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Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 38. (a) The board may issue general obligation bonds of the authority for the purpose of procuring money to pay the cost of:
(1) acquiring real property or rights-of-way; or
(2) constructing, enlarging, improving, remodeling, repairing, or equipping levees, gates, and pumping stations and sewers, ditches, and drains in connection with that construction or maintenance or other facilities;
for use as or in connection with or for administrative purposes of the levee.
(b) The board must authorize the issuance of bonds by ordinance providing for the following:
(1) The amount, terms, and tenor of the bonds.
(2) The time and character of notice.
(3) The mode of selling the bonds.
(c) The bonds:
(1) may bear interest at any rate;
(2) are payable in not more than twenty-five (25) years after the date of issuance; and
(3) shall be:
(A) executed in the name of the authority by the president of the board; and
(B) attested by the secretary and treasurer who shall affix to each of the bonds the official seal of the authority.
(d) The interest coupons attached to the bonds may be executed by placing on the coupons the facsimile signature of the president of the board.
Cite this article: FindLaw.com - Indiana Code Title 14. Natural and Cultural Resources § 14-27-6-38 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-14-natural-and-cultural-resources/in-code-sect-14-27-6-38/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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