Indiana § 36-5-2-12 - Loans and notes; procedures; actions to contest validity
Full text of Indiana Indiana Code § 36-5-2-12 — Loans and notes; procedures; actions to contest validity, with citation guidance and answers to common questions.
§ 36-5-2-12. Loans and notes; procedures; actions to contest validity
Sec. 12. (a) The legislative body may, by ordinance, make loans and issue notes for the purpose of refunding those loans in anticipation of revenues of the town that are anticipated to be levied and collected during the term of the loans. The term of a loan made under this subsection may not be more than five (5) years. Loans under this section shall be made in the same manner as loans made under section 11(b) and 11(c) of this chapter, except that:
(1) the ordinance authorizing the loans must appropriate and pledge to the 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; and
(2) the loans must be evidenced by time warrants of the town in terms designating the nature of the consideration, the time and place payable, and the revenues in anticipation of which the loans are issued and out of which the loans are payable.
(b) An action to contest the validity of a loan made under this section must be brought within fifteen (15) days from the day on which the ordinance is adopted.
As added by P.L.35-1990, SEC.45. Amended by P.L.40-1996, SEC.11.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-5-2-12
What does Indiana Code § 36-5-2-12 cover?
Section 36-5-2-12 ("Loans and notes; procedures; actions to contest validity") 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 § 36-5-2-12?
A common citation format is "Indiana Code § 36-5-2-12" (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 § 36-5-2-12 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.