Indiana § 36-7-18-30 - Bonds, notes, and warrants; authorization; liability; limitations upon payment; tax exemptions; legalization

§ 36-7-18-30. Bonds, notes, and warrants; authorization; liability; limitations upon payment; tax exemptions; legalization

Sec. 30. (a) A housing authority may issue bonds, notes, or warrants to finance any of its corporate purposes. An authority may also issue refunding bonds for the purpose of paying or retiring bonds issued by it.

(b) A housing authority may determine the types of bonds, notes, or warrants to be issued, including those on which the principal and interest are payable:

(1) exclusively from the income and revenues of the housing project financed with their proceeds;

(2) exclusively from the income and revenues of certain designated housing projects, whether or not they were financed in whole or in part with their proceeds; or

(3) except for a consolidated city, from its revenues generally.

The bonds, notes, or warrants may be additionally secured by a pledge of any revenues or a mortgage of any project or other property of the authority.

(c) Neither the commissioners of an authority nor any person executing the bonds, notes, or warrants under this section are personally liable on the bonds, notes, or warrants.

(d) The bonds, notes, or warrants of a housing authority are not a debt of the state or any political subdivision and must state this fact on their face. Neither the state nor any political subdivision is liable on them. The bonds, notes, or warrants are not payable out of any funds or properties other than those of the authority.

(e) Bonds, notes, or warrants issued under this chapter are not an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

(f) The bonds, notes, or warrants of a housing authority and the interest on them are exempt from all taxes.

(g) The bonds, notes, or warrants of a consolidated city:

(1) are payable only from revenues derived from the public housing function;

(2) are payable only from a special fund continued or established for that purpose; and

(3) are not a debt of the consolidated city and must state this fact on their face.

The consolidated city is not liable on the bonds, notes, or warrants other than out of the special fund.

(h) All bonds, notes, or warrants issued by a housing authority or a consolidated city serving the public housing function before September 1, 1987, are legalized, ratified, and declared valid, and all proceedings had and actions taken under which those bonds, notes, or warrants were issued are fully legalized and declared valid. The assumption of any obligations of a housing authority by a consolidated city is also legalized and declared valid.

(i) Bonds, notes, or warrants payable by a consolidated city under its assumption of the obligations of a housing authority under this chapter are payable only out of the funds pledged to obligees and as such are a limited obligation of the consolidated city in accordance with subsections (c), (d), (e), and (g).

[Pre-Local Government Recodification Citation: 18-7-11-14 part.]

As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.344-1987, SEC.8.