affecting:
            (A) real property acquired or being acquired for redevelopment purposes; or
            (B) any economic development area within the jurisdiction of the authority.
        (9) Institute or defend in the name of the unit any civil action, but all actions against the authority must be brought in the circuit or superior court of the county where the authority is located.
        (10) Use any legal or equitable remedy that is necessary or considered proper to protect and enforce the rights of and perform the duties of the authority.
        (11) Exercise the power of eminent domain in the name of and within the corporate boundaries of the unit subject to the same conditions and procedures that apply to the exercise of the power of eminent domain by a redevelopment commission under IC 36-7-14.
        (12) Appoint an executive director, appraisers, real estate experts, engineers, architects, surveyors, and attorneys.
        (13) Appoint clerks, guards, laborers, and other employees the authority considers advisable, except that those appointments must be made in accordance with the merit system of the unit if such a system exists.
        (14) Prescribe the duties and regulate the compensation of employees of the authority.
        (15) Provide a pension and retirement system for employees of the authority by using the public employees' retirement fund or a retirement plan approved by the United States Department of

Housing and Urban Development.
        (16) Discharge and appoint successors to employees of the authority subject to subdivision (13).
        (17) Rent offices for use of the department or authority, or accept the use of offices furnished by the unit.
        (18) Equip the offices of the authority with the necessary furniture, furnishings, equipment, records, and supplies.
        (19) Design, order, contract for, and construct, reconstruct, improve, or renovate the following:
            (A) Any local public improvement or structure that is necessary for redevelopment purposes or economic development within the corporate boundaries of the unit.
            (B) Any structure that enhances development or economic development.
        (20) Contract for the construction, extension, or improvement of pedestrian skyways (as defined in IC 36-7-14-12.2(c)).
        (21) Accept loans, grants, and other forms of financial assistance from, or contract with, the federal government, the state government, a municipal corporation, a special taxing district, a foundation, or any other source.
        (22) Make and enter into all contracts and agreements necessary or incidental to the performance of the duties of the authority and the execution of the powers of the authority under this chapter.
        (23) Take any action necessary to implement the purpose of the authority.
        (24) Provide financial assistance, in the manner that best serves the purposes set forth in section 11 of this chapter, including grants and loans, to enable private enterprise to develop, redevelop, and reuse military base property or otherwise enable private enterprise to provide social and economic benefits to the citizens of the unit.
    (d) An authority may designate all or a portion of an economic development area created under this section as an allocation area by following the procedures set forth in IC 36-7-14-39 for the establishment of an allocation area by a redevelopment commission. The allocation provision may modify the definition of "property taxes" under IC 36-7-14-39(a) to include taxes imposed under IC 6-1.1 on the depreciable personal property located and taxable on the site of operations of designated taxpayers in accordance with the procedures applicable to a commission under IC 36-7-14-39.3. IC 36-7-14-39.3 applies to such a modification. An allocation area established by an authority under this section is a special taxing district authorized by the general assembly to enable the unit to provide special benefits to taxpayers in the allocation area by promoting economic development that is of public use and benefit. For allocation areas established for an economic development area created under this section after June 30, 1997, and to the expanded portion of an allocation area for an

economic development area that was established before June 30, 1997, and that is expanded under this section after June 30, 1997, the net assessed value of property that is assessed as residential property under the rules of the department of local government finance, as finally determined for any assessment date, must be allocated. All of the provisions of IC 36-7-14-39, IC 36-7-14-39.1, and IC 36-7-14-39.5 apply to an allocation area created under this section, except that the authority shall be vested with the rights and duties of a commission as referenced in those sections, and except that, notwithstanding IC 36-7-14-39(b)(2), property tax proceeds paid into the allocation fund may be used by the authority only to do one (1) or more of the following:
        (1) Pay the principal of and interest and redemption premium on any obligations incurred by the special taxing district or any other entity for the purpose of financing or refinancing military base reuse activities in or serving or benefiting that allocation area.
        (2) Establish, augment, or restore the debt service reserve for obligations payable solely or in part from allocated tax proceeds in that allocation area or from other revenues of the authority (including lease rental revenues).
        (3) Make payments on leases payable solely or in part from allocated tax proceeds in that allocation area.
        (4) Reimburse any other governmental body for expenditures made by it for local public improvements or structures in or serving or benefiting that allocation area.
        (5) Pay all or a portion of a property tax replacement credit to taxpayers in an allocation area as determined by the authority. This credit equals the amount determined under the following STEPS for each taxpayer in a taxing district (as defined in IC 6-1.1-1-20) that contains all or part of the allocation area:
            STEP ONE: Determine that part of the sum of the amounts under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2), IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and IC 6-1.1-21-2(g)(5) that is attributable to the taxing district.
            STEP TWO: Divide:
                (A) that part of each county's eligible property tax replacement amount (as defined in IC 6-1.1-21-2) for that year as determined under IC 6-1.1-21-4 that is attributable to the taxing district; by
                (B) the STEP ONE sum.
            STEP THREE: Multiply:
                (A) the STEP TWO quotient; by
                (B) the total amount of the taxpayer's taxes (as defined in IC 6-1.1-21-2) levied in the taxing district that have been allocated during that year to an allocation fund under this section.
        If not all the taxpayers in an allocation area receive the credit in

