Indiana Code 5-1-5-17. Last date for payment of certain refunding bonds
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Sec. 17. (a) This section applies to bonds that are:
(2) payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes;
(1) issued after June 30, 2008, by a local issuing body; and
Terms Used In Indiana Code 5-1-5-17
- Issuing body: means the state of Indiana, its agencies, commissions, universities, colleges, institutions, political subdivisions, counties, school corporations, hospital associations, municipal and quasi-municipal corporations, special taxing districts, and any corporation which has issued bonds payable directly or indirectly from lease rentals payable by any of the foregoing issuing bodies now or hereafter existing under the laws of the state. See Indiana Code 5-1-5-1
- 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
- Special benefit taxes: means a special tax levied and collected on an ad valorem basis on property for the purpose of financing local public improvements that:
Indiana Code 5-1-5-1
- Statute: A law passed by a legislature.
- Tax increment revenues: means an allocation of:
Indiana Code 5-1-5-1
including bonds that are issued under a statute that permits the bonds to be issued without complying with any other law or otherwise expressly exempts the bonds from the requirements of this section.
(b) Except as provided by section 2.5 of this chapter, the last date permitted under an agreement for the payment of principal and interest on bonds that are issued to retire or otherwise refund other revenue bonds or general obligation bonds may not extend beyond the maximum term of the bonds being refunded.
As added by P.L.146-2008, SEC.24. Amended by P.L.229-2011, SEC.64.