Indiana Code 36-7-29-15. Amount of bonds
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Sec. 15. (a) Except as provided in subsection (b) or (c), the amount of the district bonds issued under this chapter may not exceed the total amount that the board determines is reasonably necessary to be incurred in connection with the substance removal or remedial action. The board shall base a determination under this subsection on the best estimates available before the district bonds are issued.
(c) This subsection applies to a district located in a county described in section 1(2) of this chapter. Notwithstanding any other law, the total amount of the district bonds issued under this chapter, including district bonds already issued and outstanding under this chapter, may not exceed two percent (2%) of the total adjusted value of taxable property in the district as determined under IC 36-1-15.
(b) This subsection applies to a district located in a city described in section 1(1) of this chapter. Notwithstanding any other law, the total amount of the district bonds issued under this chapter, including district bonds already issued and outstanding under this chapter, may not exceed four percent (4%) of the total adjusted value of taxable property in the district as determined under IC 36-1-15 of the district after deducting all mortgage exemptions in the district.
Terms Used In Indiana Code 36-7-29-15
- board: refers to the local environmental response financing board established by section 10 of this chapter. See Indiana Code 36-7-29-2
- district: refers to the special taxing district established by section 9 of this chapter. See Indiana Code 36-7-29-3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- remedial action: has the meaning set forth in IC 13-11-2-185. See Indiana Code 36-7-29-5
- removal: has the meaning set forth in IC 13-11-2-187. See Indiana Code 36-7-29-6
- substance: has the meaning set forth in IC 13-11-2-98 for the term "hazardous substance". See Indiana Code 36-7-29-8
As added by P.L.44-1994, SEC.11. Amended by P.L.6-1997, SEC.212.