full, each taxpayer in the allocation area is entitled to receive the same proportion of the credit. A taxpayer may not receive a credit under this section and a credit under IC 36-7-14-39.5 in the same year.
        (6) Pay expenses incurred by the authority for local public improvements or structures that are in the allocation area or serving or benefiting the allocation area.
        (7) Reimburse public and private entities for expenses incurred in training employees of industrial facilities that are located:
            (A) in the allocation area; and
            (B) on a parcel of real property that has been classified as industrial property under the rules of the department of local government finance.
        However, the total amount of money spent for this purpose in any year may not exceed the total amount of money in the allocation fund that is attributable to property taxes paid by the industrial facilities described in clause (B). The reimbursements under this subdivision must be made within three (3) years after the date on which the investments that are the basis for the increment financing are made. The allocation fund may not be used for operating expenses of the authority.
    (e) In addition to other methods of raising money for property acquisition, redevelopment, or economic development activities in or directly serving or benefitting benefiting an economic development area created by an authority under this section, and in anticipation of the taxes allocated under subsection (d), other revenues of the authority, or any combination of these sources, the authority may, by resolution, issue the bonds of the special taxing district in the name of the unit. Bonds issued under this section may be issued in any amount without limitation. The following apply if such a resolution is adopted:
        (1) The authority shall certify a copy of the resolution authorizing the bonds to the municipal or county fiscal officer, who shall then prepare the bonds. The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
        (2) The bonds must be executed by the appropriate officer of the unit and attested by the unit's fiscal officer.
        (3) The bonds are exempt from taxation for all purposes.
        (4) Bonds issued under this section may be sold at public sale in accordance with IC 5-1-11 or at a negotiated sale.
        (5) The bonds are not a corporate obligation of the unit but are an indebtedness of the taxing district. The bonds and interest are payable, as set forth in the bond resolution of the authority:
            (A) from the tax proceeds allocated under subsection (d);
            (B) from other revenues available to the authority; or
            (C) from a combination of the methods stated in clauses (A) and (B).
        (6) Proceeds from the sale of bonds may be used to pay the cost

of interest on the bonds for a period not to exceed five (5) years from the date of issuance.
        (7) Laws relating to:
             (A) the filing of petitions requesting the issuance of bonds; and
             (B) the right of:
                 (i) taxpayers and voters to remonstrate against the issuance of bonds; or
                 (ii) voters to vote on the proposed issuance of bonds in an election on a local public question;
        do not apply to bonds issued under this section.
        (8) If a debt service reserve is created from the proceeds of bonds, the debt service reserve may be used to pay principal and interest on the bonds as provided in the bond resolution.
        (9) If bonds are issued under this chapter that are payable solely or in part from revenues to the authority from a project or projects, the authority may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign the revenues from the project or projects. The resolution or trust indenture may also contain any provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority. The authority may establish fees and charges for the use of any project and covenant with the owners of any bonds to set those fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Any revenue bonds issued by the authority that are payable solely from revenues of the authority shall contain a statement to that effect in the form of bond.
    (f) Notwithstanding section 8(a) of this chapter, an ordinance adopted under section 11 of this chapter may provide, or be amended to provide, that the board of directors of the authority shall be composed of not fewer than three (3) nor more than eleven (11) members, who must be residents of the unit appointed by the executive of the unit.
    (g) The acquisition of real and personal property by an authority under this section is not subject to the provisions of IC 5-22, IC 36-1-10.5, IC 36-7-14-19, or any other statutes governing the purchase of property by public bodies or their agencies.
    (h) An authority may negotiate for the sale, lease, or other disposition of real and personal property without complying with the provisions of IC 5-22-22, IC 36-1-11, IC 36-7-14-22, or any other statute governing the disposition of public property.
    (i) Notwithstanding any other law, utility services provided within an economic development area established under this section are subject to regulation by the appropriate regulatory agencies unless the

utility service is provided by a utility that provides utility service solely within the geographic boundaries of an existing or a closed military installation, in which case the utility service is not subject to regulation for purposes of rate making, regulation, service delivery, or issuance of bonds or other forms of indebtedness. However, this exemption from regulation does not apply to utility service if the service is generated, treated, or produced outside the boundaries of the existing or closed military installation.

