Bonds and leases; sports and recreation facilities
Sec. 3.7. (a) The commission may issue bonds or enter into leases
to:
(1) pay the costs incurred in the financing, construction,
acquisition, enlargement, and equipping of a sports and
recreational facility to promote and encourage conventions,
trade shows, tourism, visitors, or special events within the
county;
(2) reimburse itself or any nonprofit corporation for any money
advanced to pay the costs described in subdivision (1); or
(3) refund bonds issued or other obligations incurred under this
chapter.
The county fiscal body must adopt a resolution authorizing the
issuance of bonds or the execution of leases entered into under this
section.
(b) Bonds issued under this section:
(1) are payable solely from the money provided in this chapter;
(2) may, in the discretion of the commission, be sold at a
negotiated sale or under IC 5-1-11 and IC 5-3-1; and
(3) must be authorized by a resolution of the commission.
(c) Leases entered into under this section:
(1) may be for a term not to exceed fifty (50) years;
(2) may provide for payments from revenues under this chapter,
any other revenues available to the commission, or any
combination of these sources;
(3) may provide that payments by the commission to the lessor
are required only to the extent and only for the time that the
lessor is able to provide the leased facilities in accordance with
the lease;
(4) must be based upon the value of the facilities leased; and
(5) may not create a debt of the county for purposes of the
Constitution of the State of Indiana.
(d) A lease may be entered into by the commission only after a
public hearing:
(1) for which notice has been given in accordance with
IC 5-3-1; and
(2) at which all interested parties are provided the opportunity
to be heard.
(e) After the public hearing required by subsection (d), the
commission may approve the execution of a lease only if the
commission finds that the services to be provided throughout the life
of the lease will serve the public purposes for which the commission
was created and that the execution of the lease is in the best interests
of the residents of the county.
(f) Upon execution of a lease under this section, the commission
shall publish notice of the execution of the lease in accordance with
IC 5-3-1.
(g) An action to contest the validity of bonds issued or leases
entered into under this section must be brought within thirty (30)
days after the adoption of a bond resolution or notice of the
execution and approval of the lease, as the case may be.
As added by P.L.11-2001, SEC.3.
Last modified: May 28, 2006