(b) The amount of bonds to be issued may not exceed the estimated cost of:

1. (1) all lands and rights-of-way to be acquired;
2. (2) capital improvements;
3. (3) supervision and inspection fees during the period of construction or reconstruction;
4. (4) programming, planning, and designing the capital improvements; and

5. (5) all necessary expenses, including publication of notices, engineering fees, architectural fees, and legal fees, incurred in acquiring property, letting contracts, and selling bonds for the project.

   The amount of bonds issued for the project may not exceed the estimated cost determined under section 5(b) of this chapter. In addition, the amount of outstanding bonds issued by a county under this chapter may not exceed two percent (2%) of the adjusted value of taxable property located within the local county road and bridge district as determined under IC 36-1-15 .

(c) The local county road and bridge board may issue bonds under this chapter only if the issuance of those bonds has been approved by:

1. (1) the county council of the qualified county; and
2. (2) the department of local government finance as required by IC 6-1.1-18.5-8 .

(d) A local county road and bridge board may issue bonds under this chapter only if:

1. (1) the county vehicle excise tax ( IC 6-3.5-4 ) and the county wheel tax ( IC 6-3.5-5 ) are in effect in the county in which the local county road and bridge district is located;
2. (2) the county vehicle excise tax is being imposed at the maximum allowable rate; and
3. (3) the county in which the local county road and bridge district is located has not obtained a loan under IC 8-14-8 .

(e) No bonds may be issued under this section after June 30, 1984.

As added by Acts 1981, P.L.88, SEC.13. Amended by P.L.73-1983, SEC.17; P.L.3-1990, SEC.31; P.L.6-1997, SEC.134; P.L.90-2002, SEC.318; P.L.256-2017, SEC.91.