SOURCE: IC 36-7-15.1-17; (07)MO147819.28. -->     SECTION 28. IC 36-7-15.1-17, AS AMENDED BY P.L.185-2005, SECTION 34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 17. (a) In addition to other methods of raising money for property acquisition or redevelopment in a redevelopment project area, and in anticipation of the special tax to be levied under section 19 of this chapter, the taxes allocated under section 26 of this chapter, or other revenues of the redevelopment district, the commission may, by resolution, issue the bonds of the redevelopment district in the name of the consolidated city and in accordance with IC 36-3-5-8. The amount of the bonds may not exceed the total, as estimated by the commission, of all expenses reasonably incurred in connection with the acquisition and redevelopment of the property, including:
        (1) the total cost of all land, rights-of-way, and other property to be acquired and redeveloped;
        (2) all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses related to the acquisition and redevelopment of the property or the issuance of bonds;
        (3) capitalized interest permitted in this chapter and a debt service reserve for the bonds, to the extent that the redevelopment commission determines that a reserve is reasonably required;
        (4) the total cost of all clearing and construction work provided for in the resolution; and
        (5) expenses that the commission is required or permitted to pay under IC 8-23-17.
    (b) If the commission plans to acquire different parcels of land or let different contracts for redevelopment work at approximately the same time, whether under one (1) or more resolutions, the commission may provide for the total cost in one (1) issue of bonds.
    (c) The bonds must be dated as set forth in the bond resolution and negotiable subject to the requirements of the bond resolution for the registration of the bonds. The resolution authorizing the bonds must state:
        (1) the denominations of the bonds;
        (2) the place or places at which the bonds are payable; and
        (3) the term of the bonds, which may not exceed fifty (50) years.
The resolution may also state that the bonds are redeemable before maturity with or without a premium, as determined by the commission.
    (d) The commission shall certify a copy of the resolution authorizing the bonds to the fiscal officer of the consolidated city, who shall then prepare the bonds. The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
    (e) The bonds shall be executed by the city executive and attested by the fiscal officer. The interest coupons, if any, shall be executed by the facsimile signature of the fiscal officer.
    (f) The bonds are exempt from taxation as provided by IC 6-8-5.
    (g) The city fiscal officer shall sell the bonds according to law. Notwithstanding IC 36-3-5-8, bonds payable solely or in part from tax proceeds allocated under section 26(b)(2) of this chapter or other revenues of the district may be sold at private negotiated sale and at a price or prices not less than ninety-seven percent (97%) of the par value.
    (h) The bonds are not a corporate obligation of the city but are an indebtedness of the redevelopment district. The bonds and interest are payable:
        (1) from a special tax levied upon all of the property in the redevelopment district, as provided by section 19 of this chapter;
        (2) from the tax proceeds allocated under section 26(b)(2) of this chapter;
        (3) from other revenues available to the commission; or
        (4) from a combination of the methods stated in subdivisions (1) through (3);
and from any revenues of the designated project. If the bonds are payable solely from the tax proceeds allocated under section 26(b)(2) of this chapter, other revenues of the redevelopment commission, or any combination of these sources, they may be issued in any amount without limitation.
    (i) Proceeds from the sale of the bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years from the date of issue.
    (j) Notwithstanding IC 36-3-5-8, the laws relating to:
         (1) the filing of petitions requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

applicable to bonds issued under this chapter do not apply to bonds payable solely or in part from tax proceeds allocated under section 26(b)(2) of this chapter, other revenues of the commission, or any combination of these sources.
    (k) If bonds are issued under this chapter that are payable solely or in part from revenues to the commission from a project or projects, the commission may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The

resolution or trust indenture may pledge or assign the revenues from the project or projects, but may not convey or mortgage any project or parts of a project. The resolution or trust indenture may also contain any provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the commission. The commission may establish fees and charges for the use of any project and covenant with the owners of any bonds to set those fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Any revenue bonds issued by the commission that are payable solely from revenues of the commission must contain a statement to that effect in the form of bond.".

