Sec. 55. (a) The corporation may borrow money on promissory notes issued in the corporation's name, as a municipal corporation, from recognized lending institutions, and pledge as security unlimited ad valorem taxes levied by the corporation and collected on all taxable property within the jurisdiction of the corporation. It is the duty of all officials and bodies with control or discretion over the levying of taxes for the corporation to see that sufficient levies are made to meet the principal and interest on promissory notes. The promissory notes issued under this section shall be treated for taxation purposes the same as bonds issued by a municipal corporation in accordance with IC 6-8-5-1.
(b) Funds obtained by the method provided in this section shall be limited in use to the payment of lease rental for medical, surgical, and related equipment used by the corporation when the board determines that leasing the equipment is more practical and economical than purchasing. The decision to lease rather than purchase is within the sole discretion of the board.
(c) The length, terms, and conditions of promissory notes issued under this section are subject to negotiation between the board or the board's representative and the lending institutions bidding. Before entering into negotiations for the loan, the board of trustees shall publish a notice one (1) time in a newspaper of general circulation in the health and hospital corporation naming a date not less than seven (7) days after the publication of notice on which the board will receive and consider proposals from lending institutions for the making of the loan.
(d) After determination of the board to borrow and to issue promissory notes, and after a determination of the best proposal submitted by lending institutions, the board shall give notice of the board's determination to borrow and to issue promissory notes in the manner provided by IC 6-1.1-20. The taxpayers have the right to appeal the determination to the department of local government finance in the manner and within the time provided in IC 6-1.1-20.
[Pre-1993 Recodification Citation: 16-12-21-51.]
As added by P.L.2-1993, SEC.5. Amended by P.L.90-2002, SEC.397.
Structure Indiana Code
Chapter 8. Health and Hospital Corporation of Marion County
16-22-8-1. Administrative Adjudication, Decision, or Order Defined
16-22-8-2.5. "Building Authority"
16-22-8-4. Division Director Defined
16-22-8-6.5. Other Powers of the Governing Board
16-22-8-7. Governing Board; Exercise of Powers
16-22-8-8. Governing Board; Membership; Qualifications
16-22-8-9. Governing Board; Appointment of Members; Term
16-22-8-9.1. Governing Board Membership Limitation
16-22-8-10. Governing Board; Vacancies; Party Affiliation
16-22-8-11. Governing Board; Impeachment of Member
16-22-8-12. Governing Board; Conflicts of Interest
16-22-8-13. Governing Board; Employment Conflicts
16-22-8-14. Governing Board; Compensation of Members; Waiver of Compensation
16-22-8-15. Governing Board; Regular and Special Meetings
16-22-8-17. Governing Board; Quorum; Meeting Records
16-22-8-18. Documents and Records; Public Inspection
16-22-8-19. Governing Board; Rules of Procedure
16-22-8-20. Ordinance; Introduction of Proposal
16-22-8-21. Ordinance; Notice of Pendency of Proposal
16-22-8-22. Ordinance; Copies of Proposal for Public Inspection
16-22-8-23. Ordinance; Scheduled Meeting; Action or Postponement
16-22-8-24. Ordinance; Adoption at Public Meeting; Hearing
16-22-8-25. Ordinance; Designation of Effective Date
16-22-8-26. Ordinance; Copies for Public; Codification; Publication or Electronic Format
16-22-8-27. Executive Director; Term; Qualifications; Service as Board Secretary
16-22-8-28. Creation of Divisions; Functions
16-22-8-29. Agreements to Operate Facilities
16-22-8-30. Public Health Division; Director; Term; Qualifications
16-22-8-31.7. Appeal of Enforcement Action Options; Waiver
16-22-8-32. Public Hospitals Division; Director; Term; Qualifications
16-22-8-35. Accounts and Records
16-22-8-35.5. Hospital Employee Salary Information
16-22-8-37. Territorial Extent of Corporate Powers
16-22-8-38. Transfer of Powers and Duties From Other Political Subdivision
16-22-8-39. Privileges and Use of Hospital; Discrimination
16-22-8-40. Additional Hospitals; Improvements to Existing Hospitals
16-22-8-41. Cumulative Building Fund
16-22-8-43. Bonds; Sale and Issuance
16-22-8-44. Bonds to Fund or Refund Judgment
16-22-8-45. Tax Anticipation Warrants
16-22-8-47. Withdrawal of Funds
16-22-8-51. Tax Assessment and Collection
16-22-8-52. Board of Finance Functions
16-22-8-53. Surety Bond of Officers and Employees
16-22-8-55. Borrowing Powers; Use of Funds; Loan Negotiations; Appeal