Indiana § 36-12-3-10 - Finances; powers
Full text of Indiana Indiana Code § 36-12-3-10 — Finances; powers, with citation guidance and answers to common questions.
§ 36-12-3-10. Finances; powers
Sec. 10. The library board may do the following:
(1) Adopt a resolution to make loans or issue notes to refund the loans in anticipation of revenues of the library that are expected to be levied and collected during the term of the loans. The term of a loan made under this subdivision may not be more than five (5) years. Loans under this subdivision must be made in the following manner:
(A) The resolution authorizing the loans must appropriate and pledge to payment of the loans a sufficient amount of the revenues in anticipation of which the loans are issued and out of which the loans are payable.
(B) The loans must be evidenced by warrants or tax anticipation notes of the library in terms designating:
(i) the nature of the consideration;
(ii) the time and place payable; and
(iii) the revenues in anticipation of which the loans are issued and out of which the loans are payable.
(2) Borrow money from other persons.
(3) Issue, negotiate, and sell negotiable notes and bonds of the public library.
(4) Levy, assess, and collect, at the same time and in the same manner as other taxes of the public library are levied, assessed, and collected, a special tax in addition to the tax authorized by section 12 of this chapter, sufficient to pay all yearly interest on the bonded and note indebtedness of the public library.
(5) Provide a sinking fund for the liquidation of the principal of the bond when the principal of the bond becomes due.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-3-8.]
As added by P.L.1-2005, SEC.49.
Frequently Asked Questions About Indiana § 36-12-3-10
What does Indiana Code § 36-12-3-10 cover?
Section 36-12-3-10 ("Finances; powers") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 36-12-3-10?
A common citation format is "Indiana Code § 36-12-3-10" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 36-12-3-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.