Sec. 63. (a) The certificates of indebtedness issued under section 62 of this chapter must be authorized by a resolution adopted by the works board and shall be signed by the following:
(1) The county auditor, for an improvement by a county.
(2) The municipal executive and fiscal officer, for an improvement by a municipality.
(b) The rate of interest on the certificates of indebtedness shall be fixed in the resolution of the works board. The rate may not be less than the current rate being paid on bonds then being issued in anticipation of the collection of special assessments.
(c) The certificates of indebtedness are payable out of the proceeds of the special tax levy or sale of bonds under section 64 of this chapter (or under IC 36-9-18 before its repeal in 1993). This fact must be recited on the face of the certificates.
(d) All of the certificates mature on December 31 of the year in which the special levy to pay the certificates is collected unless the resolution authorizing the issuance of the certificates of indebtedness provides the following:
(1) That not more than one-half (1/2) of the certificates are payable on June 30 of the year in which the special levy to pay the certificates is collected if a levy has been made in place of the sale of bonds.
(2) That the balance is payable on December 31 of the same year.
(e) The certificates of indebtedness do not draw interest after the maturity date named in the certificates unless the certificates are presented for payment on that date and stamped "not paid for want of funds". If not paid for want of funds, the certificates may be presented for payment again at six (6) month intervals after the maturity date, until the certificates are paid.
(f) If a sufficient levy or sale of bonds is not made in any year for the payment of the certificates of indebtedness, the certificates shall be paid when money becomes available for that purpose out of taxes collected from any subsequent levy of the special tax or sale of bonds.
As added by P.L.98-1993, SEC.7.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 36. Barrett Law Funding for Counties and Municipalities
36-9-36-1. Application of Chapter
36-9-36-2. Authorized Improvements
36-9-36-3. Limitations on Authorized Improvements; Location of Improvement; Water Main Extensions
36-9-36-4. Preliminary Resolutions; Cross-Sections, Plans, and Specifications
36-9-36-5. Estimate of Costs; Incidental, Inspection, and Engineering Costs
36-9-36-6. Incidental, Inspection, and Engineering Costs; Inclusion on Assessment Roll
36-9-36-8. Notice of Hearing on Preliminary Resolution; Publication; Mailing to Property Owners
36-9-36-9. Estimate of Maximum Cost
36-9-36-9.5. Assessments; Installment Payments
36-9-36-12. Allowances Against Assessment and Contract Price
36-9-36-13. Confirmation, Modification, or Rescission of Preliminary Resolution
36-9-36-14. Remonstrances and Appeals
36-9-36-15. Objections to Final Resolution; Filing; Bond; Prior Assessments
36-9-36-16. Court Hearing on Objections to Final Resolution
36-9-36-18. Contracting by Works Board for Construction or Repair of Sidewalk or Curb
36-9-36-19. Levy and Collection of Assessments for Construction or Repair of Sidewalk or Curb
36-9-36-20. Improvements on Streets Occupied by Railroad Tracks; Procedure
36-9-36-21. Roadway Grading; Assessment
36-9-36-22. Advertisement for Bids; Opening and Consideration of Bids
36-9-36-23. Bid Bond or Deposit
36-9-36-24. Contracts; Scope; Actions to Enjoin Performance
36-9-36-25. Contractor's Guarantee
36-9-36-26. Repairs by Contractor
36-9-36-27. Monthly Payments to Contractor
36-9-36-28. Completed Improvements; Acceptance; Cost Estimates
36-9-36-29. Assessments; Abutting Lands or Lots; Street and Alley Intersections
36-9-36-30. Assessments; Basis; Back Lots; Platted Subdivisions
36-9-36-31. Preparation of Assessment Roll
36-9-36-32. Presumptive Finality of Assessments; Publication of Notice
36-9-36-33. Remonstrance Hearings; Final Determination of Assessments
36-9-36-34. Completion and Delivery of Assessment Roll; Appeals
36-9-36-35. Delivery of Primary Assessment Roll; Payment of Assessments to Disbursing Officer
36-9-36-36. Assessment Installments; Notice When Due
36-9-36-37. Cash Payment of Assessments; Interest on Delinquencies
36-9-36-38. Appeal of Assessment; Payment by Property Owner Following Court Certification
36-9-36-39. Appeal of Assessment; Payment of Part Ordered to Be Assessed Against Unit
36-9-36-42. Notice; Payments to Bond Owner; Process Collectable by Fiscal Officer
36-9-36-43. Delinquent Installments; Acceleration; Foreclosure of Lien; Notice of Delinquency
36-9-36-44. Bonds in Anticipation of Assessment Proceeds; Authorization
36-9-36-45. Bonds; Date; Tax Exemption
36-9-36-46. Bonds; Maturation; Interest Rate
36-9-36-47. Transfer of Assessment Liens to Bond Owners
36-9-36-48. Bond Owners; Foreclosure Actions; Procedure
36-9-36-49. Sale of Property Following Foreclosure Action; Amount
36-9-36-50. Negotiability of Bonds
36-9-36-51. Foreclosure Actions by Contractors
36-9-36-52. Foreclosure Actions; Complaint; Proof
36-9-36-53. Foreclosure Actions; Defenses
36-9-36-54. Foreclosure Actions; Amount of Recovery; Sale Procedure
36-9-36-55. Foreclosure Sales; Irregularities; Redemption
36-9-36-56. Foreclosure Actions; Parties; Appearances; Disposition of Proceeds
36-9-36-57. Foreclosure Actions; Payment of Judgment; Costs and Attorney's Fees; Decree
36-9-36-59. Foreclosure Actions; Suspension of Collection of Assessments
36-9-36-60. Reduction of Installments
36-9-36-61. Disposition of Foreclosure Proceeds Contrary to Chapter
36-9-36-62. Improvement Costs to Be Paid by Unit; Bonds and Certificates of Indebtedness
36-9-36-64. Funding for Payment of Certificates of Indebtedness; Special Tax Levy
36-9-36-65. Special Assessments to Pay Improvement Costs; Issuance of Anticipatory Certificates
36-9-36-66. Correction of Defects and Irregularities
36-9-36-67. Surface Improvements on Public Ways; Performance by Municipality; Procedure