Indiana Code 36-7-15.3-9. Refunding of bonds
Current as of: 2023 | Check for updates
|
Other versions
Sec. 9. (a) Bonds issued under IC 36-7-15.1 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 36-7-15.1 and issuing its bonds to refund those bonds; and
(b) The commission may:
Terms Used In Indiana Code 36-7-15.3-9
- authority: refers to the county convention and recreational facilities authority established by Indiana Code 36-7-15.3-2
- bonds: means bonds, notes, or other evidence of indebtedness issued by the authority. See Indiana Code 36-7-15.3-4
- commission: refers to a redevelopment commission established under Indiana Code 36-7-15.3-5
- 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 redevelopment project or purpose of a commission or a unit under Indiana Code 36-7-15.3-6
(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.84-1987, SEC.14.