(A) Municipal Park Board bonds; purpose; denominations; interest exempt from taxation; limitations.
(1) In order to raise money to pay for land to be acquired for any of the purposes named in this subchapter, to pay for an improvement authorized by this subchapter, or both, and in anticipation of the special benefit tax to be levied as provided in this subchapter, the Park Board shall cause to be issued, in the name of the town, 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 Park Board under § 32.32 is confirmed whereby different parcels of land are to be acquired, or more than one contract for work is let by the Park Board at approximately the same time, the cost involved under all of the resolutions and proceedings may be included in one issue of bonds.
(2) 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 semi-annually. After adopting a resolution ordering bonds, the Park Board shall certify a copy of the resolution to the Clerk-Treasurer. The Clerk-Treasurer shall prepare the bonds and the Town Council President shall execute them, attested by the Clerk-Treasurer.
(3) The bonds and the interest on them are exempt from taxation as prescribed by I.C. 6-8-5-1. Bonds issued under this division (A) are subject to the provisions of I.C. 5-1 and I.C. 6-1.1-20 relating to the filing of a petition requesting the issuance of bonds, the right of taxpayers and voters to remonstrate against the issuance of bonds, the appropriation of the proceeds of the bonds and approval by the Department of Local Government Finance, and the sale of bonds at public sale for not less than their par value.
(4) The Park Board may not have bonds of the district issued under this division (A) that are payable by special taxation when the total issue for that purpose, including the bonds already issued or to be issued, exceeds 2% of the adjusted value of the taxable property in the district as determined under I.C. 36-1-15. All bonds or obligations issued in violation of this division (A)(4) are void. The bonds are not obligations or indebtedness of the town, 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.
(B) Bonds; notice; hearing; ordinance approving issue.
(1) Before bonds may be issued under § 32.32, the Park Board shall give notice of a public hearing to disclose the purposes for which the bond issue is proposed, the amount of the proposed issue, and all other pertinent data.
(2) The Board shall have published in accordance with I.C. 5-3-1 a notice of the time, place, and purposes of the hearing.
(3) After the public hearing and before additional proceedings on the bond issues, the Board must obtain an ordinance approving the bond issue from the Town Council.
(C) Bonds; disposition of proceeds. All proceeds from the sale of bonds issued under § 32.33 shall be kept in a separate fund. The fund shall be used to pay for land and other property acquired and for the construction of a work under the resolution, including all costs and expenses incurred in connection with the project. The fund may not be used for any other purpose. The fund shall be deposited as provided in this chapter. A surplus remaining from the proceeds of the bonds after all costs and expenses are paid shall be paid into and becomes a part of the Park District Bond Fund.
(D) Levy of special tax on real and personal property; Park District Bond Fund.
(1) In order to raise money to pay all bonds issued under § 32.33, the Park Board shall levy annually a special tax upon all of the real and personal property located in the district sufficient to pay the principal of the bonds as they mature, including accrued interest. The Board shall have the tax to be levied each year certified to the auditor of the county in which the district is located at the time for certification of tax levies. The tax shall be collected and enforced by the County Treasurer in the same manner as other taxes are collected and enforced.
(2) As the tax is collected, it shall be accumulated and kept in a separate fund to be known as the Park District Bond Fund. The tax shall be applied to the payment of the district bonds and interest as they mature and may not be used for another purpose.
(E) Primary obligation on bond. If the board or district created under I.C. 36-10-3-3 is discontinued, the primary obligation on its bonds is not affected, and the town assumes liability for the payment of the bonds according to their terms.
(I.C. 36-10-3-24; I.C. 36-10-3-25; I.C. 36-10-3-26; I.C. 36-10-3-27; and I.C. 36-10-3-28) (Ord. 2017-11, passed 12-14-2017)