Section 36-7-15.1-45 - Issuance and sale of bonds by commission(a) In addition to other methods of raising money for property acquisition or redevelopment in a redevelopment project area, and in anticipation of the special tax to be levied under section 50 of this chapter, the taxes allocated under section 53 of this chapter, or other revenues of the redevelopment district, a commission may, by resolution, issue the bonds of its redevelopment district in the name of the excluded city. The amount of the bonds may not exceed the total, as estimated by the commission, of all expenses reasonably incurred in connection with the acquisition and redevelopment of the property, including: (1) the total cost of all land, rights-of-way, and other property to be acquired and redeveloped;(2) all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses related to the acquisition and redevelopment of the property or the issuance of bonds;(3) capitalized interest permitted in this chapter and a debt service reserve for the bonds, to the extent that the redevelopment commission determines that a reserve is reasonably required;(4) the total cost of all clearing and construction work provided for in the resolution; and(5) expenses that the commission is required or permitted to pay under IC 8-23-17.(b) If a commission plans to acquire different parcels of land or let different contracts for redevelopment work at approximately the same time, whether under one (1) or more resolutions, a commission may provide for the total cost in one (1) issue of bonds.(c) The bonds must be dated as set forth in the bond resolution and negotiable subject to the requirements concerning registration of the bonds. The resolution authorizing the bonds must state: (1) the denominations of the bonds;(2) the place or places at which the bonds are payable; and(3) the term of the bonds, which may not exceed:(A) fifty (50) years, for bonds issued before July 1, 2008; or(B) twenty-five (25) years, for bonds issued after June 30, 2008. The resolution may also state that the bonds are redeemable before maturity with or without a premium, as determined by the commission.
(d) The commission shall certify a copy of the resolution authorizing the bonds to the fiscal officer of the excluded city, who shall then prepare the bonds. The seal of the unit must be impressed on the bonds, or a facsimile of the seal must be printed on the bonds.(e) The bonds shall be executed by the excluded city executive and attested by the excluded city fiscal officer. The interest coupons, if any, shall be executed by the facsimile signature of the excluded city fiscal officer.(f) The bonds are exempt from taxation as provided by IC 6-8-5.(g) The excluded city fiscal officer shall sell the bonds according to law. Bonds payable solely or in part from tax proceeds allocated under section 53(b)(3) of this chapter or other revenues of the district may be sold at private negotiated sale and at a price or prices not less than ninety-seven percent (97%) of the par value.(h) The bonds are not a corporate obligation of the excluded city but are an indebtedness of the redevelopment district. The bonds and interest are payable: (1) from a special tax levied upon all of the property in the redevelopment district, as provided by section 50 of this chapter;(2) from the tax proceeds allocated under section 53(b)(3) of this chapter;(3) from other revenues available to the commission; or(4) from a combination of the methods described in subdivisions (1) through (3); and from any revenues of the designated project. If the bonds are payable solely from the tax proceeds allocated under section 53(b)(3) of this chapter, other revenues of the redevelopment commission, or any combination of these sources, they may be issued in any amount without limitation.
(i) Proceeds from the sale of the bonds may be used to pay the cost of interest on the bonds for a period not to exceed five (5) years from the date of issue.(j) The laws relating to the filing of petitions requesting the issuance of bonds and the right of taxpayers and voters to remonstrate against, or vote on, the issuance of bonds applicable to bonds issued under this chapter do not apply to bonds payable solely or in part from tax proceeds allocated under section 53(b)(3) of this chapter, other revenues of the commission, or any combination of these sources.(k) If bonds are issued under this chapter that are payable solely or in part from revenues to a commission from a project or projects, a commission may adopt a resolution or trust indenture or enter into covenants as is customary in the issuance of revenue bonds. The resolution or trust indenture may pledge or assign the revenues from the project or projects but may not convey or mortgage any project or parts of a project. The resolution or trust indenture may also contain any provisions for protecting and enforcing the rights and remedies of the bond owners as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the commission. The commission may establish fees and charges for the use of any project and covenant with the owners of bonds to set those fees and charges at a rate sufficient to protect the interest of the owners of the bonds. Any revenue bonds issued by the commission that are payable solely from revenues of the commission must contain a statement to that effect in the form of bond.Amended by P.L. 203-2011, SEC. 16, eff. 1/1/2012.As added by P.L. 102-1999, SEC.12. Amended by P.L. 185-2005, SEC.45; P.L. 219-2007, SEC.132; P.L. 146-2008, SEC.762.