Indiana Code — Title 6 (Taxation)
IC 6-1.1-39-9
Industrial development program obligations; ordinance;
proceeds of obligation
Sec. 9. (a) The fiscal body of a unit may by ordinance authorize the issuance of obligations to the department of commerce under IC 4-4-8 (before its repeal) or to the Indiana economic development corporation under IC 5-28-9 payable solely from taxes allocated under section 5 of this chapter. Any obligations issued and payable from taxes allocated under section 5 of this chapter are not general obligations of the unit that established the economic development district under this chapter.
(b) The economic development district created by a unit under this chapter is a special taxing district authorized by the general assembly to enable the unit to provide special benefits to taxpayers in the economic development district by providing local public improvements that are of public use and benefit.
(c) The ordinance of a unit authorizing the issuance of obligations must contain a finding of the fiscal body that the proposed industrial development program:
# (1)
constitutes a local public improvement;
# (2)
provides special benefits to property owners in the district; and
# (3)
will be of public use and benefit.
(d) Proceeds of obligations issued under this section, IC 4-4-8 (before its repeal), and IC 5-28-9 may be used to pay for the following:
(1) The cost of local public improvements.
(2) Interest on the obligations for the period of construction of the local public improvements plus one (1) year after completion of construction.
(3) Reasonable debt service reserves.
# (4)
Costs of issuance of the obligations.
# (5)
Any other reasonable and necessary expenses related to issuance of the obligations.
As added by P.L.19-1988, SEC.7. Amended by P.L.4-2005, SEC.48; P.L.146-2008, SEC.298.
Amendment history
As added by P.L.19-1988, SEC.7. Amended by P.L.4-2005, SEC.48; P.L.146-2008, SEC.298.
Source: view the official text
Nearby sections (25 sections)
- 6-1.1-39-1.2 · "Local public improvement"
- 6-1.1-39-1.5 · "Industrial development program"
- 6-1.1-39-1.6 · "Qualified industrial development project"
- 6-1.1-39-2 · Designation of unit area as district; adoption of…
- 6-1.1-39-2.5 · Review of proposed project; preliminary certification
- 6-1.1-39-3 · Notice of adoption of ordinance; hearing; requisites; final
- 6-1.1-39-4 · Appellate procedure; grounds; burden of proof
- 6-1.1-39-5 · Allocation and distribution of property taxes; assessed…
- 6-1.1-39-5.7 · Limitation on renewal or extension of existing…
- 6-1.1-39-6 · Enlargement of districts
- 6-1.1-39-7 · Allocation areas; declaration as part of district…
- 6-1.1-39-8 · Expiration of district designation
- 6-1.1-39-9 · Industrial development program obligations; ordinance;
- 6-1.1-39-10 · Authorization to enter into an agreement with a taxpayer…
- 6-1.1-40-1 · "Commission"
- 6-1.1-40-1.5 · "Affiliate"
- 6-1.1-40-2 · "District"
- 6-1.1-40-3 · Repealed
- 6-1.1-40-4 · "New manufacturing equipment"
- 6-1.1-40-5 · "Redevelopment"
- 6-1.1-40-6 · "Rehabilitation"
- 6-1.1-40-7 · Designation as district
- 6-1.1-40-8 · Description of district; resolution; remonstrance; appeal
- 6-1.1-40-9 · Manufacturing equipment; statement of benefits; review;
- 6-1.1-40-10 · Deduction for manufacturing equipment