Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 1 - GENERAL PROVISIONS
Rule 1 - Miscellaneous Property Tax, Budget and Bonding Requirements
Section 1-8 - Municipal bond issue in excess of $5,000
Current through September 18, 2024
Authority: IC 6-1.1-31-1
Affected: IC 6-1.1-20
Sec. 8.
Proceedings for Issuance of Bonds in Excess of $5,000.00. Whenever the proper legal officer of any municipal corporation contemplates the issuing of bonds or other evidences of indebtedness, in excess of $5,000.00, they shall indicate the same by ordinance or resolution determining to issue such bonds and notice of such determination shall be given by the proper officials as provided.
Such notice shall be sufficient if Form 33 as prescribed by the State Board of Tax Commissioners is used. Ten or more taxpayers may appeal to the State Board of Tax Commissioners for a hearing thereon as provided by law. The State Board of Tax Commissioners will fix the date for a hearing concerning petition for Bond Issue and remonstrance in the county where such taxing unit is located.
A complete transcript of the proceedings concerning the proposed loan by Bond Issue, notes, or other obligations evidencing indebtedness, except temporary loan, shall consist of the following items. (64-1332, Burns).
(A) Copy of the petition containing names of fifty or more owners of taxable real estate praying for the issuance of bonds (Acts 1937, Ch. 119, Sec. 7).
(B) Certificate of person or persons carrying the petition. (Acts 1937, Ch. 119, Sec. 7).
(C) Certificate of the County Auditor that the signers are owners of taxable real estate. (Acts 1937, Ch. 119, Sec. 7).
(D) Also a petition of 25% of the free holders when bonding a civil township for construction of a school building. (See Burns 1933, 28-3419).
(E) Certificate of Auditor as to valuation. (State Board Requirement).
(F) Certificate of bonded indebtedness. (State Board Requirement).
(G) Certificate of Auditor that no remonstrance was filed prior to the expiration date, being thirty days from the date of the first publication of the Notice to Taxpayers that a Petition was Filed. (Acts 1937, Ch. 119, Sec. 7).
(H) Proofs of publication that a petition was filed. (Acts 1937, Ch. 119, Sec. 7). (Affidavit of publisher required).
(I) Proofs of publication of determination to issue bonds. (If in excess of $5,000.00, Burns 64-1332) (Affidavit of publisher required).
(J) Proofs of publication of additional appropriation. (Ch. 150, Acts 1935) (Affidavit of publisher required).
(K) Certified copy of the appropriation ordinance passed by the legislative body of any taxing unit.
