1. (a) Before making firm financial commitments under section 10 of this chapter with a federal agency, the board must file a petition for approval of the proposed action in the court. The petition must state:

   1. (1) the purpose;
   2. (2) the amount; and

   3. (3) the terms;

      of the proposed loan.

2. (b) The court shall set a date for a hearing, giving priority to the hearing in determining the date. However, the court must allow at least twenty-one (21) days for interested persons to file exceptions. The court shall order notice for the hearing as the court considers necessary, but publication must at least be made in each county having land in the district in accordance with IC 5-3-1 as if the notice affected county business. The notice must state in summary form the contents of the petition.

3. (c) If at the hearing the court finds that:

   1. (1) the loan as proposed in the petition is necessary for the accomplishment of the purpose of the district; and

   2. (2) the terms and conditions are reasonable and probably are as beneficial to the district as would be obtainable in private, competitive financial markets;

      the court shall approve the petition and authorize the board to make firm commitments for the loan.

4. (d) Upon approval by the court, the board may levy the special benefits taxes necessary for the repayment of the loan.

   [Pre-1995 Recodification Citation: 13-3-3-68(b), (e) part.]

As added by P.L.1-1995, SEC.26.