Indiana § 36-9-37-46 - Barrett Law revolving improvement fund

§ 36-9-37-46. Barrett Law revolving improvement fund

Sec. 46. (a) A Barrett Law revolving improvement fund may be established under the municipal fiscal officer. This fund shall be initially funded by transferring to the fund from the surplus Barrett Law account any amount approved by the municipal legislative body.

(b) If the legislative body decides that payment from the Barrett Law revolving improvement fund will increase the probability that competent contractors will bid on the project, the fiscal officer may pay all or part of the cost of the project from the Barrett Law revolving improvement fund to the contractor who is to do the work or has done the work.

(c) The municipality shall levy a special assessment against property that benefits from the improvement project. The provisions of this chapter concerning special assessments to repay bonds also apply to special assessments for projects paid for from the Barrett Law revolving improvement fund.

(d) When the cost of an improvement is paid from the Barrett Law revolving improvement fund, collections from the special assessment for the improvement shall be deposited in the surplus Barrett Law account.

(e) If the municipal works board determines that to do so will facilitate the initiation, progress, or completion of a public improvement project, the works board may ask the municipal legislative body to do the following:

(1) Approve the amount of money the works board will advance from the Barrett Law revolving improvement fund for the project.

(2) Decide upon what terms the works board will make the advancement.

(f) The municipal fiscal officer may invest the money in the Barrett Law revolving improvement fund in the same manner that money in the surplus Barrett Law account is invested.

As added by P.L.98-1993, SEC.8.

IC 36-9-38Chapter 38. Barrett Law Funding for Municipal Improvement Districts

36-9-38-1Application of chapter 36-9-38-2Permissible improvements 36-9-38-3Improvement to be owned, maintained, and operated by municipality 36-9-38-4Application of statutes relating to planning and zoning, building codes, and restrictions on use of property 36-9-38-5Application of IC 36-9-36 and IC 36-9-37 36-9-38-6Persons having the same rights and powers as the owner of fee simple title 36-9-38-7Petition to establish district 36-9-38-8Association of owners of property affected by proposed improvement; requirements for establishment 36-9-38-9Association established under IC 36-9-38-8; articles of association; filing and recording; powers 36-9-38-10Association established under IC 36-9-38-8; notice; meeting 36-9-38-11Association established under IC 36-9-38-8; directors; bylaws 36-9-38-12Association established under IC 36-9-38-8; articles; amendment; property owners subsequently becoming members 36-9-38-13Notice of hearing on establishment of district 36-9-38-14Petition in opposition to district; termination of proceedings 36-9-38-15Conduct of hearing; resolution 36-9-38-16Hearing; determination that petition includes property not specially benefited; further proceedings 36-9-38-17Resolution establishing improvement district; recitations; notice to property owners; finality; recording; appeal 36-9-38-18Plans, specifications, and cost estimates 36-9-38-19Eminent domain; vacation of streets and alleys; property owned by government entities 36-9-38-20Letting of construction contracts; actions to enjoin performance; limitations 36-9-38-21Appointment of appraisers to assess benefits and costs 36-9-38-22Appointment of appraisers; assessment of benefits and costs; filing of roll 36-9-38-23Costs exceeding benefits; postponement of improvement; reappraisement; deficiency supplied; bond 36-9-38-23.5Assessments; installment payments 36-9-38-24Final determination of costs; revised assessment 36-9-38-25Appraisers; qualification for appointment 36-9-38-26Notice of proposed assessments to property owners; contents 36-9-38-27Proposed assessments; written remonstrances; hearings; assessment roll; deficiency of funds 36-9-38-28Lien of assessment 36-9-38-29Municipal assessment; manner of payment; other assessments; payment in installments; interest 36-9-38-30Bonds 36-9-38-31Fees for use of improvement; changes; hearing upon petition in cases of certain changes 36-9-38-32Fees for use of improvement; excess revenues; payment of bonds 36-9-38-33Fees for use of improvement; amount limitation following retirement of bonds