CHAPTER 11.1. PARKING FACILITIES IN MARION COUNTY
IC 36-9-11.1
Chapter 11.1. Parking Facilities in Marion County
IC 36-9-11.1-1
Application of chapter
Sec. 1. This chapter applies to each county having a consolidatedcity.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-2
Public uses and purposes; eminent domain
Sec. 2. The construction, operation, and acquisition of propertyfor parking facilities are public uses and purposes for which publicmoney may be spent and private property may be acquired by theexercise of the power of eminent domain.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-3
Definitions
Sec. 3. As used in this chapter:
"Board" refers to the board of transportation of the consolidatedcity, subject to IC 36-3-4-23.
"Department" refers to the department of transportation of theconsolidated city, subject to IC 36-3-4-23.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-4
Pecuniary interest; board or employee
Sec. 4. A member of the board or employee of the departmentmay not have, either directly or indirectly, any pecuniary interest inany contract, purchase, or sale, or in any remuneration paid to orreceived by any other person, under this chapter, and any transactionmade in which any such member or employee has a pecuniaryinterest is void. However, any property required for the purposes ofthe department in which a member of the board, or relative of amember, has a pecuniary interest may be acquired but only by gift,bequest, or devise.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-5
Powers and duties of board
Sec. 5. (a) The board shall do the following:
(1) Investigate, study, and survey the off-street parking needs ofthe county.
(2) Promote and encourage the development of parkingfacilities by private interests.
(3) Cooperate with and secure the cooperation of the variousdepartments and agencies of the consolidated city and othergovernmental bodies in such manner as will best promote thecarrying out of the purposes of this chapter. (4) Make findings and reports from time to time regarding suchmatters, which reports are public records open to inspection bythe public at the offices of the department.
(5) Select the sites of parking facilities to be acquired andimproved under this chapter.
(6) Acquire these sites and cause them to be improved,operated, or disposed of so as best to carry out the purposes ofthis chapter.
(7) Exercise general discretionary powers for the government,management, regulation, and control of all parking facilitiesacquired under this chapter, and over all funds and propertyrelating or belonging to them.
(8) Practice rigid economy in all its operations and expendituresunder this chapter, including all compensation paid to anypersons, in order to secure the rights and protection of allbondholders and the public.
(b) In carrying out its duties under this chapter, the board may dothe following:
(1) Acquire by purchase, gift, grant, devise, bequest, orcondemnation, in the name of the consolidated city, and withthe approval of the city executive, any interest in real property,including air rights, or personal property, that the board finds tobe needed for the reasonable development of parking facilitiesunder this chapter.
(2) Hold, use, manage, operate, sell, lease, rent, or otherwisedispose of, in the name of the city, any property interestacquired, constructed, or improved for use under this chapter,on such terms and conditions as the board considers to be forthe best interests of its bondholders, the department, the city,and its inhabitants, but subject to the approval of the executiveas required by law.
(3) Operate and manage any parking facility under thejurisdiction of the board directly by its own employees, but onlyfor such periods as no acceptable lessee is available.
(4) Clear, or contract for the clearance of, real property acquiredfor parking purposes, and adapt and improve it for that use.
(5) Improve for any commercial or business use any parts ofparking facilities as are at any time either required or approvedby the metropolitan development commission, or are for thebest interests of the bondholders and public; and makeimprovements in the form of walks and elevated walkways toconnect any parking facilities to other buildings or land sincethese connections will enhance the value and use of thefacilities by making them more readily accessible.
(6) Enter upon any lots or lands at all reasonable times for thepurpose of surveying or examination, to determine whether theyare suitable for acquisition and improvement for off-streetparking purposes.
(7) Appear before any department or agency of the city or anyother governmental agency, with respect to any matter affecting
the property or interests acquired or being acquired foroff-street parking purposes, or with respect to any matteraffecting any parking facility under the jurisdiction of theboard.
(8) Institute, or defend, in the name of the city, any actionsgrowing out of any acts, omissions, or operations of the boardunder this chapter; use any legal or equitable remedy necessaryor proper to protect the property or to enforce the powers andperform the duties of the department under this chapter; but anyjudgments against the city or the board in any such actions arepayable solely out of the funds of the department available forthem and of any parking facility chargeable with them.
(9) Cut curbs and issue all permits necessary to the conduct ofa parking facility on any property acquired or used for thepurposes of this chapter, after obtaining the approval of theagencies having jurisdiction of these matters in the city.
