(A) Subject to IC 5-1-11.5 and IC 5-11-1-4(c), the Town Council may issue bonds for the purpose of procuring money to be used in the exercise of the powers of the town and for the payment of town debts. However, a town may not issue bonds to procure money to pay current expenses.
(B) Bonds issued under this section are payable in the amounts and at the times determined by the Town Council.
(C) Bonds issued under this section are subject to the provisions of IC 5-1 and IC 6-1.1-20 relating to the following:
(1) The filing of a petition requesting the issuance of bonds and giving notice of the petition.
(2) The giving of notice of a hearing on the appropriation of the proceeds of bonds.
(3) The right of taxpayers to appear and be heard on the proposed appropriation.
(4) The approval of the appropriation by the department of local government finance.
(5) The right of:
(a) Taxpayers and voters to remonstrate against the issuance of bonds in the case of a proposed bond issue described by IC 6-1.1-20-3.1(a); or
(b) Voters to vote on the issuance of bonds in the case of a proposed bond issued described by IC 6-1.1-20-3.5(a).
(6) The sale of bonds at public sale for not less than their par value.
(IC 36-5-2-11(a) - (c))