Indiana § 5-1-11-7 - Restrictions on powers

§ 5-1-11-7. Restrictions on powers

Sec. 7. Nothing in this chapter contained shall be so construed as to enlarge the powers of counties, townships, cities, towns, school corporations, and special taxing districts, or agencies or instrumentalities thereof to issue bonds.

[Pre-Local Government Recodification Citation: 19-8-5-7.]

As added by Acts 1980, P.L.8, SEC.19.

IC 5-1-11.5Chapter 11.5. Additional Requirements for the Issuance of Bonds

5-1-11.5-1"ADM" 5-1-11.5-2"Bonds" 5-1-11.5-3Application to certain school corporations 5-1-11.5-4Application to certain counties and municipalities

IC 5-1-11.5-1"ADM" Sec. 1. As used in this chapter, "ADM" has the meaning set forth in IC 20-18-2-2.

As added by P.L.244-2017, SEC.2.

IC 5-1-11.5-2"Bonds" Sec. 2. As used in this chapter, "bonds" means any bonds, notes, or other evidences of indebtedness, whether payable from property taxes, other taxes, revenues, fees, or any other source. However, the term does not include notes, warrants, or other evidences of indebtedness that have a maturity of not more than five (5) years and that are made in anticipation of and to be paid from revenues of the school corporation, county, or municipality.

As added by P.L.244-2017, SEC.2.

IC 5-1-11.5-3Application to certain school corporations Sec. 3. (a) This section applies only to a school corporation that has an ADM of more than fifteen thousand (15,000) for the school corporation's most recent fall count. Notwithstanding any other law, a school corporation subject to this section may not issue bonds after August 15, 2020, unless the school corporation has for its preceding budget year prepared an annual financial report using the modified accrual basis of accounting in accordance with generally accepted accounting principles. However, upon request of a school corporation to the state examiner, the state examiner may waive the requirement under this section if the state examiner determines that a waiver is in the best interest of the school corporation.

(b) If a school corporation described in subsection (a) uses the accounting described in subsection (a), the school corporation may not be required to use another form of accounting.

As added by P.L.244-2017, SEC.2. Amended by P.L.74-2026, SEC.1.

IC 5-1-11.5-4Application to certain counties and municipalities Sec. 4. This section applies only to the following:

(1) A county that has a population of more than one hundred thousand (100,000).

(2) A municipality that has a population of more than seventy-five thousand (75,000).

Notwithstanding any other law, a county or municipality subject to this section may not issue bonds after June 30, 2020, unless the county or municipality has for its preceding budget year prepared an annual financial report using the modified accrual basis of accounting in accordance with generally accepted accounting principles. However, upon request of a county or municipality to the state examiner, the state examiner may waive the requirement under this section if the state examiner determines that a waiver is in the best interest of the county or municipality.

As added by P.L.244-2017, SEC.2.

IC 5-1-12Chapter 12. Payment of Bond Premiums

5-1-12-1"Municipal corporation" defined 5-1-12-2Premiums on bid prices to constitute part of fund to retire bond and pay interest thereon