Indiana Code Title 36. Local Government § 36-9-36-65

Sec. 65. (a) This section applies only to municipalities.

(b) In addition to issuing bonds and certificates of indebtedness under section 62 of this chapter, a unit may pay the unit's part of the cost of an improvement from a fund raised by special assessments against all of the lands and lots in the unit.  The unit comprises a special assessment district for that purpose.

(c) The following apply to special assessments under this section:

(d) The fund raised under this section is a specific fund to be held and used only for the purpose prescribed by this section.

(e) In anticipation of the collection of the special assessments, certificates in denominations not exceeding five hundred dollars ($500) shall be issued under a resolution adopted by the works board in the name of the unit.  The fiscal officer shall sell the certificates or deliver the certificates to the contractor, as directed by the works board.

(f) The certificates entitle the holder to the amounts named in the certificates when a fund for redemption of the certificates has been collected.  The certificates are negotiable instruments.  One-half ( 1/2 ) of the certificates are payable on June 30 of the year after the special assessments for payment of the certificates have been made, and the remaining one-half ( 1/2 ) are payable on December 31 of that year.  The certificates must be dated as of the date of the final acceptance of the improvement and may bear interest at any rate.