Sec. 45. (a) Temporary loans may be authorized and made by the board of trustees in anticipation of the collection of taxes of the corporation actually levied and in course of collection for the fiscal year in which the loans are made. The loans shall be authorized by ordinance and evidenced by warrants in the form provided by the ordinance. The warrants must state the following:

(1) The total amount of the issue.

Terms Used In Indiana Code 16-22-8-45

  • board: refers to the board of a municipal corporation created under this chapter. See Indiana Code 16-22-8-2.1
  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) The denomination of the warrant.

(3) The time and place the warrant is payable.

(4) The rate of interest not exceeding five percent (5%).

(5) The funds in anticipation of which the warrants are issued and out of which the warrants are payable.

(6) A reference to the ordinance authorizing the warrant and the date of the warrant’s passage.

     (b) The ordinance authorizing the temporary loans shall appropriate and pledge sufficient current revenue in anticipation of which the warrants are issued and out of which the warrants are payable. The warrants evidencing the temporary loans shall be executed, sold, and delivered as the bonds of the corporation.

[Pre-1993 Recodification Citation: 16-12-21-40.]

As added by P.L.2-1993, SEC.5.

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