(10) Appoint or employ appraisers of air rights and real andpersonal property, engineers, architects, surveyors, attorneys,financial consultants, inspectors, superintendents, managers,accountants, clerks, and other employees, consultants andagents as the board may consider expedient and necessary, allof whom shall serve at the will of the board; prescribe anddefine their duties and fix the fair and reasonable compensationto be paid to those persons, and discharge such appointees oremployees and appoint and employ their successors.
(11) Carry and pay for all insurance necessary to protect theboard's property and funds; and purchase, lease, or rent anyequipment and supplies that are reasonably necessary to enablethe board to perform its duties.
(12) Expend for and on behalf of the department and the city allmoney donated to the department, advanced by the city, raisedby the issuance of the obligations authorized by this chapter, orresulting from revenues derived from the operation of parkingfacilities, subject to the limitations imposed by this chapter; butuntil funds have been provided by the issuance of obligations orfrom revenues of the department, the board may not incur anyobligation in excess of any amount prescribed by this chapter tobe actually advanced by the city.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-6
Preparation of plat and data; resolution of board
Sec. 6. (a) Whenever it is found by the board that any area of thecity is in need of an additional parking facility and that there is noreasonable prospect of it being supplied by private enterprise, theboard may select a suitable site for it, and cause to be prepared a platof the block in which the proposed site is located showing:
(1) the size of the proposed site and the size of the variousparcels of property in the block;
(2) the location and width of surrounding and intersecting
streets and alleys;
(3) the character and use of the buildings located on the block;and
(4) the need for additional parking facilities at the locationproposed.
(b) Upon the preparation of the plat and data, the board shalladopt a resolution declaring that it will be of public utility andbenefit to acquire and improve the proposed site for off-streetparking purposes under this chapter. The resolution must set out thelocation and size of the proposed site and a general description of theimprovement proposed or the structure or structures proposed to beerected on it.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-7
Approval of resolution and plans; acquisition of site
Sec. 7. (a) Upon the adoption of the declaratory resolution by theboard, the resolution, together with the supporting data, shall besubmitted to the metropolitan development commission. Thecommission may determine whether the declaratory resolution andthe proposed parking facility improvement plan conform to allzoning ordinances of the consolidated city, and approve as adopted,modify, or disapprove the resolution and proposed parking facility.The declaratory resolution and the proposed plan of improvementmay be amended or modified in order to conform them to therequirements of the commission.
(b) The administrator of buildings of the city must then examineand approve the plans and specifications of any structures soproposed to be erected. The board shall then submit the proceedingsto the city executive for his approval and may not proceed with theacquisition of the proposed site until the approving orders of theexecutive, the commission, and the building administrator are issued.In determining the location and character of any proposed parkingfacility, the board and commission shall consider traffic conditions,the effect of the proposed parking facility on surrounding property,and any unusual hardship to those interested in the property.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-8
Purchase of property without entire air rights; attached buildingsor structures; costs of common facilities
Sec. 8. (a) Real property constituting the site of parking facilitiesmay be purchased by the board without purchasing the entire airrights over the site. In this event, a building, buildings, or otherstructures may be attached to the site of the parking facility if theboard approves the plans and specifications and the manner in whichit shall be imposed upon or around the real property.
(b) In such a case the board may enter into an agreement toprovide for use by the building, buildings, or structures of such areasof the surface of the site as may be essential for the support of the
building or other structures to be erected, as well as for theconnection of essential public or private utilities to the building,buildings, or structures and ingress and egress for the building,buildings, or structures. The costs of common facilities, utilities,ingress, egress, and supports may be apportioned between theparking facilities and the buildings or structures.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-9
Options or contracts for land; previously acquired property
Sec. 9. (a) The board may obtain at any time from the owner orowners of the land required for the project or projects an option forits purchase, or may enter into a contract for its purchase upon suchterms and conditions as the board considers best. However, theoptions or contracts are subject to the final action of the board on thedeclaratory resolution, and subject to the condition that the propertyshall be paid for only out of funds made available to the board forthat purpose.
(b) Subject to approval of the executive of the consolidated city,the board may use and improve for parking facilities any propertypreviously acquired by the city and not needed for other purposes.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-10
Eminent domain; powers and duties of department and board
Sec. 10. (a) In exercising the power of eminent domain, the boardshall proceed under IC 32-24.
(b) The title to all real property acquired by the department shallbe conveyed to "City of ______________".
(c) The board may make and enter into contracts or agreementsnecessary or incidental to the performance of its duties and theexecution of its powers under this chapter. All contracts shall beentered into under the general provisions of this title.
(d) The board may lease or rent to others any parking facility orany property acquired for off-street parking purposes, including airrights above the facilities or property, in accordance with IC 36-1-11.
