Indiana § 36-3-4-21 - City-county legislative body; making loans and issuing bonds by ordinance; requirements and procedure for issuing bonds

§ 36-3-4-21. City-county legislative body; making loans and issuing bonds by ordinance; requirements and procedure for issuing bonds

Sec. 21. (a) The city-county legislative body may, by ordinance, make loans of money for the consolidated city and, subject to IC 5-1-11.5 and IC 5-11-1-4(c), issue bonds for the purpose of refunding those loans. The loans may be made only for the purpose of procuring money to be used in the exercise of the powers of the city and for the payment of city debts.

(b) An ordinance adopted under this section:

(1) must include the terms of the bonds to be issued in evidence of the loan;

(2) must include the time and manner of giving notice of the sale of the bonds;

(3) must include the manner in which the bonds will be sold; and

(4) may authorize a total amount for any issue of bonds.

(c) Bonds issued under this section may be sold in parcels of any size and at any time their proceeds are needed by the city.

(d) Bonds issued and sold by the city under this section:

(1) are negotiable with or without registration, as may be provided by the ordinance authorizing the issue;

(2) may bear interest at any rate;

(3) may run not longer than thirty (30) years;

(4) may contain an option allowing the city to redeem them in whole or in part at specified times prior to maturity; and

(5) may be sold for not less than par value.

(e) The fiscal officer of the consolidated city shall:

(1) manage and supervise the preparation, advertisement, negotiations, and sale of bonds under this section, subject to the terms of the ordinance authorizing the sale;

(2) deliver them to the county treasurer after they have been properly executed and shall take the county treasurer's receipt for them; and

(3) when a contract for the sale of all or any part of the bonds is consummated, certify to the county treasurer the amount the purchaser is to pay, together with the name and address of the purchaser.

The county treasurer shall then receive from the purchaser the amount certified by the fiscal officer, deliver the bonds to the purchaser, and take the purchaser's receipt for the bonds. The fiscal officer and county treasurer shall then report the proceedings in the sale to the legislative body. However, if the county treasurer is not present to receive the properly executed bonds from the fiscal officer or to issue the bonds, the fiscal officer shall perform the county treasurer's duties under this subsection.

[Pre-Local Government Recodification Citations: 18-1-4-3 part; 18-4-7-9 part; 17-2-85-1 part.]

As added by Acts 1980, P.L.212, SEC.2. Amended by P.L.184-2015, SEC.15; P.L.127-2017, SEC.116; P.L.244-2017, SEC.126.