Indiana § 6-9-25-11 - Bonds; issuance; payment; lease of facilities

§ 6-9-25-11. Bonds; issuance; payment; lease of facilities

Sec. 11. (a) The county may issue its bonds to:

(1) pay any costs associated with a basketball hall of fame, as set forth in section 9(b)(1) of this chapter;

(2) reimburse the county or any nonprofit corporation for any money advanced to pay those costs; or

(3) refund bonds issued under this section.

(b) Bonds issued under this section:

(1) are payable solely from money provided under this chapter;

(2) must be issued in the manner prescribed by IC 36-2-6-18 through IC 36-2-6-20; and

(3) may, in the discretion of the county, be sold at negotiated sale at a price to be determined by the county or in accordance with IC 5-1-11 and IC 5-3-1.

(c) Proceeds of the tax established under this chapter may be pledged:

(1) to pay debt service on bonds issued under this chapter;

(2) for the payment of lease rentals or other obligations entered into under this chapter; or

(3) for any purposes set forth in section 9(b)(1) or 9.5 of this chapter.

A pledge is enforceable as set forth in IC 5-1-14-4.

(d) The county may lease the basketball hall of fame facility to a nonprofit corporation for a term not to exceed twenty-five (25) years. The lease may contain any terms acceptable to the county council and must be approved by ordinance of the county council.

As added by P.L.75-1988, SEC.5. Amended by P.L.50-1994, SEC.6.