(e) The board may sell any property, including air rights, acquiredor developed for off-street parking purposes, if it first adopts aresolution specifically describing the property to be sold anddeclaring either:
(1) that the property is no longer needed for the use of thedepartment; or
(2) that a sale of the property subject to any restriction,limitation, or condition set out in the resolution will effect thepurposes of this chapter.
The property shall then be sold in accordance with IC 36-1-11.Property that has been pledged, or the revenues of which have beenpledged, to secure the payment of any outstanding obligations on it,may not be sold unless all the obligations are redeemed and cancelledcoincidentally with the conveyance of the property. (f) All conveyances of real property shall be executed in the nameof "City of _____________", and must be approved by the executiveof the consolidated city. Such an instrument is not required to havea seal in order to be executed.
(g) In the letting of construction contracts the board shall proceedunder IC 36-1-12, subject to the approval of the executive.
As added by Acts 1982, P.L.77, SEC.13. Amended by P.L.2-2002,SEC.121.
IC 36-9-11.1-11
Tax exemption of property, funds, and receipts; leases or sales forprivate use
Sec. 11. (a) All property of every kind, including air rights,acquired for off-street parking purposes, and all its funds andreceipts, are exempt from taxation for all purposes. When any realproperty is acquired by the consolidated city, the county auditorshall, upon certification of that fact by the board, cancel all taxesthen a lien. The certificate of the board must specifically describe thereal property, including air rights, and the purpose for whichacquired.
(b) A lessee of the city may not be assessed any tax upon anyland, air rights, or improvements leased from the city, but theseparate leasehold interest has the same status as leases on taxablereal property, notwithstanding any other law. Whenever the city sellsany such property to anyone for private use, the property becomesliable for all taxes after that, as other property is so liable and isassessed, and the board shall report all such sales to the townshipassessor, or the county assessor if there is no township assessor forthe township, who shall cause the property to be upon the proper taxrecords.
(c) If the duties of the township assessor have been transferred tothe county assessor as described in IC 6-1.1-1-24, a reference to thetownship assessor in this section is considered to be a reference tothe county assessor.
As added by Acts 1982, P.L.77, SEC.13. Amended by P.L.219-2007,SEC.143; P.L.146-2008, SEC.789.
IC 36-9-11.1-12
Encumbrance, lease, or sale of facilities or equipment whilerevenue bonds are outstanding
Sec. 12. So long as any of the revenue bonds are outstanding, theconsolidated city may not mortgage, pledge, or otherwise encumberany part of the property of the parking facility or facilities, or disposeof any part of them. However, equipment that is worn out andreplaced or property that is no longer useful or profitable in theoperation of the facility or facilities, and the proceeds from any suchsale, shall be deposited in the fund or account for the payment of theprincipal and interest on the revenue bonds. In addition, the city maylease the property or any part of it to others for public, private, orcommercial purposes on such terms and conditions and for such time
so as not to adversely affect the rights of bondholders.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-13
Sale or lease of space and air rights; treatment of proceeds
Sec. 13. (a) Space and air rights over a parking facility may besold or leased to others for a lease period, including options andrenewals, not to exceed ninety-nine (99) years, subject to thefollowing:
(1) Any sale or lease must comply with IC 36-1-11.
(2) The deed or lease must specify the initial purpose for whichthe leased space may be used. If the purpose is to erect in thespace a building or other structure attached to the landconstituting the site of the parking facility, the deed or leasemust require approval by the board of the plans andspecifications for any building or structure to be erected and ofthe manner in which it shall be imposed upon or around theland. In such a case, the deed or lease must provide for use bythe purchaser or the lessee of those areas of the surface of thesite that are essential for the support of the building or otherstructure to be erected, as well as for the connection of essentialpublic or private utilities to the building or structure and ingressand egress to and from the building or structure. The costs ofcommon facilities, utilities, ingress, egress, and supports maybe apportioned between the parking facilities and the buildingsor structures. The deed or lease must provide that if theconstruction of the initial building or structure is not completedwithin five (5) years after the date of execution of the deed orlease, the lease is cancellable at the option of the consolidatedcity, or in the case of sale, the property reverts at the option ofthe city.
(3) Any building or structure erected in the space sold or leasedshall be financed, operated, maintained, and repaired by thelessee or purchaser or assignees or successors in interestseparate from the parking facility financed, operated,maintained and repaired by the city, and the city may not haveany obligation or liability to the purchaser, assignees,successors in interest, or lessees or creditors of those partiesother than to provide the air space so leased or purchased andto permit the use of the site for the necessary supports for thebuilding or structure erected in the leased space, ingress andegress for the building or structure, and the construction ofessential public or private utilities.
