MADAM PRESIDENT:
The Senate Committee on Tax and Fiscal Policy, to which was referred Senate Bill No. 18,
has had the same under consideration and begs leave to report the same back to the Senate
with the recommendation that said bill be AMENDED as follows:
earnings.".
Page 5, line 1, delete "(1)" and insert " (2)".
Page 5, line 6, delete "(2)" and insert " (3)".
Page 5, line 7, delete "incentive" and insert " increment".
Page 5, line 20, delete "incentive" and insert " increment".
Page 6, between lines 3 and 4, begin a new line block indented and
insert:
" (1) To maintain a debt service reserve fund for the bonds to
which the surplus bond proceeds or investment earnings are
attributable, at the level required under the terms of the
bonds, if the local issuing body adopts an ordinance,
resolution, or order authorizing that use of the proceeds or
earnings.".
Page 6, line 4, delete "(1)" and insert " (2)".
Page 6, line 8, delete "(2)" and insert " (3)".
Page 6, line 9, delete "incentive" and insert " increment".
Page 6, line 13, delete "incentive" and insert " increment".
Page 6, line 32, delete "incentive" and insert " increment".
Page 6, line 39, delete "Notwithstanding" and insert " Except as
otherwise provided by subsection (c), and notwithstanding".
Page 7, line 1, delete "if the obligations were issued before July 1,
2008,".
Page 7, line 2, reset in roman "is".
Page 7, line 2, delete "was".
Page 7, line 2, reset in roman "any other".
Page 7, line 2, delete "another".
Page 7, line 2, after "statute" insert ".".
Page 7, delete line 3, begin a new paragraph and insert:
" (c) This subsection applies to obligations issued after June 30,
2008, that are wholly or partially payable from ad valorem
property taxes, special benefit taxes on property, or tax increment
revenues derived from property taxes. Notwithstanding any other
law, an issuer may use proceeds of the issuer's obligations to pay
interest on the obligations for a period not to exceed:
(1) five (5) years from the date of issuance of the obligations,
for obligations wholly or partially payable from tax increment
revenues derived from property taxes; or
(2) two (2) years from the date of issuance, for obligations
wholly or partially payable from ad valorem property taxes
or special benefit taxes on property.".
Page 7, line 4, strike "(c)" and insert " (d)".
Page 7, line 19, after "obligations" insert " issued after June 30,
2008, that are wholly or partially payable from ad valorem
property taxes, special benefit taxes on property, or tax increment
revenues derived from property taxes".
Page 7, delete lines 20 through 23, begin a new line block indented
and insert:
" (1) the maximum applicable period under federal law, for
obligations that are issued to evidence loans made or
guaranteed by the federal government or a federal agency;
(2) twenty-five (25) years, for obligations that are wholly or
partially payable from tax increment revenues derived from
property taxes; or
(3) twenty (20) years, for obligations that are not described in
subdivision (1) or (2) and are wholly or partially payable from
ad valorem property taxes or special benefit taxes on
property.".
Page 7, line 29, delete "incentive" and insert " increment".
Page 7, line 35, delete "(d)" and insert " (b)".
Page 8, line 1, after "to" insert " :".
Page 8, line 1, before "maintain" begin a new line double block
indented and insert:
" (A)".
Page 8, line 3, delete "." and insert " ;".
Page 8, between lines 3 and 4, begin a new line double block
indented and insert:
" (B) provide for the payment of principal on the
obligations in amounts and at intervals that will produce
an aggregate amount of principal payments greater than
or equal to the aggregate amount that would otherwise be
paid as of the same date; or
(C) with respect to obligations wholly or partially payable
from tax increment revenues derived from property taxes,
provide for the payment of principal and interest in
varying amounts over the term of the obligations as
necessary due to the variation in the amount of tax
increment revenues available for those payments.
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.
outside the corporate limits of a city or town; or
(2) sixty-six and sixty-seven hundredths cents ($0.6667) on each
one hundred dollars ($100) of assessed valuation in territory
inside the corporate limits of a city or town.
