Sec. 3.7. (a) The commission may issue bonds or enter into leases to:

(1) pay the costs incurred in the financing, construction, acquisition, enlargement, and equipping of a sports and recreational facility to promote and encourage conventions, trade shows, tourism, visitors, or special events within the county;

(2) reimburse itself or any nonprofit corporation for any money advanced to pay the costs described in subdivision (1); or

(3) refund bonds issued or other obligations incurred under this chapter.

The county fiscal body must adopt a resolution authorizing the issuance of bonds or the execution of leases entered into under this section.

(b) Bonds issued under this section:

(1) are payable solely from the money provided in this chapter;

(2) may, in the discretion of the commission, be sold at a negotiated sale or under IC 5-1-11 and IC 5-3-1; and

(3) must be authorized by a resolution of the commission.

(c) Leases entered into under this section:

(1) may be for a term not to exceed fifty (50) years;

(2) may provide for payments from revenues under this chapter, any other revenues available to the commission, or any combination of these sources;

(3) may provide that payments by the commission to the lessor are required only to the extent and only for the time that the lessor is able to provide the leased facilities in accordance with the lease;

(4) must be based upon the value of the facilities leased; and

(5) may not create a debt of the county for purposes of the Constitution of the State of Indiana.

(d) A lease may be entered into by the commission only after a public hearing:

(1) for which notice has been given in accordance with IC 5-3-1; and

(2) at which all interested parties are provided the opportunity to be heard.

(e) After the public hearing required by subsection (d), the commission may approve the execution of a lease only if the commission finds that the services to be provided throughout the life of the lease will serve the public purposes for which the commission was created and that the execution of the lease is in the best interests of the residents of the county.

(f) Upon execution of a lease under this section, the commission shall publish notice of the execution of the lease in accordance with IC 5-3-1.

(g) An action to contest the validity of bonds issued or leases entered into under this section must be brought within thirty (30) days after the adoption of a bond resolution or notice of the execution and approval of the lease, as the case may be.

As added by P.L.11-2001, SEC.3.