Bonds, leases, or other obligations; validity
Sec. 11.5. (a) Until January 1, 2016, the county may:
(1) use money in the fund established under section 8 of this
chapter to pay all or part of the costs associated with the
facilities described in section 9.5 of this chapter;
(2) issue bonds, enter into leases, or incur other obligations to
pay any costs associated with the facilities described in section
9.5 of this chapter;
(3) reimburse the county or any nonprofit corporation for any
money advanced to pay those costs; or
(4) refund bonds issued or other obligations incurred under this
chapter.
(b) Bonds or other obligations issued under this section:
(1) are payable from money provided in this chapter, any other
revenues available to the county, or any combination of these
sources, in accordance with a pledge made under IC 5-1-14-4;
(2) must be issued in the manner prescribed by IC 36-2-6-18
through IC 36-2-6-20;
(3) may, in the discretion of the county, be sold at a negotiated
sale at a price to be determined by the county or in accordance
with IC 5-1-11 and IC 5-3-1; and
(4) may be issued for a term not to exceed twenty (20) years,
such term to include any refunding bonds issued to refund
bonds originally issued under this section.
(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 county, or any combination
of these sources;
(3) may provide that payments by the county 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 county executive only after
a public hearing at which all interested parties are provided the
opportunity to be heard. After the public hearing, the executive may
approve the execution of the lease on behalf of the county only if the
executive finds that the service to be provided throughout the life of
the lease will serve the public purpose of the county and is in the best
interests of its residents. A lease approved by the executive must also
be approved by an ordinance of the county fiscal body.
(e) Upon execution of a lease under this section, and after
approval of the lease by the county fiscal body, the county executive
shall publish notice of the execution of the lease and the approval of
the lease in accordance with IC 5-3-1.
(f) 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 ordinance or notice of the execution
and approval of the lease, as the case may be.
As added by P.L.50-1994, SEC.7. Amended by P.L.158-2005, SEC.4.
Last modified: May 28, 2006