HOUSE BILL No. 1386
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.
January 13, 2009, read first time and referred to Committee on Local Government.
First Regular Session 116th General Assembly (2009)
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HOUSE BILL No. 1386
A BILL FOR AN ACT to amend the Indiana Code concerning local
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)