Sec. 7. A political subdivision may incur debt that exceeds the maximum amount allowed under section 6 of this chapter as necessary for the public protection and defense only:
(1) in time of war, foreign invasion, or other great public calamity; and
(2) upon petition of a majority of the property owners in number and value within the limits of the political subdivision.
The amount of the excess may not be greater than the amount specified in the petition.
As added by P.L.6-1997, SEC.203.
Structure Indiana Code
36-1-15-1. Application of Chapter
36-1-15-3. Computation of Adjusted Value of Taxable Property Within Political Subdivision
36-1-15-5. Duties of Department of Local Government Finance
36-1-15-6. Restrictions on Indebtedness
36-1-15-7. Permitted Excess of Debt Limitation
36-1-15-8. Debt in Excess of Maximum Amount Void
36-1-15-9. Liability for Erroneous Determination or Computation