City use of revenue; project initiation deadline; pledges to pay
obligations
Sec. 9.5. (a) A city shall use money in the fund established under
section 8.5 of this chapter for only the following:
(1) Renovating the city hall.
(2) Constructing new police or fire stations, or both.
(3) Improving the city's sanitary sewers or wastewater treatment
facilities, or both.
(4) Improving the city's storm water drainage systems.
(5) Other projects involving the city's water system or
protecting the city's well fields, as determined by the city fiscal
body.
Money in the fund may not be used for the operating costs of a
project. In addition, the city may not initiate a project under this
chapter after December 31, 2010.
(b) The fiscal body of the city may pledge money in the fund to
pay bonds issued, loans obtained, and lease payments or other
obligations incurred by or on behalf of the city or a special taxing
district in the city to provide the projects described in subsection (a).
(c) Subsection (b) applies only to bonds, loans, lease payments,
or obligations that are issued, obtained, or incurred after the date on
which the tax is imposed under section 3 of this chapter.
(d) A pledge under subsection (b) is enforceable under
IC 5-1-14-4.
As added by P.L.214-2005, SEC.42.
Last modified: May 28, 2006