Sec. 16. (a) The total issue of bonds under section 15 of this chapter, for purposes of the district, including bonds already issued or to be issued, may not exceed one percent (1%) of the adjusted value of the taxable property within the district, as determined under IC 36-1-15. All bonds or obligations issued in violation of this subsection are void.
(b) Bonds issued under section 15 of this chapter are not, in any respect, corporate obligations or indebtedness of the consolidated city but constitute an indebtedness of the district. The bonds and interest on them are payable only out of revenues of the district. Bonds must recite these terms upon their face.
As added by P.L.82-1985, SEC.3. Amended by P.L.6-1997, SEC.214.
Structure Indiana Code
Chapter 15. Public Safety Communications Systems and Computer Facilities Districts
36-8-15-1. Application of Chapter
36-8-15-3. "Communications System" Defined
36-8-15-7. Creation of District
36-8-15-9. Governing Body; Powers; Establishment of a Public Safety Communications Commission
36-8-15-9.5. Combined or Shared Communications Systems
36-8-15-10. Resolution Stating Necessity and Purpose; Plans and Specifications; Estimated Cost
36-8-15-11. Resolution; Public Inspection; Notice
36-8-15-12. Objections; Hearing
36-8-15-13. Letting of Contracts; Modification of Projects
36-8-15-14. Special Benefit Tax
36-8-15-15. Bonds; Issuance; Amount
36-8-15-15.1. Lease of Facilities; Financing; Hearings; Notice; Objections
36-8-15-15.2. Persons Authorized to Lease Facilities
36-8-15-16. Bonds; Limitation on Total Issue; Nature of Bonds