Indiana Code Title 5. State and Local Administration § 5-1-14-17

Sec. 17. (a) This section applies to a qualified political subdivision.

(b) As used this section, “general obligation bond” means a bond issued for a short term period of not more than five (5) years and payable from property taxes for a purpose or project that is not a controlled project (as defined in IC 6-1.1-20-1.1) for which the bond is not required to be issued using the procedures in IC 6-1.1-20.

(c) As used in this section, “qualified political subdivision” means a county, city, town, township, or school corporation.

(d) Notwithstanding any other law, and except as provided in subsection (e), if a qualified political subdivision issues new general obligation bonds, or has issued general obligation bonds before May 1, 2025, for a period of two (2) years of less, then at the expiration of those general obligation bonds, the qualified political subdivision must wait one (1) year from that date before the qualified political subdivision may issue general obligation bonds.

(e) Subsection (d) shall not apply to a qualified political subdivision in the case of a natural disaster, an accident, or another unanticipated emergency as determined by the department of local government finance.