Introduced Version






HOUSE BILL No. 1386

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 36-9-41-4.

Synopsis: Maximum term of loan to political subdivision. Provides that a political subdivision may execute a note that is payable over a period not exceeding 12 years (as opposed to six years under current law) to finance a public work project of not more than $2,000,000.

Effective: July 1, 2009.





Reske




    January 13, 2009, read first time and referred to Committee on Local Government.







Introduced

First Regular Session 116th General Assembly (2009)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1386



    A BILL FOR AN ACT to amend the Indiana Code concerning local government.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 36-9-41-4; (09)IN1386.1.1. -->     SECTION 1. IC 36-9-41-4 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2009]: Sec. 4. A political subdivision borrowing money under section 3 of this chapter shall execute and deliver to the financial institution the negotiable note of the political subdivision for the sum borrowed. The note must bear interest, with both principal and interest payable in equal or approximately equal installments on January 1 and July 1 each year over a period not exceeding six (6) twelve (12) years.