(b) The proper officers of a political subdivision shall fix tax rates
which are sufficient to provide funds for the purposes itemized in this
subsection. The portion of a tax rate fixed by a political subdivision
shall not be considered in computing the tax rate limits prescribed in
subsection (a) if that portion is to be used for one (1) of the following
purposes:
(1) To pay the principal or interest on a funding, refunding, or
judgment funding obligation of the political subdivision.
(2) To pay the principal or interest on an outstanding obligation
issued by the political subdivision if notice of the sale of the
obligation was published before March 9, 1937.
(3) To pay the principal or interest upon:
(A) an obligation issued by the political subdivision to meet an
emergency which results from a flood, fire, pestilence, war, or
any other major disaster; or
(B) a note issued under IC 36-2-6-18, IC 36-3-4-22,
IC 36-4-6-20, or IC 36-5-2-11 to enable a city, town, or county
to acquire necessary equipment or facilities for municipal or
county government.
(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.
(5) To pay a judgment rendered against the political subdivision.
(6) To meet the requirements of the family and children's fund for
child services (as defined in IC 12-19-7-1).
(7) To meet the requirements of the county hospital care for the
indigent fund.
(8) To meet the requirements of the children's psychiatric
residential treatment services fund for children's psychiatric
residential treatment services (as defined in IC 12-19-7.5-1).
(c) Except as otherwise provided in IC 6-1.1-19, IC 6-1.1-18.5,
IC 20-45, or IC 20-46, a county board of tax adjustment (before
January 1, 2009), a county board of tax and capital projects review
(after December 31, 2008), a county auditor, or the department of local
government finance may review the portion of a tax rate described in
subsection (b) only to determine if it exceeds the portion actually
needed to provide for one (1) of the purposes itemized in that
subsection.
approval under subsection (b). However, the department of local
government finance may extend this three (3) month period by an
additional three (3) months if, at least ten (10) days before the end of
the original three (3) month period, the department sends notice of the
extension to the executive officer of the civil taxing unit. A civil taxing
unit may petition for judicial review of the final determination of the
department of local government finance under this section. The petition
must be filed in the tax court not more than forty-five (45) days after
the department enters its order under this section.
(d) A civil taxing unit does not need approval under subsection (b)
to obtain temporary loans made in anticipation of and to be paid from
current revenues of the civil taxing unit actually levied and in the
course of collection for the fiscal year in which the loans are made.
(e) For purposes of computing the ad valorem property tax levy
limits imposed on a civil taxing unit by section 3 of this chapter, the
civil taxing unit's ad valorem property tax levy for a calendar year does
not include that part of its levy that is committed to fund or pay bond
indebtedness or lease rentals with an original term of five (5) years in
subsection (a).
(f) A taxpayer may petition for judicial review of the final
determination of the department of local government finance under this
section. The petition must be filed in the tax court not more than thirty
(30) days after the department enters its order under this section.
two the lesser of the following:
(A) Seven million dollars ($2,000,000). ($7,000,000).
(B) An amount equal to the greater of:
(i) five-tenths of one percent (0.5%) of the total taxable
property within the political subdivision on the last
assessment date; or
(ii) two hundred thousand dollars ($200,000).
(3) A project that is being refinanced for the purpose of providing
gross or net present value savings to taxpayers.
(4) A project for which bonds were issued or leases were entered
into before January 1, 1996, or where the state board of tax
commissioners has approved the issuance of bonds or the
execution of leases before January 1, 1996.
(5) A project that is required by a court order holding that a
federal law mandates the project.
(6) A project that:
(A) is in response to an emergency or natural disaster in
the political subdivision; and
(B) is approved by the county council of each county in
which the political subdivision is located.
applicability of the petition and remonstrance process is published
under section 3.2(1) 3.1(c)(1) of this chapter.
(3) In the case of a public question held under section 3.6 of
this chapter, an individual who is registered to vote in the
political subdivision on the date that is thirty (30) days before
the date of the election in which the public question will be
held.
