(A) In the carrying out of any project under the official thoroughfare plan, the Town Board of Trustees shall proceed and shall have authority under the provisions of IC 36-9-6.1-1 et seq. and all amendments thereto.
(B) The Town Board of Trustees, in the carrying out of any project under the official thoroughfare plan adopted by this chapter, shall consider and determine what proportionate part of the cost of the project or of any separate phase of improvement thereunder, shall be paid by the town out of the Thoroughfare Fund, including any increase of damages ordered by any court on appeal, as benefit the town at large. At that time, the Board shall determine the amount, if any, of the total cost of such a phase or improvement under the project, including damages awarded by the Board, which shall be assessed as benefits upon the real estate within a special benefit district.
(1) In the event the cost of acquisition and the benefits assessed against the town by reason of such a project shall, at any time, be in excess of the amount of money then standing to the credit of the Thoroughfare Fund of the town, the town shall have the power, and the Town Board is hereby authorized by ordinance, to issue a bond in a sum sufficient to pay for the benefit, or any part thereof, as deemed necessary. These shall be issued and sold in the same form and manner, and with the same rate of interest and with such maturities, as are by law provided for the issuance and sale of bonds of the town for the general purposes thereof.
(2) The proceeds of the sale of such bonds shall be deposited in, and credited to the Thoroughfare Fund, to be used in the payment for the cost of acquisition, the benefits assessed against the town at large, and any increased damages which may be ordered paid by any court on appeal.
(Ord. 1967-12, passed 9-5-67)
Statutory reference:
Assessment of costs, see IC 36-9-6.1-9
Issuance of bonds, see IC 36-9-6.1-11