(A) In order to raise money to pay for land to be acquired for any of the purposes named in this chapter, to pay for an improvement authorized by this chapter, or both, and in anticipation of the special benefit tax to be levied as provided in this chapter, the Board shall cause to be issued, in the name of the unit, the bonds of the district. The bonds may not exceed in amount the total cost of all land to be acquired and all improvements described in the resolution, including all expenses necessarily incurred in connection with the proceedings, together with a sum sufficient to pay the costs of supervision and inspection during the period of construction of a work. The expenses to be covered in the bond issue include all expenses of every kind actually incurred preliminary to acquiring the land and the construction of the work, such as the cost of the necessary record, engineering expenses, publication of notices, preparation of bonds, and other necessary expenses. If more than one resolution or proceeding of the Town Council under I.C. 36-10-3-23 is confirmed whereby different parcels of land are to be acquired, or more than one contract for work is let by the Town Council at approximately the same time, the cost involved under all of the resolutions and proceedings may be included in one issue of bonds.
(B) The bonds may be issued in any denomination not less than $1,000 each, in not less than five nor more than 40 annual series. The bonds are payable one series each year, beginning at a date after the receipt of taxes from a levy made for that purpose. The bonds are negotiable. The bonds may bear interest at any rate, payable semiannually. After adopting a resolution ordering bonds, the Board shall certify a copy of the resolution to the Clerk-Treasurer. The Clerk-Treasurer shall prepare the bonds and the President of the Board shall execute them, attested by the Clerk-Treasurer.
(C) The bonds and final interest on them are exempt from taxation as prescribed by I.C. 6-8-5-1. Bonds issued under this section are subject to the provisions of I.C. 5-1 and I.C. 6-1.1-20 relating to:
(1) The filing of a petition requesting the issuance of bonds;
(2) The right of:
(a) Taxpayers and voters to remonstrate against the issuance of bonds in the case of a proposed bond issue described by I.C. 6-1.1-20-3.1(a); or
(b) Voters to vote on the issuance of bonds in the case of proposed bond issue described by I.C. 6-1.1-20-3.5(a).
(3) The appropriation of the proceeds of the bonds and approval by the office of the Clerk-Treasurer; and
(4) The sale of bonds at public sale for not less than their par value.
(D) The Town Council may not have bonds of the district issued under this section that are payable by special taxation when the total issued for that purpose, including the bonds already issued or to be issued, exceeds 2% of the total assessed valuation of the property in the district. All bonds or obligations issued in violation of this division are void. The bonds are not obligations or indebtedness of the unit, but constitute an indebtedness of the district as a special taxing district. The bonds and interest are payable only out of a special tax levied upon all the property of the district as prescribed by this chapter. The bonds must recite the terms upon their face, together with the purposes for which they are issued.
(I.C. 36-10-3-24)