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 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) 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.
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 before 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 petition and remonstrance process. 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 petition and remonstrance process
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.
of a growing school corporation (as defined in section 3.6(h)
of this chapter); and
(2) is not subject to approval in a local public question under
section 3.6 of this chapter;
regardless of whether the preliminary determination to issue the
bonds or enter into the lease for the controlled project is made
before, on, or after July 1, 2008.
(c) If a sufficient petition requesting the application of a petition and
remonstrance process has been filed as set forth in section 3.1 of this
chapter, 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 the political subdivision shall give
notice of the applicability of the petition and remonstrance
process by:
(A) publication in accordance with IC 5-3-1; and
(B) first class mail to the organizations described in section
3.1(1)(B) 3.1(c)(1)(B) of this chapter.
A notice under this subdivision must include a statement that any
owners of real property within the political subdivision or
registered voters residing within the political subdivision who
want to petition in favor of or remonstrate against the proposed
debt service or lease payments must file petitions and
remonstrances in compliance with subdivisions (2) through (4)
not earlier than thirty (30) days or later than sixty (60) days after
publication in accordance with IC 5-3-1.
(2) Not earlier than thirty (30) days or later than sixty (60) days
after the notice under subdivision (1) is given:
(A) petitions (described in subdivision (3)) in favor of the
bonds or lease; and
(B) remonstrances (described in subdivision (3)) against the
bonds or lease;
may be filed by an owner or owners of real property within the
political subdivision or a registered voter residing within the
political subdivision. Each signature on a petition must be dated,
and the date of signature may not be before the date on which the
petition and remonstrance forms may be issued under subdivision
(3). A petition described in clause (A) or a remonstrance
described in clause (B) must be verified in compliance with
subdivision (4) before the petition or remonstrance is filed with
the county auditor voter registration office under subdivision (4).
(3) The state board of accounts shall design and, upon request by
the county auditor, voter registration office, deliver to the county
auditor voter registration office or the county auditor's voter
registration office's designated printer the petition and
remonstrance forms to be used solely in the petition and
remonstrance process described in this section. The county
auditor 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 or remonstrance 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;
(D) govern the closing date for the petition and remonstrance
period; and
(E) apply to the carrier under section 10 of this chapter.
Persons requesting forms may not 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 or remonstrance must indicate whether the person is
signing the petition or remonstrance as a registered voter within
the political subdivision or is signing the petition or
remonstrance as the owner of real property within the political
subdivision. A person who signs a petition or remonstrance as a
registered voter must indicate the address at which the person is
registered to vote. A person who signs a petition or remonstrance
as a real property owner must indicate the address of the real
property owned by the person in the political subdivision. The
county auditor voter registration office may not issue a petition
or remonstrance form earlier than twenty-nine (29) days after the
notice is given under subdivision (1). The county auditor voter
registration office shall certify the date of issuance on each
petition or remonstrance form that is distributed under this
subdivision.
(4) The petitions and remonstrances must be verified in the
manner prescribed by the state board of accounts and filed with
the county auditor voter registration office within the sixty (60)
day period described in subdivision (2) in the manner set forth in
section 3.1 of this chapter relating to requests for a petition and
remonstrance process.
(5) The county voter registration office shall determine whether
each person who signed the petition or remonstrance is a
registered voter. The county voter registration office shall not
more than fifteen (15) business days after receiving a petition or
remonstrance forward a copy of the petition or remonstrance to
the county auditor. Not more than ten (10) business days after
receiving the copy of the petition or remonstrance, the county
auditor shall provide to the county voter registration office a
statement verifying:
(A) whether a person who signed the petition or remonstrance
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 or remonstrance
as an owner of real property within the political subdivision
does in fact own real property within the political subdivision.
(6) The county voter registration office shall not more than ten
(10) business days after receiving the statement from the county
auditor under subdivision (5) make the final determination of:
(A) the number of registered voters in the political subdivision
that signed a petition and, based on the statement provided by
the county auditor, the number of owners of real property
within the political subdivision that signed a petition; and
(B) the number of registered voters in the political subdivision
that signed a remonstrance and, based on the statement
provided by the county auditor, the number of owners of real
property within the political subdivision that signed a
remonstrance.