SOURCE: Page 187, line 18; (07)MO147819.187. -->     Page 187, between lines 18 and 19, begin a new paragraph and insert:
SOURCE: IC 36-7-15.1-45; (07)MO147819.149. -->     "SECTION 149. IC 36-7-15.1-45, AS AMENDED BY P.L.185-2005, SECTION 45, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 45. (a) In addition to other methods of raising money for property acquisition or redevelopment in a redevelopment project area, and in anticipation of the special tax to be levied under section 50 of this chapter, the taxes allocated under section 53 of this chapter, or other revenues of the redevelopment district, a commission may, by resolution, issue the bonds of its redevelopment district in the name of the excluded city. The amount of the bonds may not exceed the total, as estimated by the commission, of all expenses reasonably incurred in connection with the acquisition and redevelopment of the property, including:
        (1) the total cost of all land, rights-of-way, and other property to be acquired and redeveloped;
        (2) all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses related to the acquisition and redevelopment of the property or the issuance of bonds;
        (3) capitalized interest permitted in this chapter and a debt service reserve for the bonds, to the extent that the redevelopment commission determines that a reserve is reasonably required;
        (4) the total cost of all clearing and construction work provided for in the resolution; and
        (5) expenses that the commission is required or permitted to pay under IC 8-23-17.
    (b) If a commission plans to acquire different parcels of land or let different contracts for redevelopment work at approximately the same time, whether under one (1) or more resolutions, a commission may provide for the total cost in one (1) issue of bonds.
    (c) The bonds must be dated as set forth in the bond resolution and negotiable subject to the requirements concerning registration of the bonds. The resolution authorizing the bonds must state:
        (1) the denominations of the bonds;
        (2) the place or places at which the bonds are payable; and
        (3) the term of the bonds, which may not exceed fifty (50) years.
The resolution may also state that the bonds are redeemable before maturity with or without a premium, as determined by the commission.
    (d) The commission shall certify a copy of the resolution authorizing the bonds to the fiscal officer of the excluded city, who shall then prepare the bonds. The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
    (e) The bonds shall be executed by the excluded city executive and attested by the excluded city fiscal officer. The interest coupons, if any, shall be executed by the facsimile signature of the excluded city fiscal officer.
    (f) The bonds are exempt from taxation as provided by IC 6-8-5.
    (g) The excluded city fiscal officer shall sell the bonds according to law. Bonds payable solely or in part from tax proceeds allocated under section 53(b)(2) of this chapter or other revenues of the district may be sold at private negotiated sale and at a price or prices not less than ninety-seven percent (97%) of the par value.
    (h) The bonds are not a corporate obligation of the excluded city but are an indebtedness of the redevelopment district. The bonds and interest are payable:
        (1) from a special tax levied upon all of the property in the redevelopment district, as provided by section 50 of this chapter;
        (2) from the tax proceeds allocated under section 53(b)(2) of this chapter;
        (3) from other revenues available to the commission; or
        (4) from a combination of the methods described in subdivisions (1) through (3);
and from any revenues of the designated project. If the bonds are payable solely from the tax proceeds allocated under section 53(b)(2) of this chapter, other revenues of the redevelopment commission, or any combination of these sources, they may be issued in any amount without limitation.
    (i) Proceeds from the sale of the bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years from the date of issue.
    (j) The laws relating to:
         (1) the filing of petitions requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds applicable to bonds issued under this chapter; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
do not apply to bonds payable solely or in part from tax proceeds allocated under section 53(b)(2) of this chapter, other revenues of the commission, or any combination of these sources.
    (k) If bonds are issued under this chapter that are payable solely or

in part from revenues to a commission from a project or projects, a commission may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign the revenues from the project or projects but may not convey or mortgage any project or parts of a project. The resolution or trust indenture may also contain any provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the commission. The commission may establish fees and charges for the use of any project and covenant with the owners of bonds to set those fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Any revenue bonds issued by the commission that are payable solely from revenues of the commission must contain a statement to that effect in the form of bond.

SOURCE: IC 36-7-30-18; (07)MO147819.30. -->     SECTION 30. IC 36-7-30-18 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 18. (a) In addition to other methods of raising money for property acquisition, redevelopment, or economic development activities in or directly serving or benefiting a military base reuse area, and in anticipation of the taxes allocated under section 25 of this chapter, other revenues of the district, or any combination of these sources, the reuse authority may by resolution issue the bonds of the special taxing district in the name of the unit.
    (b) The reuse authority shall certify a copy of the resolution authorizing the bonds to the municipal or county fiscal officer, who shall then prepare the bonds. The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
    (c) The bonds must be executed by the appropriate officer of the unit, and attested by the unit's fiscal officer.
    (d) The bonds are exempt from taxation for all purposes.
    (e) Bonds issued under this section may be sold at public sale in accordance with IC 5-1-11 or at a negotiated sale.
    (f) The bonds are not a corporate obligation of the unit but are an indebtedness of the taxing district. The bonds and interest are payable, as set forth in the bond resolution of the reuse authority, from any of the following:
        (1) The tax proceeds allocated under section 25 of this chapter.
        (2) Other revenues available to the reuse authority.
        (3) A combination of the methods stated in subdivisions (1) through (2).
If the bonds are payable solely from the tax proceeds allocated under section 25 of this chapter, other revenues of the reuse authority, or any combination of these sources, the bonds may be issued in any amount without limitation.
    (g) Proceeds from the sale of bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years after the

date of issuance.
    (h) All laws relating to:
         (1) the filing of petitions requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
do not apply to bonds issued under this chapter.
    (i) If a debt service reserve is created from the proceeds of bonds, the debt service reserve may be used to pay principal and interest on the bonds as provided in the bond resolution.
    (j) If bonds are issued under this chapter that are payable solely or in part from revenues of the reuse authority, the reuse authority may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign revenues of the reuse authority and properties becoming available to the reuse authority under this chapter. The resolution or trust indenture may also contain provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including a covenant setting forth the duties of the reuse authority. The reuse authority may establish fees and charges for the use of any project and covenant with the owners of any bonds to set the fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Revenue bonds issued by the reuse authority that are payable solely from revenues of the reuse authority shall contain a statement to that effect in the form of the bond.

