Indiana Code 36-10-3-28. Primary obligation on bond; transfer of powers, duties, liabilities, and other obligations on discontinuation or establishment of new board
(b) An ordinance adopted under section 3 or 3.1 of this chapter that discontinues a board or district and establishes a new board or district must provide all of the following:
Terms Used In Indiana Code 36-10-3-28
- Board: refers to a park and recreation board. See Indiana Code 36-10-3-2
- District: means the area within the jurisdiction of a department. See Indiana Code 36-10-3-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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) All records and property of each entity, including appropriations and other funds under the control or supervision of the discontinued board or district, are transferred to the newly established board or district.
(3) Any amounts owed to a discontinued board or district before the effective date of the ordinance are considered to be owed to the new board or district.
(4) All powers, duties, and liabilities of a discontinued board or district with respect to bonds issued by that board or district are transferred to the newly established board or district, as the successor board or district. The rights of the bondholders of a discontinued board or district remain unchanged, although the powers, duties, and liabilities of the entity have been transferred to the new board or district, as the successor board or district, as of the effective date of the ordinance adopted under section 3 or 3.1 of this chapter.
[Pre-Local Government Recodification Citation: 19-7-4-43.]
As added by Acts 1981, P.L.309, SEC.110. Amended by P.L.75-2019, SEC.6.