Sec. 3. If the estimated cost of the steps necessary for a municipal corporation to comply with a final order is great enough that the bond issue necessary to finance the project would not raise the total outstanding bonded indebtedness of the municipal corporation in excess of the constitutional limit, the necessary bonds:

(1) may be issued as a direct obligation of the municipal corporation; and

Terms Used In Indiana Code 13-18-8-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) may be retired by a general tax levy against all the property within the limit of the municipal corporation listed and assessed for taxation.

[Pre-1996 Recodification Citation: 13-1-3-12(b) part.]

As added by P.L.1-1996, SEC.8.

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