SOURCE: IC 36-7-30.5-23; (07)MO147819.31. -->     SECTION 31. IC 36-7-30.5-23, AS ADDED BY P.L.203-2005, SECTION 11, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 23. (a) In addition to other methods of raising money for property acquisition, redevelopment, reuse, or economic development activities in or directly serving or benefitting benefiting a military base development area, and in anticipation of the taxes allocated under section 30 of this chapter, other revenues of the district, or any combination of these sources, the development authority may by resolution issue the bonds of the development authority.
    (b) The secretary-treasurer of the development authority shall prepare the bonds. The seal of the development authority must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.
    (c) The bonds must be executed by the president of the development authority and attested by the secretary-treasurer.
    (d) The bonds are exempt from taxation for all purposes.
    (e) Bonds issued under this section may be sold at public sale in accordance with IC 5-1-11 or at a negotiated sale.
    (f) The bonds are not a corporate obligation of a unit but are an

indebtedness of only the development authority. The bonds and interest are payable, as set forth in the bond resolution of the development authority, from any of the following:
        (1) The tax proceeds allocated under section 30 of this chapter.
        (2) Other revenues available to the development authority.
        (3) A combination of the methods stated in subdivisions (1) through (2).
The bonds issued under this section may be issued in any amount without limitation.
    (g) Proceeds from the sale of bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years after the date of issuance.
    (h) All laws relating to:
         (1) the filing of petitions requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
do not apply to bonds issued under this chapter.
    (i) If a debt service reserve is created from the proceeds of bonds, the debt service reserve may be used to pay principal and interest on the bonds as provided in the bond resolution.
    (j) If bonds are issued under this chapter that are payable solely or in part from revenues of the development authority, the development authority may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign revenues of the development authority and properties becoming available to the development authority under this chapter. The resolution or trust indenture may also contain provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including a covenant setting forth the duties of the development authority. The development authority may establish fees and charges for the use of any project and covenant with the owners of any bonds to set the fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Revenue bonds issued by the development authority that are payable solely from revenues of the development authority shall contain a statement to that effect in the form of the bond.".

SOURCE: Page 196, line 37; (07)MO147819.196. -->     Page 196, between lines 37 and 38, begin a new paragraph and insert:
SOURCE: IC 36-9-3-31; (07)MO147819.32. -->     "SECTION 32. IC 36-9-3-31 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 31. (a) This section applies to an authority that includes a county having a population of more than four hundred thousand (400,000) but less than seven hundred thousand (700,000).
    (b) The authority may issue revenue or general obligation bonds under this section.
    (c) The board may issue revenue bonds of the authority for the purpose of procuring money to pay the cost of acquiring real or personal property for the purpose of this chapter. The issuance of bonds must be authorized by resolution of the board and approved by the county fiscal bodies of the counties in the authority before issuance. The resolution must provide for the amount, terms, and tenor of the bonds, and for the time and character of notice and mode of making sale of the bonds.
    (d) The bonds are payable at the times and places determined by the board, but they may not run more than thirty (30) years after the date of their issuance and must be executed in the name of the authority by an authorized officer of the board and attested by the secretary. The interest coupons attached to the bonds may be executed by placing on them the facsimile signature of the authorized officer of the board.
    (e) The president of the authority shall manage and supervise the preparation, advertisement, and sale of the bonds, subject to the authorizing ordinance. Before the sale of bonds, the president shall cause notice of the sale to be published in accordance with IC 5-3-1, setting out the time and place where bids will be received, the amount and maturity dates of the issue, the maximum interest rate, and the terms and conditions of sale and delivery of the bonds. The bonds shall be sold in accordance with IC 5-1-11. After the bonds have been properly sold and executed, the executive director or president shall deliver them to the controller of the authority and take a receipt for them, and shall certify to the treasurer the amount that the purchaser is to pay, together with the name and address of the purchaser. On payment of the purchase price, the controller shall deliver the bonds to the purchaser, and the controller and executive director or president shall report their actions to the board.
    (f) General obligation bonds issued under this section are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to the following:
         (1) The filing of a petition requesting the issuance of bonds.
         (2) The appropriation of the proceeds of bonds.
         (3) The right of taxpayers to appeal and be heard on the proposed appropriation.
         (4) The approval of the appropriation by the department of local government finance.
         (5) The right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; and or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question.

         (6) The sale of bonds for not less than their par value.
    (g) Notice of the filing of a petition requesting the issuance of bonds, notice of determination to issue bonds, and notice of the

appropriation of the proceeds of the bonds shall be given by posting in the offices of the authority for a period of one (1) week and by publication in accordance with IC 5-3-1.
    (h) The bonds are not a corporate indebtedness of any unit, but are an indebtedness of the authority as a municipal corporation. A suit to question the validity of the bonds issued or to prevent their issuance may not be instituted after the date set for sale of the bonds, and after that date the bonds may not be contested for any cause.
    (i) The bonds issued under this section and the interest on them are exempt from taxation for all purposes except the financial institutions tax imposed under IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1.