Whenever the name of an individual who signs a petition or
remonstrance 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 or remonstrance 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 or remonstrance only one (1)
time in a particular petition and remonstrance process under this
chapter, 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 or remonstrance is presented to the county voter
registration office within thirty-five (35) days before an election,
the county voter registration office may defer acting on the
petition or remonstrance, 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.
(5) (7) The county auditor voter registration office must file a
certificate and the petition or remonstrance with the body of the
political subdivision charged with issuing bonds or entering into
leases within fifteen (15) thirty-five (35) business days of the
filing of a petition or remonstrance under subdivision (4),
whichever applies, containing ten thousand (10,000) signatures or
less. The county auditor voter registration office may take an
additional five (5) days to review and certify the petition or
remonstrance for each additional five thousand (5,000) signatures
up to a maximum of sixty (60) days. The certificate must state the
number of petitioners and remonstrators that are owners of real
property within the political subdivision and the number of
petitioners who are registered voters residing within the political
subdivision.
(6) (8) If a greater number of persons who are either owners of
real property within the political subdivision or registered voters
residing within the political subdivision sign a remonstrance than
the number that signed a petition, the bonds petitioned for may
not be issued or the lease petitioned for may not be entered into.
The proper officers of the political subdivision may not make a
preliminary determination to issue bonds or enter into a lease for
the controlled project defeated by the petition and remonstrance
process under this section or any other controlled project that is
not substantially different within one (1) year after the date of the
county auditor's voter registration office's certificate under
subdivision (5). (7). Withdrawal of a petition carries the same
consequences as a defeat of the petition.
(7) (9) After a political subdivision has gone through the petition
and remonstrance process set forth in this section, the political
subdivision is not required to follow any other remonstrance or
objection procedures under any other law (including section 5 of
this chapter) relating to bonds or leases designed to protect
owners of real property within the political subdivision from the
imposition of property taxes to pay debt service or lease rentals.
However, the political subdivision must still receive the approval
of the department of local government finance if required by:
(A) IC 6-1.1-18.5-8; or
(B) IC 20-46-7-8, IC 20-46-7-9, and IC 20-46-7-10.
of this chapter); and
(2) is not subject to approval in a local public question under
section 3.6 of this chapter;
regardless of whether the preliminary determination to issue the
bonds or enter into the lease for the controlled project is made
before, on, or after July 1, 2008.
(a) (c) Notwithstanding any other provision of this chapter, the
executive of a political subdivision may initiate the petition and
remonstrance process under this chapter for the approval or disapproval
of a proposed controlled project of the political subdivision that has
been disapproved under IC 6-1.1-29.5 by the county board of tax and
capital projects review.
(b) (d) The executive of a political subdivision may initiate the
petition and remonstrance process under this chapter for a proposed
controlled project that has been disapproved by the county board of tax
and capital projects review by giving notice of the applicability of the
petition and remonstrance process as provided in section 3.2(1)
3.2(c)(1) of this chapter not more than sixty (60) days after the county
board of tax and capital projects review disapproves the proposed
controlled project.
(c) (e) Section 3.2 of this chapter applies to a petition and
remonstrance process initiated under this section. However, a sufficient
petition requesting the application of a petition and remonstrance
process is not required to be filed as set forth in section 3.1 of this
chapter before the executive of a political subdivision may initiate the
petition and remonstrance process as provided in this section.
(d) (f) If the number of owners of real property within the political
subdivision and registered voters residing within the political
subdivision that sign a petition in favor of the proposed controlled
project is greater than the number of owners of real property within the
political subdivision and registered voters residing within the political
subdivision that sign a remonstrance against the proposed controlled
project, the political subdivision may undertake the proposed
controlled project, notwithstanding the disapproval of the proposed
controlled project by the county board of tax and capital projects
review under IC 6-1.1-29.5.