(4) The deed or lease must require the lessee to carry sufficientpublic liability and property damage insurance to indemnify thecity and protect it from all loss and damage from the hazardsand perils normally insured against by insurance arising out ofthe existence and operation of any building or other structure inthe leased or sold space.
(5) Any building or other structure erected above the parking
facility is subject to taxes levied on private property unless thebuilding or structure is acquired by the city and wholly used forgovernmental purposes.
(b) The lease rental or sale price received by the city shall beconsidered to be revenues of the parking facility or facilities andshall be deposited, handled, and disbursed in the same manner asother revenues of the parking facility or facilities. However, ifconsidering the lease rental or sale price as revenue would result inthe revenue bonds constituting industrial development bonds underthe Internal Revenue Code as it existed on January 1, 1986, and anyapplicable regulations under that Code, then the lease rental shall bedeposited in the general fund of the city and disbursed in the samemanner as other money in the general fund.
As added by Acts 1982, P.L.77, SEC.13. Amended by P.L.2-1987,SEC.52.
IC 36-9-11.1-14
Funds for expenses of department before issuance of bonds orreceipt of revenues
Sec. 14. (a) All expenses to be incurred by the department,necessary to be paid before the issuance of bonds or the receipt ofrevenues by the department, shall be met and paid in the followingmanner:
(1) The board shall from time to time certify an estimate of themaximum amount of the items of expense to the fiscal officerof the consolidated city, who shall report whether any funds forpayment are available.
(2) If so available, and when set aside for that purpose, theboard may authorize expenses within the maximum amounts,and shall direct the fiscal officer to pay the amounts, asincurred.
(3) The fiscal officer shall then draw warrants for payment,which shall be paid out of any available general funds of thecity not already appropriated, without special appropriationbeing made by and without the approval of any other body.
(4) In case there are no unappropriated and available generalfunds of the city, the fiscal officer may recommend to thelegislative body a temporary transfer, from any other funds ofthe city that may be available, of a sufficient amount to meet theitems of expense, or the making of a temporary loan for thatpurpose, and the legislative body shall make the transfer offunds or authorize a temporary loan, in the same manner asother transfers or temporary loans are made by the city.
(b) The amount advanced by the city under subsection (a)(4) andoutstanding at any time may not exceed one hundred fifty thousanddollars ($150,000), and the fund or funds of the city from which anadvancement is made shall be fully reimbursed and repaid by theboard out of the first proceeds of bonds issued under this chapter, orout of revenues of the department when revenues are sufficient forthat purpose. Any funds so repaid shall be considered appropriated
and shall be credited to whatever fund, or funds, they werewithdrawn from for the advances. No part of the funds advanced bythe city at any time may be used for the acquisition of any propertyor its improvement or for the payment of any bonds.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-15
Revenue bonds; issuance; proceeds
Sec. 15. (a) If the consolidated city desires to obtain all or a partof the money necessary to pay the cost of any parking facility orfacilities by the issuance of revenue bonds, then bonds to carry outthe purposes of this chapter may be authorized by ordinance of thelegislative body. The ordinance must set out the amount, date,denominations, terms, conditions, and form of the bonds and theinterest coupons, and any covenants relative to safeguarding theinterest of the bondholders. The ordinance must specify in detail therevenues pledged to the payment of the interest on and the principalof the bonds and may contain provisions for the issuance ofadditional bonds of equal priority or junior and subordinate fromtime to time under restrictions set forth in the ordinance.
(b) Upon the sale and delivery of the bonds authorized, theordinance constitutes a contract between the city and thebondholders, and may not be amended so as to affect adversely therights of the holders of the bonds.
(c) In case different parcels of land, buildings, or air rights are tobe acquired or more than one (1) parking facility is to be constructedor more than one (1) contract for work is let by the board atapproximately the same time, whether under one (1) or moredeclaratory resolutions, the ordinance may provide for the total costof them by bonds of the same series. If the cost of construction ofmore than one (1) parking facility is financed from the same issue orseries of bonds, all of the parking facilities shall be considered as asingle parking facility for the purposes of this chapter with regard tothe custody, application, and accounting of funds and remedies upondefault.
(d) The revenue bonds may bear interest at a rate not exceedingthe maximum rate fixed by the ordinance, payable semiannually, maybe payable in such amounts and at such times, not exceeding fifty(50) years from the date of issuance, at such place or places, eitherwithin or without Indiana, and may be redeemable before maturity onsuch terms and conditions, all as determined by the board andprovided in the authorizing resolution.
