Issuance of bond in excess of $5,000; procedure; objections by
taxpayers
Sec. 5. (a) When the proper officers of a political subdivision
decide to issue bonds in a total amount which exceeds five thousand
dollars ($5,000), they shall give notice of the decision by:
(1) posting; and
(2) publication once each week for two (2) weeks.
The notice required by this section shall be posted in three (3) public
places in the political subdivision and published in accordance with
IC 5-3-1-4. The decision to issue bonds may be a preliminary
decision.
(b) Ten (10) or more taxpayers who will be affected by the
proposed issuance of the bonds and who wish to object to the
issuance on the grounds that it is unnecessary or excessive may file
a petition in the office of the auditor of the county in which the
political subdivision is located. The petition must be filed within
fifteen (15) days after the notice required by subsection (a) is given,
and it must contain the objections of the taxpayers and facts which
show that the proposed issue is unnecessary or excessive. When
taxpayers file a petition in the manner prescribed in this subsection,
the county auditor shall immediately forward a certified copy of the
petition and any other relevant information to the department of local
government finance.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.27-1986,
SEC.4; P.L.25-1995, SEC.51; P.L.90-2002, SEC.193.
Last modified: May 28, 2006