SOURCE: IC 36-9-4-45; (07)MO147819.33. -->     SECTION 33. IC 36-9-4-45 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 45. (a) Bonds issued under this chapter:
        (1) shall be issued in the denomination;
        (2) are payable over a period not to exceed thirty (30) years from the date of the bonds; and
        (3) mature;
as determined by the ordinance authorizing the bond issue.
    (b) All bonds issued under this chapter, the interest on them, and the income from them are exempt from taxation to the extent provided by IC 6-8-5-1.
    (c) The provisions of IC 6-1.1-20 relating to:
         (1) filing petitions requesting the issuance of bonds and giving notice of those petitions;
         (2) giving notice of a hearing on the appropriation of the proceeds of the bonds;
         (3) the right of taxpayers to appear and be heard on the proposed appropriation;
         (4) the approval of the appropriation by the department of local government finance; and
         (5) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
apply to the issuance of bonds under this chapter.
    (d) A suit to question the validity of bonds issued under this chapter or to prevent their issue and sale may not be instituted after the date set for the sale of the bonds, and the bonds are incontestable after that date.".
SOURCE: Page 198, line 28; (07)MO147819.198. -->     Page 198, between lines 28 and 29, begin a new paragraph and insert:
SOURCE: IC 36-10-3-24; (07)MO147819.160. -->     "SECTION 160. IC 36-10-3-24 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 24. (a) In order to raise money to pay for land to be acquired for any of the purposes

named in this chapter, to pay for an improvement authorized by this chapter, or both, and in anticipation of the special benefit tax to be levied as provided in this chapter, the board shall cause to be issued, in the name of the unit, the bonds of the district. The bonds may not exceed in amount the total cost of all land to be acquired and all improvements described in the resolution, including all expenses necessarily incurred in connection with the proceedings, together with a sum sufficient to pay the costs of supervision and inspection during the period of construction of a work. The expenses to be covered in the bond issue include all expenses of every kind actually incurred preliminary to acquiring the land and the construction of the work, such as the cost of the necessary record, engineering expenses, publication of notices, preparation of bonds, and other necessary expenses. If more than one (1) resolution or proceeding of the board under section 23 of this chapter is confirmed whereby different parcels of land are to be acquired, or more than one (1) contract for work is let by the board at approximately the same time, the cost involved under all of the resolutions and proceedings may be included in one (1) issue of bonds.
    (b) The bonds may be issued in any denomination not less than one thousand dollars ($1,000) each, in not less than five (5) nor more than forty (40) annual series. The bonds are payable one (1) series each year, beginning at a date after the receipt of taxes from a levy made for that purpose. The bonds are negotiable. The bonds may bear interest at any rate, payable semiannually. After adopting a resolution ordering bonds, the board shall certify a copy of the resolution to the unit's fiscal officer. The fiscal officer shall prepare the bonds, and the unit's executive shall execute them, attested by the fiscal officer.
    (c) The bonds and the interest on them are exempt from taxation as prescribed by IC 6-8-5-1. Bonds issued under this section are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to:
         (1) the filing of a petition requesting the issuance of bonds;
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
             (B) voters to vote on the proposed issuance of bonds in an election on a local public question;
         (3) the appropriation of the proceeds of the bonds and approval by the department of local government finance; and
         (4) the sale of bonds at public sale for not less than their par value.
    (d) The board may not have bonds of the district issued under this section that are payable by special taxation when the total issue for that purpose, including the bonds already issued or to be issued, exceeds two percent (2%) of the adjusted value of the taxable property in the district as determined under IC 36-1-15. All bonds or obligations issued in violation of this subsection are void. The bonds are not obligations or indebtedness of the unit, but constitute an indebtedness

of the district as a special taxing district. The bonds and interest are payable only out of a special tax levied upon all the property of the district as prescribed by this chapter. The bonds must recite the terms upon their face, together with the purposes for which they are issued.

