Indiana § 36-9-37-29 - Bonds; series; redemption; time for payment; computation of interest; actions challenging validity

§ 36-9-37-29. Bonds; series; redemption; time for payment; computation of interest; actions challenging validity

Sec. 29. (a) The municipal legislative body shall provide in the preliminary resolution that the bonds issued in anticipation of the collection of the assessments shall be issued so as to mature not less than ten (10) years and not more than thirty (30) years from the date of issuance.

(b) The terms of the bonds may allow early redemption of the bonds for and to the extent of prepayment of the assessments in anticipation of which the bonds were issued.

(c) If the assessment roll for the cost of an improvement was finally approved before July 1 of a year, the first of the series of bonds issued for the payment of the improvement is payable on February 1 of the following year, and the interest on the bonds shall be computed accordingly.

(d) If the assessment roll for the cost of an improvement was finally approved after June 30 of a year, the first of the series of bonds issued for the payment of the improvement is payable on August 1 of the following year, and the interest on the bonds shall be computed accordingly.

(e) Interest on the bonds is payable semiannually, beginning on the date prescribed by subsection (c) or (d).

(f) The municipal works board may by ordinance or resolution choose to:

(1) sell the bonds by negotiated private sale to a financial institution; and

(2) remit the proceeds of the bonds to the contractor for the public improvement.

(g) An action to challenge the validity of the bonds or the sale of the bonds may not be brought after issuance of the bonds.

As added by P.L.98-1993, SEC.8. Amended by P.L.62-2001, SEC.7.