Indiana Code 6-9-25-11.5. Bonds, leases, or other obligations; validity
(1) use money in the fund established under section 8 of this chapter to pay all or part of the costs associated with the facilities described in section 9.5 of this chapter;
Terms Used In Indiana Code 6-9-25-11.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
(3) reimburse the county or any nonprofit corporation for any money advanced to pay those costs; or
(4) refund bonds issued or other obligations incurred under this chapter.
The county may not issue bonds or enter into leases or other obligations under this chapter after December 31, 2015.
(b) Bonds or other obligations issued under this section:
(1) are payable from money provided in this chapter, any other revenues available to the county, or any combination of these sources, in accordance with a pledge made under IC 5-1-14-4;
(2) must be issued in the manner prescribed by IC 36-2-6-18 through IC 36-2-6-20;
(3) may, in the discretion of the county, be sold at a negotiated sale at a price to be determined by the county or in accordance with IC 5-1-11 and IC 5-3-1; and
(4) may be issued for a term not to exceed twenty (20) years, such term to include any refunding bonds issued to refund bonds originally issued under this section.
(c) Leases entered into under this section:
(1) may be for a term not to exceed fifty (50) years;
(2) may provide for payments from revenues under this chapter, any other revenues available to the county, or any combination of these sources;
(3) may provide that payments by the county to the lessor are required only to the extent and only for the time that the lessor is able to provide the leased facilities in accordance with the lease;
(4) must be based upon the value of the facilities leased; and
(5) may not create a debt of the county for purposes of the Constitution of the State of Indiana.
(d) A lease may be entered into by the county executive only after a public hearing at which all interested parties are provided the opportunity to be heard. After the public hearing, the executive may approve the execution of the lease on behalf of the county only if the executive finds that the service to be provided throughout the life of the lease will serve the public purpose of the county and is in the best interests of its residents. A lease approved by the executive must also be approved by an ordinance of the county fiscal body.
(e) Upon execution of a lease under this section, and after approval of the lease by the county fiscal body, the county executive shall publish notice of the execution of the lease and the approval of the lease in accordance with IC 5-3-1.
(f) An action to contest the validity of bonds issued or leases entered into under this section must be brought within thirty (30) days after the adoption of a bond ordinance or notice of the execution and approval of the lease, as the case may be.
As added by P.L.50-1994, SEC.7. Amended by P.L.158-2005, SEC.4; P.L.38-2021, SEC.51.