Sec. 12. (a) The legislative body may, by ordinance, make loans and issue notes for the purpose of refunding those loans in anticipation of revenues of the town that are anticipated to be levied and collected during the term of the loans. The term of a loan made under this subsection may not be more than five (5) years. Loans under this section shall be made in the same manner as loans made under section 11(b) and 11(c) of this chapter, except that:
(1) the ordinance authorizing the loans must appropriate and pledge to the payment of the loans a sufficient amount of the revenues in anticipation of which the loans are issued and out of which the loans are payable; and
(2) the loans must be evidenced by time warrants of the town in terms designating the nature of the consideration, the time and place payable, and the revenues in anticipation of which the loans are issued and out of which the loans are payable.
(b) An action to contest the validity of a loan made under this section must be brought within fifteen (15) days from the day on which the ordinance is adopted.
As added by P.L.35-1990, SEC.45. Amended by P.L.40-1996, SEC.11.
Structure Indiana Code
Article 5. Government of Towns
Chapter 2. Town Legislative Body and Executive
36-5-2-0.1. Application of Certain Amendments to Chapter
36-5-2-1. Application of Chapter
36-5-2-2. Town Council; President
36-5-2-3. Term of Office of Members
36-5-2-4.2. Change in Number of Members in Legislative Body; Resolution; Implementation
36-5-2-4.5. Adoption of Ordinances; Elections
36-5-2-5. Representation by District, at Large, or Both
36-5-2-6. Residency Requirement
36-5-2-6.5. Circumstances Creating a Vacancy on the Town Council
36-5-2-7. President of Legislative Body; Selection; Term
36-5-2-8. Town Clerk-Treasurer as Clerk; Ex Officio Member for Casting Tie Breaking Vote
36-5-2-9. Powers of Legislative Body
36-5-2-9.4. Majority Vote; Two-Thirds Vote
36-5-2-9.6. Majority Vote to Pass Ordinance
36-5-2-9.8. Two-Thirds Vote With Unanimous Consent of Members Present
36-5-2-10. Ordinance, Order, or Resolution Adoption; Requirements
36-5-2-10.2. Recording of Adopted Ordinance; Presumptive Evidence
36-5-2-11. Bond Issuance, Purpose, Payments, Requirements, and Procedures; Short Term Loans
36-5-2-12. Loans and Notes; Procedures; Actions to Contest Validity