Sec. 36. (a) Upon the delivery of certificates of indebtedness in payment of part of the principal of or interest on any bonds because of a deficiency, the municipality shall, by proper endorsement of the bonds:
(1) reduce the face value of the bonds or the interest payable on the bonds by a corresponding amount; or
(2) cancel the bonds if the principal of and interest on the bonds are paid in full.
(b) The certificates of indebtedness shall be authorized, issued, and paid in the same manner as certificates of indebtedness issued under IC 36-9-36-62 and IC 36-9-36-64. However, the certificates draw interest only from the date of issue and the rate of interest shall be fixed by the resolution authorizing the issuance of the certificates.
(c) A municipality is not required to provide for or pay upon the certificates of indebtedness issued under section 35 of this chapter (or under IC 36-9-19 before its repeal in 1993) a total amount in any one (1) year in excess of the following:
(1) Fifty thousand dollars ($50,000) for a municipality having a population of at least thirty-five thousand (35,000).
(2) Twenty-five thousand dollars ($25,000) for a municipality having a population of at least ten thousand (10,000) but less than thirty-five thousand (35,000).
(3) Ten thousand dollars ($10,000) for a municipality having a population of less than ten thousand (10,000).
(d) A municipality shall make payments on the certificates of indebtedness issued under section 35 of this chapter (or under IC 36-9-19 before its repeal in 1993) in the order of the tender and demand for payment of outstanding certificates in each year. The municipality is not required to prorate the payments among all the outstanding certificates. The municipal fiscal officer is the sole judge of the order of tender and priorities of the certificates of indebtedness.
(e) Before issuing payment on a certificate, the fiscal officer shall, by audit and other investigation of the facts, determine the right to payment and the proper amount of the payment. The fiscal officer's determination is final and conclusive upon all the parties involved.
As added by P.L.98-1993, SEC.8.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 37. Barrett Law Funding for Municipalities
36-9-37-1. Application of Chapter
36-9-37-3. Municipalities Owning and Operating Water Utilities; Water Main Extensions
36-9-37-4. Prerequisites for Enforcement and Collection of Special Assessments
36-9-37-5. Assumption by Municipality of Responsibility for Payment of Bonds
36-9-37-7. Municipal Fiscal Officers; Surety Bonds; Personal Liability
36-9-37-8. Payment of Expenses
36-9-37-8.5. Assessments; Installment Payments
36-9-37-9. Certification of Assessment Roll; Liens
36-9-37-10. Liability of Municipalities for Assessments for Public Improvements
36-9-37-11. Assessment Installments; Interest
36-9-37-12. Payment of Assessment in Deferred Installments; Time for Making Payments
36-9-37-13. Payment of Assessment in Installments; Proceeds; Special Fund
36-9-37-14. Prepayment of Assessment Installments
36-9-37-15. Prepaid Assessments; Proceeds; Special Fund; Investment; Redemption of Outstanding Bonds
36-9-37-16. Negligent Investment of Special Fund Money; Liability of Municipality
36-9-37-17. Special Fund Created Under Ic 36-9-37-15; Warrants for Disbursements
36-9-37-18. Notice; Payments to Bond Owner; Proceeds Collectable by Fiscal Officer
36-9-37-19. Notice of Default on Installment Payments
36-9-37-20. Collection of Delinquent Assessments; Interest Penalties
36-9-37-21. Interest Penalty Collections; Surplus Barrett Law Account; Use of Funds
36-9-37-22. Default on Single Installment
36-9-37-22.5. Preservation of Assessment in Default as a Lien
36-9-37-23. Certification of Delinquent Assessments
36-9-37-24. Delinquent Assessments; Sale of Property
36-9-37-25. Procedures to Avoid a Foreclosure Action
36-9-37-26. Disposition of Property Acquired by Foreclosure or Conveyance; Procedure
36-9-37-27. Disposition of Property Held by Bank or Trust Company
36-9-37-28. Bonds; Contents; Issuance; Denominations
36-9-37-30. Payment of Bonds at Maturity
36-9-37-31. Bonds; Presentation for Payment; Receipts
36-9-37-32. Schedule of Amounts Paid on Bonds
36-9-37-33. Matured Bonds; Notice to Holder of Money Available for Payment
36-9-37-34. Bonds; Tax Exemption
36-9-37-35. Bonds; Insufficient Funds for Payment; Issuance of Certificates of Indebtedness
36-9-37-36. Bonds; Certificates of Indebtedness; Payment
36-9-37-38. Overpayment of Special Assessments; Refunds
36-9-37-39. Overpayments; Annual Statement; Notice; Disposition
36-9-37-40. Money Collected as Special Assessments; Disposition After Five Years
36-9-37-41. Money Deposited in General Fund; Claims
36-9-37-42. Transfer of Unclaimed Money to Surplus Barrett Law Account
36-9-37-43. Unpaid Warrants or Checks; Cancellation
36-9-37-44. Prepaid Interest; Reimbursement
36-9-37-45. Municipalities No Longer Using Barrett Law; Transfer of Surplus Money