§ 54.12 DISTRICT BONDS: NATURE.
   (A)   The bonds of the district are:
      (1)   A valid claim of the holders only against the bond and interest redemption account and the revenues of the storm water system; and
      (2)   Exempt from taxation in Indiana as provided by I.C. 6-8-5.
   (B)   The bonds may be issued either as registered bonds or as coupon bonds payable to the bearer.
   (C)   Except as provided in this chapter, I.C. 8-1.5-5 or I.C. 5-1-5, bonds shall be sold in accordance with I.C. 5-1-11. The registration of bonds shall not affect negotiability.
(Ord. 529, passed 10-13-03)