[EFFECTIVE JULY 1, 2008]: Sec. 3.5. (a) This section applies only
to a controlled project for which the proper officers of a political
subdivision make a preliminary determination after June 30, 2008,
to issue bonds or enter into a lease.
(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 the
preliminary determination before adoption of the ordinance
or resolution.
(2) If 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 the proposed debt service or lease
payments must be approved in an election on a local public
question held under section 3.6 of this chapter.
(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).
(c) If the proper officers of a political subdivision make a
preliminary determination to issue bonds or enter into a lease, the
officers shall provide to the county auditor:
(1) a copy of the notice required by subsection (b)(2); and
(2) any other information the county auditor requires to fulfill
the county auditor's duties under section 3.6 of this chapter.
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 either of the following:
(1) In the case of a proposed issue that is subject to section 3.1
of this chapter, the expiration of either:
(1) (A) the time period within which taxpayers may file a
petition for review of or a remonstrance against the proposed
issue; or
(2) (B) the time period during which a petition for review of
the proposed issue is pending before the department of local
government finance (before January 1, 2009) or the county
board of tax and capital projects review (after December 31,
2008).
(2) In the case of a proposed issue that is subject to section 3.5
of this chapter, the proposed issue is approved in an election
on a public question held under section 3.6 of this chapter.
(b) This subsection applies before January 1, 2009. 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.
(c) This subsection applies after December 31, 2008. When a
petition for review of a proposed issue is pending before the county
board of tax and capital projects review, the board may order the
political subdivision to advertise for and receive bids for the
construction of the public improvement. When the county board of tax
and capital projects review issues such an order, the political
subdivision shall file a bid report with the board within five (5) days
after the bids are received, and the board 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 that
is to finance the improvement is pending before the county board of tax
and capital projects review.
remonstrance, or public question during the employee's normal
working hours or paid overtime, or otherwise compelling an
employee to promote a position on the petition, or remonstrance,
or public question at any time.
(4) In the case of a school corporation, promoting a position on a
petition, or remonstrance, or 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 petition, or
remonstrance, or public question 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, or public question.
(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, or 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 the petition,
or remonstrance, or 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.
to a political subdivision that, after June 30, 2008, adopts an
ordinance or a resolution making a preliminary determination to
issue bonds or enter into a lease subject to sections 3.5 and 3.6 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.".
SECTION 94, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2008]: 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 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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
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.
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 (before January 1, 2009) or the county board
of tax and capital projects review (after December 31, 2008).
(5) The right of:
(A) taxpayers and voters to remonstrate against the issuance
of bonds in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a).
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a).
FOLLOWS [EFFECTIVE JULY 1, 2008]: 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.
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 in the case of a proposed bond issue
described by IC 6-1.1-20-3.1(a); or
(B) vote on the issuance of bonds in the case of a proposed
bond issue described by IC 6-1.1-20-3.5(a).
(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.
(as defined in IC 6-1.1-20-3.6(h));
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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
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.
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.
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 under IC 6-1.1-20-3.1 and IC 6-1.1-20-3.2; or
(ii) voters to vote on the proposed issuance of bonds
under IC 6-1.1-20-3.5 and IC 6-1.1-20-3.6;
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.
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.
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.
SECTION 134, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2008]: 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 under IC 6-1.1-20-3.1 and IC 6-1.1-20-3.2; or
(B) voters to vote on the proposed issuance of bonds under
IC 6-1.1-20-3.5 and IC 6-1.1-20-3.6;
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.
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 under IC 6-1.1-20-3.1 and IC 6-1.1-20-3.2; or
(B) voters to vote on the proposed issuance of bonds under
IC 6-1.1-20-3.5 and IC 6-1.1-20-3.6;
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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a).
(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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
(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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
(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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
(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.
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 in the case of a proposed bond issue described by
IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a
proposed bond issue described by IC 6-1.1-20-3.5(a);
(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;
and when so amended that said bill do pass.
Committee Vote: Yeas 9, Nays 3.
Kenley