SOURCE: IC 36-10-4-35; (07)MO147819.35. -->     SECTION 35. IC 36-10-4-35 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 35. (a) In order to pay for:
        (1) land to be acquired for any of the purposes of this chapter;
        (2) an improvement authorized by this chapter; or
        (3) both;
the board shall issue the bonds of the district in the name of the city in anticipation of the special benefits tax to be levied under this chapter. The amount of the bonds may not exceed the estimated cost of all land to be acquired and the estimated cost of all improvements provided in the resolution, including all expenses necessarily incurred in the proceedings and a sum sufficient to pay the estimated costs of supervision and inspection during the period of construction. Expenses include all expenses actually incurred preliminary to acquisition of the land and the construction work, such as the estimated cost of the necessary record, engineering expenses, publication of notices, preparation of bonds, and other expenses necessary to letting the contract and selling the bonds.
    (b) The total amount of any benefits that have been assessed by the board and confirmed against lots and parcels of land, exclusive of improvements, lying within two thousand (2,000) feet on either side of the land to be acquired or of the improvement, however, shall be deducted from the estimated cost.
    (c) If more than one (1) resolution or proceeding of the board under section 25 of this chapter is confirmed whereby different parcels of land are to be acquired or more than one (1) contract for work is let by the board at approximately the same time, the estimated cost involved under all of the resolutions and proceedings may be contained in one (1) issue of bonds.
    (d) The bonds shall be issued in any denomination up to five thousand dollars ($5,000) each. The bonds are negotiable instruments and bear interest at a rate established by the board and approved by the city legislative body.
    (e) After adopting a resolution ordering the bonds, the board shall certify a copy of the resolution to the fiscal officer of the city. The fiscal officer shall then prepare the bonds, which shall be executed by the city executive and attested by the fiscal officer. The bonds are exempt from taxation for all purposes and are subject to IC 6-1.1-20 concerning:
         (1) the filing of a petition requesting the issuance of bonds; and
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question.

    (f) All bonds shall be sold at not less than par value plus accrued interest to date of delivery by the city fiscal officer to the highest bidder after giving notice of the sale of the bonds by publication in accordance with IC 5-3-1.
    (g) The bonds are subject to approval by the city legislative body, in the manner it prescribes by ordinance or resolution.
    (h) The bonds are not corporate obligations or indebtedness of the city, but are an indebtedness of the district as a special taxing district. The bonds and interest are payable only out of a special tax levied upon all property of the district. The bonds must recite these terms upon their face, together with the purposes for which they are issued.
    (i) An action to question the validity of bonds of the district or to prevent their issue may not be brought after the date set for the sale of the bonds.
    (j) The board may, instead of selling the bonds in series, sell the bonds to run for a period of five (5) years from the date of issue for the purposes of this chapter at any rate of interest payable semiannually, also exempt from taxation for all purposes. The board may sell bonds in series to refund the five (5) year bonds.
SOURCE: IC 36-10-7.5-22; (07)MO147819.36. -->     SECTION 36. IC 36-10-7.5-22 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 22. (a) To raise money to pay for land to be acquired for any of the purposes named in this chapter or to pay for an improvement authorized by this chapter and in anticipation of the special benefit tax to be levied as provided in this chapter, the legislative body shall issue in the name of the township the bonds of the district. The bonds may not exceed in amount the total cost of all land to be acquired and all improvements described in the resolution, including all expenses necessarily incurred in connection with the proceedings, together with a sum sufficient to pay the costs of supervision and inspection during the period of construction of a work. The expenses to be covered in the bond issue include all expenses of every kind actually incurred preliminary to acquiring the land and the construction of the work, such as the cost of the necessary record, engineering expenses, publication of notices, preparation of bonds, and other necessary expenses. If more than one (1) resolution or proceeding of the legislative body under this chapter is confirmed whereby different parcels of land are to be acquired or more than one (1) contract for work is let by the executive at approximately the same time, the cost involved under all of the resolutions and proceedings may be included in one (1) issue of bonds.
    (b) The bonds may be issued in any denomination not less than one thousand dollars ($1,000) each, in not less than five (5) nor more than forty (40) annual series. The bonds are payable one (1) series each year, beginning at a date after the receipt of taxes from a levy made for that purpose. The bonds are negotiable. The bonds may bear interest at

any rate, payable semiannually. After adopting a resolution ordering bonds, the legislative body shall certify a copy of the resolution to the township's fiscal officer. The fiscal officer shall prepare the bonds, and the executive shall execute the bonds, attested by the fiscal officer.
    (c) The bonds and the interest on the bonds are exempt from taxation as prescribed by IC 6-8-5-1. Bonds issued under this section are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to:
         (1) the filing of a petition requesting the issuance of bonds;
         (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

         (3) the appropriation of the proceeds of the bonds with the approval of the department of local government finance; and
         (4) the sale of bonds at public sale for not less than the par value of the bonds.
    (d) The legislative body may not have bonds of the district issued under this section that are payable by special taxation when the total issue for that purpose, including the bonds already issued or to be issued, exceeds two percent (2%) of the total adjusted value of the taxable property in the district as determined under IC 36-1-15. All bonds or obligations issued in violation of this subsection are void. The bonds are not obligations or indebtedness of the township but constitute an indebtedness of the district as a special taxing district. The bonds and interest are payable only out of a special tax levied upon all the property of the district as prescribed by this chapter. A bond must recite the terms upon the face of the bond, together with the purposes for which the bond is issued.

