Ind. Code § 36-3-5-8 – Special taxing district; power to issue bonds, notes, or warrants; approval; issuance procedure

(a) This section applies whenever a special taxing district of the consolidated city has the power to issue bonds, notes, or warrants.
(b) Before any bonds, notes, or warrants of a special taxing district may be issued, the issue must be approved by resolution of the legislative body of the consolidated city.
(c) Any bonds of a special taxing district must be issued in the manner prescribed by statute for that district, and the board of the department having jurisdiction over the district shall:
1. (1) hold all required hearings;
2. (2) adopt all necessary resolutions; and
3. (3) appropriate the proceeds of the bonds;
  in that manner. However, the legislative body shall levy each year the special tax required to pay the principal of and interest on the bonds and any bank paying charges.
(d) Notwithstanding any other statute, bonds of a special taxing district may:
1. (1) be dated;
2. (2) be issued in any denomination;
3. (3) except as otherwise provided by IC 5-1-14-10 , mature at any time or times not exceeding fifty (50) years after their date; and
4. (4) be payable at any bank or banks;
  as determined by the board. If the bonds are sold at a public sale, the interest rate or rates that the bonds will bear must be determined by bidding, notwithstanding IC 5-1-11-3 .
(e) Bonds of a special taxing district are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to the following:
1. (1) The filing of a petition requesting the issuance of bonds and giving notice of the petition.
2. (2) The giving of notice of a hearing on the appropriation of the proceeds of bonds.
3. (3) The right of taxpayers to appear and be heard on the proposed appropriation.
4. (4) The approval of the appropriation by the department of local government finance.
5. (5) The right of:
  1. (A) taxpayers and voters to remonstrate against the issuance of bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.1 (a); or
  2. (B) voters to vote on the issuance of bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.5 (a).
6. (6) The sale of bonds at a public sale or at a negotiated sale.
7. (7) The maximum term or repayment period provided by IC 5-1-14-10 .
  [Pre-Local Government Recodification Citations: 18-4-5-3; 18-4-5-4.]
  As added by Acts 1980, P.L.212, SEC.2. Amended by P.L.90-2002, SEC.470; P.L.219-2007, SEC.113; P.L.146-2008, SEC.703; P.L.125-2018, SEC.6; P.L.38-2021, SEC.81; P.L.236-2023, SEC.167; P.L.230-2025, SEC.143.