Indiana § 36-12-3-9 - Bonds; issuance; procedure; liability for indebtedness; tax exemption
Full text of Indiana Indiana Code § 36-12-3-9 — Bonds; issuance; procedure; liability for indebtedness; tax exemption, with citation guidance and answers to common questions.
§ 36-12-3-9. Bonds; issuance; procedure; liability for indebtedness; tax exemption
Sec. 9. (a) A library board may, by resolution, issue bonds for one (1) or more of the following purposes:
(1) The acquisition or improvement of library sites.
(2) The acquisition, construction, extension, alteration, or improvement of structures and equipment necessary for the proper operation of a library.
(3) To refund outstanding bonds and matured interest coupons and to issue and sell refunding bonds for that purpose.
(b) The library board shall advertise and sell bonds in compliance with IC 5-1-11 at any interest rate. The bonds are payable at the time the board fixes in the authorizing resolution, but all bonds must be payable within a period of not more than twenty (20) years from the date the bonds are issued.
(c) Bonds issued under this section do not constitute a corporate obligation or indebtedness of any other political subdivision. Bonds issued under this section constitute an indebtedness of the library district only. Bonds issued under this chapter, and the interest, are tax exempt. The board shall apply the proceeds from the sale of bonds only:
(1) for the purpose for which the bonds were issued; and
(2) to the extent necessary.
Any remaining balance shall be placed in a sinking fund for the payment of the bonds and the interest on the bonds.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-3-7.]
As added by P.L.1-2005, SEC.49.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-12-3-9
What does Indiana Code § 36-12-3-9 cover?
Section 36-12-3-9 ("Bonds; issuance; procedure; liability for indebtedness; tax exemption") 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 § 36-12-3-9?
A common citation format is "Indiana Code § 36-12-3-9" (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 § 36-12-3-9 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.