SOURCE: IC 36-10-8-16; (07)MO147819.37. -->     SECTION 37. IC 36-10-8-16 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 16. (a) A capital improvement may be financed in whole or in part by the issuance of general obligation bonds of the county or, if the authority was created under IC 18-7-18 (before its repeal on February 24, 1982), also of the city, if the board determines that the estimated annual net income of the capital improvement, plus the estimated annual tax revenues to be derived from any tax revenues made available for this purpose, will not be sufficient to satisfy and pay the principal of and interest on all bonds issued under this chapter, including the bonds then proposed to be issued.
    (b) If the board desires to finance a capital improvement in whole or in part as provided in this section, it shall have prepared a resolution to be adopted by the county executive authorizing the issuance of general obligation bonds, or, if the authority was created under IC 18-7-18 (before its repeal on February 24, 1982), by the fiscal body of the city authorizing the issuance of general obligation bonds. The resolution must set forth an itemization of the funds and assets received

by the board, together with the board's valuation and certification of the cost. The resolution must state the date or dates on which the principal of the bonds is payable, the maximum interest rate to be paid, and the other terms upon which the bonds shall be issued. The board shall submit the proposed resolution to the proper officers, together with a certificate to the effect that the issuance of bonds in accordance with the resolution will be in compliance with this section. The certificate must also state the estimated annual net income of the capital improvement to be financed by the bonds, the estimated annual tax revenues, and the maximum amount payable in any year as principal and interest on the bonds issued under this chapter, including the bonds proposed to be issued, as at the maximum interest rate set forth in the resolution. The bonds issued may mature over a period not exceeding forty (40) years from the date of issue.
    (c) Upon receipt of the resolution and certificate, the proper officers may adopt them and take all action necessary to issue the bonds in accordance with the resolution. An action to contest the validity of bonds issued under this section may not be brought after the fifteenth day following the receipt of bids for the bonds.
    (d) The provisions of all general statutes relating to:
        (1) the filing of a petition requesting the issuance of bonds and giving notice;
        (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

        (3) the giving of notice of the determination to issue bonds;
        (4) the giving of notice of a hearing on the appropriation of the proceeds of bonds;
        (5) the right of taxpayers to appear and be heard on the proposed appropriation;
        (6) the approval of the appropriation by the department of local government finance; and
        (7) the sale of bonds at public sale;
apply to the issuance of bonds under this section.

SOURCE: IC 36-10-9-15; (07)MO147819.38. -->     SECTION 38. IC 36-10-9-15 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 15. (a) A capital improvement may be financed in whole or in part by the issuance of general obligation bonds of the county.
    (b) If the board desires to finance a capital improvement in whole or in part as provided in this section, it shall have prepared a resolution to be adopted by the board of commissioners of the county authorizing the issuance of general obligation bonds. The resolution must state the date or dates on which the principal of the bonds is payable, the maximum interest rate to be paid, and the other terms upon which the bonds shall be issued. The board shall submit the proposed resolution

to the board of commissioners of the county, together with a certificate to the effect that the issuance of bonds in accordance with the resolution will be in compliance with this section. The certificate must also state the estimated annual net income of the capital improvement to be financed by the bonds, the estimated annual tax revenues, and the maximum amount payable in any year as principal and interest on the bonds issued under this chapter, including the bonds proposed to be issued, at the maximum interest rate set forth in the resolution. The bonds issued may mature over a period not exceeding forty (40) years from the date of issue.
    (c) Upon receipt of the resolution and certificate, the board of commissioners of the county may adopt them and take all action necessary to issue the bonds in accordance with the resolution. An action to contest the validity of bonds issued under this section may not be brought after the fifteenth day following the receipt of bids for the bonds.
    (d) The provisions of all general statutes relating to:
        (1) the filing of a petition requesting the issuance of bonds and giving notice;
        (2) the right of:
             (A) taxpayers and voters to remonstrate against the issuance of bonds; or
            (B) voters to vote on the proposed issuance of bonds in an election on a local public question;

        (3) the giving of notice of the determination to issue bonds;
        (4) the giving of notice of a hearing on the appropriation of the proceeds of bonds;
        (5) the right of taxpayers to appear and be heard on the proposed appropriation;
        (6) the approval of the appropriation by the department of local government finance; and
        (7) the sale of bonds at public sale for not less than par value;
are applicable to the issuance of bonds under this section.".

SOURCE: Page 203, line 4; (07)MO147819.203. -->     Page 203, between lines 4 and 5, begin a new paragraph and insert:
SOURCE: ; (07)MO147819.172. -->     "SECTION 172. [EFFECTIVE UPON PASSAGE] Notwithstanding any other law, including any law enacted during the 2007 regular session of the general assembly, no money may be
distributed from the property tax elimination fund established by IC 4-10-22-4 until after the date on which taxing units (as defined in IC 6-1.1-1-21) are prohibited from imposing ad valorem property taxes.
".
    Renumber all SECTIONS consecutively.
    (Reference is to EHB 1478 as printed April 6, 2007.)

________________________________________

Senator DELPH


MO147819/DI 113
2007