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Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 11. (a) The county may issue its bonds to:
(1) pay any costs associated with a basketball hall of fame, as set forth in section 9(b)(1) of this chapter;
(2) reimburse the county or any nonprofit corporation for any money advanced to pay those costs; or
(3) refund bonds issued under this section.
(b) Bonds issued under this section:
(1) are payable solely from money provided under this chapter;
(2) must be issued in the manner prescribed by IC 36-2-6-18 through IC 36-2-6-20; and
(3) may, in the discretion of the county, be sold at negotiated sale at a price to be determined by the county or in accordance with IC 5-1-11 and IC 5-3-1.
(c) Proceeds of the tax established under this chapter may be pledged:
(1) to pay debt service on bonds issued under this chapter;
(2) for the payment of lease rentals or other obligations entered into under this chapter; or
(3) for any purposes set forth in section 9(b)(1) or 9.5 of this chapter.
A pledge is enforceable as set forth in IC 5-1-14-4.
(d) The county may lease the basketball hall of fame facility to a nonprofit corporation for a term not to exceed twenty-five (25) years. The lease may contain any terms acceptable to the county council and must be approved by ordinance of the county council.
Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-9-25-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-9-25-11/
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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