Sec. 4. (a) A county and its county executive may appropriate money for any or all of the purposes as provided in this chapter:

(1) out of the general funds of the county; or

(2) from the proceeds of a bond issue.

(b) A county may issue and sell bonds for the purpose of raising funds to comply with this chapter.

(c) If:

(1) a county executive decides to establish a world war memorial; and

(2) there is sufficient money in the county's general fund to pay the entire cost of the world war memorial;

money from the county's general fund may be appropriated.

(d) If there is not sufficient money in a county's general fund, the county auditor shall certify to the county executive, who may authorize and make a loan not exceeding one-half of one percent (0.5%) of the adjusted value of the taxable property of the county, to be determined under IC 36-1-15.

(e) It is not necessary to obtain:

(1) the authorization of the county council; or

(2) the appropriation by the county council;

for any money for the payment of the bonds authorized under this section or the interest on the bonds.

(f) A county executive may issue bonds in the name of a county to fund or refund a loan or loans as authorized by this chapter.

(g) A bond for world war memorials shall be issued in any denomination of not more than one thousand dollars ($1,000) each and in not less than twenty (20) or more than fifty (50) series.

(h) Each bond series is to be for an amount determined by the county executive and shall be payable one (1) series each year, beginning on July 1 of the fifth year after the bonds are issued.

(i) A bond shall be negotiable as inland bills of exchange and shall bear interest at a rate not exceeding five percent (5%) per annum, payable semiannually on July 1 and January 1 of each year.

(j) A bond shall be exempt from taxation for any and all purposes.

(k) All proceeds of bonds issued and sold under this chapter by a county, including any premium, shall be kept in a separate and specific fund to be known as the world war memorial fund.

(l) Any surplus remaining in a world war memorial fund after all the demands of the county have been paid and discharged shall be transferred by the county executive to the world war memorial bond funds.

(m) A series of bonds issued under this chapter may not be for less than one-fiftieth (1/50) of the total amount of bonds issued.

(n) A suit to question the validity of bonds authorized to be issued by this chapter may not be instituted after the date set for the sale of the bonds. All bonds are incontestable for any cause except for excess of constitutional limit.

[Pre-2003 Recodification Citation: 10-7-1-4.]

As added by P.L.2-2003, SEC.9.