(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)