Indiana Code
Chapter 4. Urban Mass Transportation Systems; Public Transportation Corporation
36-9-4-45. Bonds; Terms; Tax Exemption; Procedure

Sec. 45. (a) Bonds issued under this chapter:
(1) shall be issued in the denomination;
(2) are payable over a period not to exceed thirty (30) years from the date of the bonds; and
(3) mature;
as determined by the ordinance authorizing the bond issue.
(b) All bonds issued under this chapter, the interest on them, and the income from them are exempt from taxation to the extent provided by IC 6-8-5-1.
(c) The provisions of IC 6-1.1-20 relating to:
(1) filing petitions requesting the issuance of bonds and giving notice of those petitions;
(2) giving notice of a hearing on the appropriation of the proceeds of the bonds;
(3) the right of taxpayers to appear and be heard on the proposed appropriation;
(4) the approval of the appropriation by the department of local government finance; and
(5) the right of:
(A) taxpayers and voters to remonstrate against the issuance of bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.1(a); or
(B) voters to vote on the issuance of bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.5(a);
apply to the issuance of bonds under this chapter.
(d) A suit to question the validity of bonds issued under this chapter or to prevent their issue and sale may not be instituted after the date set for the sale of the bonds, and the bonds are incontestable after that date.
[Pre-Local Government Recodification Citation: 19-5-2-27.]
As added by Acts 1981, P.L.309, SEC.77. Amended by P.L.90-2002, SEC.505; P.L.219-2007, SEC.142; P.L.146-2008, SEC.787.

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