Indiana Code - Taxation - Title 6, Section 6-1.1-39-9

Industrial development program obligations; ordinance; proceeds
of obligation

Sec. 9. (a) The fiscal body of a unit may by ordinance authorize
the issuance of obligations to the department of commerce under
IC 4-4-8 (before its repeal) or to the Indiana economic development
corporation under IC 5-28-9 payable solely from taxes allocated
under section 5 of this chapter. Any obligations issued and payable
from taxes allocated under section 5 of this chapter are not general
obligations of the unit that established the economic development
district under this chapter.
(b) The economic development district created by a unit under
this chapter is a special taxing district authorized by the general
assembly to enable the unit to provide special benefits to taxpayers

in the economic development district by providing local public
improvements that are of public use and benefit.
(c) The ordinance of a unit authorizing the issuance of obligations
must contain a finding of the fiscal body that the proposed industrial
development program:
(1) constitutes a local public improvement;
(2) provides special benefits to property owners in the district;
and
(3) will be of public use and benefit.
(d) Proceeds of obligations issued under this section, IC 4-4-8
(before its repeal), and IC 5-28-9 may be used to pay for the
following:
(1) The cost of local public improvements.
(2) Interest on the obligations for the period of construction of
the local public improvements plus one (1) year after
completion of construction.
(3) Reasonable debt service reserves.
(4) Costs of issuance of the obligations.
(5) Any other reasonable and necessary expenses related to
issuance of the obligations.
(e) Notwithstanding any other law, IC 6-1.1-20 does not apply to
obligations payable solely from tax proceeds allocated under section
5 of this chapter.

As added by P.L.19-1988, SEC.7. Amended by P.L.4-2005, SEC.48.

Last modified: May 28, 2006