Sec. 19. (a) A municipality may not issue bonds, notes, or other obligations under this chapter without the approval of the commission if the bond, notes, or other obligations are payable more than twelve (12) months after their execution, except as authorized by IC 8-1-2.2-11.
(b) If the evidence presented to the commission establishes that the rates and charges proposed by the municipally owned utility will provide sufficient funds for the operation, maintenance, and depreciation of the utility, and to pay the principal and interest of the proposed bond issue, together with a surplus or margin of at least ten percent (10%) in excess, the commission shall so certify in its order approving the issuance of bonds.
As added by Acts 1982, P.L.74, SEC.1. Amended by P.L.103-2008, SEC.5.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 1.5. Municipal Utilities
Chapter 2. Transfer, Acquisition, and Improvement of Utilities by Municipalities
8-1.5-2-1. Application of Chapter; Exception
8-1.5-2-2. Application of Chapter; Additional Exceptions
8-1.5-2-7. Public Convenience and Necessity; Declaratory Resolution
8-1.5-2-8. Preliminary Expenses; Appropriation
8-1.5-2-9. Appropriation for Preliminary Expenses; Repayment
8-1.5-2-10. Ordinance Declaring Public Convenience and Necessity; Notice and Hearing
8-1.5-2-12. Sale of Heat, Light, Water, or Power to Municipality
8-1.5-2-14. Costs of Construction or Acquisition; Security for Payment
8-1.5-2-15. Condemnation; Authorization
8-1.5-2-15.5. Condemnation of Public Utility
8-1.5-2-18. Bonds; Payable Out of Special Account; Issuance
8-1.5-2-19. Bonds, Notes, or Other Obligations; Issuance; Approval by Commission for Long Term Bonds
8-1.5-2-20. Bonds; Payment From Revenues Not Derived From Particular Utility; Restriction
8-1.5-2-21. Bonds Payable Out of Special Account; Purchase by Municipality
8-1.5-2-22. General Obligation Bonds; Authorization; Limitation
8-1.5-2-23. General Obligation Bonds; Terms; Sale
8-1.5-2-24. Revenue Bonds; Money Set Aside for Payment of Interest and Principal
8-1.5-2-25. Special Utility Account; Establishment by Municipality; Use
8-1.5-2-26. Tax Levy for Payment of Bonds
8-1.5-2-29. Lease of Waterworks Facilities; Notice and Hearing
8-1.5-2-30. Lease of Waterworks Facilities; Execution; Limitation of Actions
8-1.5-2-31. Leased Waterworks Facilities; Tax Exemptions
8-1.5-2-32. Leased Waterworks Facilities; Applicable Statutes
8-1.5-2-33. Action to Determine Public Convenience and Necessity