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36-9-36-44. Bonds in anticipation of assessment proceeds; authorization

IN Code § 36-9-36-44 (2019) (N/A)
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Sec. 44. (a) The works board may issue bonds in anticipation of the collection of the assessments for an improvement. Except as provided in subsections (b) and (c), the bonds shall be issued and sold in the manner prescribed for other bonds of the unit. A unit issuing bonds under this section is not required to attach coupons to the bonds.

(b) The works board may provide for the issuance of the bonds directly to the contractor in the works board's preliminary resolution for the improvement. If direct issuance is authorized by the resolution, the disbursing officer shall issue the bonds directly to the contractor.

(c) The works board may by resolution choose to:

(1) sell the bonds by negotiated private sale to a financial institution; and

(2) remit the proceeds of the sale to the contractor.

(d) The following applies after the issuance of bonds:

(1) An action to enjoin the collection of an assessment or to challenge the validity of the bonds or the sale of the bonds may not be brought.

(2) The validity of the assessment may not be questioned.

As added by P.L.98-1993, SEC.7.

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