Indiana Code 36-7-14.5-13. Refunding bonds; fiscal body approval
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Sec. 13. (a) Bonds issued under IC 36-7-14 may be refunded as provided in this section.
(1) lease all or a portion of a local public improvement or improvements to the authority, which may be at a nominal lease rental with a lease back to the commission, conditioned upon the authority assuming bonds issued under IC 36-7-14 and issuing its bonds to refund those bonds; and
(b) Subject to the prior approval of the fiscal body of the unit under IC 36-7-14-25.2, the commission may:
Terms Used In Indiana Code 36-7-14.5-13
- authority: refers to a redevelopment authority created by this chapter. See Indiana Code 36-7-14.5-2
- bonds: means bonds, notes, or other evidence of indebtedness issued by the authority. See Indiana Code 36-7-14.5-4
- commission: refers to a redevelopment commission established under IC 36-7-14 or a military base reuse authority established under IC 36-7-30 and located outside the boundaries of a county with a consolidated city. See Indiana Code 36-7-14.5-5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- local public improvement: means any of the following:
Indiana Code 36-7-14.5-6
(2) sell all or a portion of a local public improvement or improvements to the authority for a price sufficient to provide for the refunding of those bonds and lease back the local public improvement or improvements from the authority.
As added by P.L.380-1987(ss), SEC.18. Amended by P.L.149-2014, SEC.25.