Sec. 8. (a) The board shall prepare a budget for each calendar year covering the projected operating expenses, projected expenditures for capital improvements or land acquisition, and estimated income to pay the operating expenses and capital expenditures, including amounts, if any, to be received from excise taxes and ad valorem property taxes. It shall submit the operating and capital budget for review, approval, or rejection to the city-county legislative body. The board may make expenditures only as provided in the budget as approved, unless additional expenditures are approved by the legislative body. However, payments to users of any capital improvement that constitute a contractual share of box office receipts are neither an operating expense nor an expenditure within the meaning of this section.

     (b) If the board desires to finance a capital improvement in whole or in part by the issuance of bonds under section 12 or 15 of this chapter, the board shall submit the following information to the city-county legislative body at least thirty (30) days before the adoption of a resolution authorizing the issuance of the bonds:

Terms Used In Indiana Code 36-10-9-8

  • Board: refers to a capital improvement board of managers created under this chapter. See Indiana Code 36-10-9-2
  • Bonds: means bonds issued under section 12 or section 15 of this chapter and, except as used in section 12 of this chapter or unless the context otherwise requires, lease agreements entered into under section 6(15) of this chapter. See Indiana Code 36-10-9-2
  • Excise taxes: refers to the excise taxes imposed by IC 6-9-8, IC 6-9-12, and IC 6-9-13. See Indiana Code 36-10-9-2
  • issuance: means in the case of lease agreements "execute" "executed" or "execution" respectively. See Indiana Code 36-10-9-2
  • Operating expenses: means :

    Indiana Code 36-10-9-2

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) A description of the project to be financed through the issuance of bonds.

(2) The total amount of the project anticipated to be funded through the issuance of bonds.

(3) The total amount of other anticipated revenue sources for the project.

(4) Any other terms upon which the bonds will be issued.

     (c) The city-county legislative body must discuss the information provided in subsection (b) in a public hearing held before the resolution may be adopted by the board.

     (d) The board shall post the board’s proposed budget and adopted budget on the board’s Internet web site.

As added by Acts 1982, P.L.77, SEC.28. Amended by P.L.42-1994, SEC.14; P.L.182-2009(ss), SEC.455.

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