Issuance of bonds; negotiation and sale; leases
Sec. 4.7. (a) The bureau may issue bonds, enter into leases, or
incur other obligations to:
(1) pay the costs incurred in the financing, construction,
acquisition, and equipping of a visitor center to promote and
encourage conventions, trade shows, special events, recreation,
and visitors within the county;
(2) reimburse itself or any nonprofit corporation for any money
advanced to pay those costs; or
(3) refund bonds issued or other obligations incurred under this
chapter.
(b) Bonds issued or obligations incurred under this section:
(1) are payable solely from the money provided in this chapter;
(2) may, in the discretion of the bureau, 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 bureau.
(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 bureau, or any combination
of these sources;
(3) may provide that payments by the bureau 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 bureau 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, the bureau may approve the
execution of the lease only if the bureau finds that the services to be
provided throughout the life of the lease will serve the public
purposes for which the bureau 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 bureau 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.46-1998, SEC.3.
Last modified: May 28, 2006