(e) In case any of the officers whose signatures orcountersignatures appear on the bonds or the coupons cease to beofficers before the delivery of the bonds to the purchaser, thesignatures or countersignatures are nevertheless valid and sufficientfor all purposes as if the officers had remained in office until thedelivery of the bonds.
(f) The authorizing ordinance may provide for the redemption ofthe bonds on call, before maturity, on terms as set out in the
ordinance and the bonds, and may include such provisions andcovenants relative to the operation, protection, and insuring of theparking facility and the safeguarding of funds and rights of thebondholders as the board considers expedient.
(g) The bonds of the same series may be in one (1) or more issuesof the same or different priorities, as stated in the authorizingordinance and on the face of the bonds, and are payable from the netrevenues derived from the operation of the parking facility orfacilities on account of which the bonds of that series are issued,from net revenues derived from other parking facilities, of theon-street parking meters or parking mechanisms pledged asauthorized in this chapter, or from the proceeds derived from thedisposition of the parking facility or facilities. The bonds constitutea charge on these revenues, or a lien on the property acquired fromthe proceeds of the bonds, or both, to the extent and with suchpriority as may be provided in the authorizing resolution andexpressly stated in the bonds.
(h) All bonds issued under this chapter, in the hands of bona fideholders, have all of the qualities of negotiable instruments undernegotiable instruments law. The bonds and the interest on them areexempt from taxation as provided by IC 6-8-5.
(i) Unless registered, the bonds are payable to bearer, and theinterest payable shall be evidenced by attached coupons. The bondsmay be registerable as to principal only in the holder's name on therecords of the city kept by the city fiscal officer. This registrationshall be noted on the bond by the fiscal officer or other designatedofficer, after which no transfer is valid unless made on the books ofthe city by the registered holder and similarly noted on the bond. Anybond so registered as to principal may be discharged fromregistration by being transferred to bearer, after which it istransferable by delivery, but may again be registered as to principalas before. The registration of bonds as to principal does restrict thenegotiability of the interest coupons by delivery only.
(j) Notwithstanding any other law, the authorizing resolution orordinance may provide for a pledge of all or a certain designated partof the gross or net revenues derived from:
(1) other parking facilities, on-street parking meters, andparking mechanisms;
(2) parking and traffic violation fines and fees;
(3) lease rentals in connection with any parking facilities;
(4) private pledges and contributions; and
(5) any federal and state grants and distributions not dedicatedor restricted by law to other purposes, to the payment ofprincipal of and interest on revenue bonds issued or to be issuedunder this chapter and the accumulation and maintenance of thereserve for them, to the extent and in the manner provided in theresolution or ordinance authorizing the issuance of the bonds.
If such a pledge is made, it is irrevocable so long as any of the bondson account of which the pledge is made are outstanding, and thepledge takes precedence over any budget provision or appropriation
payable out of unobligated revenues so pledged where the provisionor appropriation is made after the authorization of the pledge by thelegislative body.
(k) So long as the net revenues derived from other parkingfacilities, on-street parking meters, or parking mechanisms are notneeded for the payment of any pledge made under this section, thecity may use and expend those revenues as otherwise authorized bylaw. The city may not make any covenant relative to the number orlocation of the parking meters to be maintained by it in and along itspublic ways.
(l) Any bonds may be sold at public or private sale for such priceor prices, in such manner, and at such time or times as may bedetermined by the board. The bonds must be executed in the name ofthe city, as other bonds of the city are executed. Each bond must stateon its face that it does not constitute an obligation of the city in anyrespect, or within the meaning and limitations of the constitution ofIndiana, but is payable solely from the revenue funds or propertypledged to it. Each bond must contain a reference to the authorizingresolution or ordinance and the date of its adoption.
(m) An action to question the validity of any bonds issued underthis chapter, or to prevent their issuance, sale, or delivery, must bebrought within thirty (30) days following the adoption of theordinance approving the bonds. All such bonds after that time areincontestable, except for fraud, forgery, or violation of constitutionalprovisions.
(n) Bonds may be issued under this chapter for the purpose ofproviding money to pay the cost of completing, improving, orenlarging any parking facility or facilities acquired under this chapterand also for the purpose of funding judgments or refunding bondspreviously issued under this chapter.
(o) Preliminary expenses advanced by any person or governmentalagency may be reimbursed from the proceeds of the bonds. Theproceeds of the bonds of each issue after reimbursement shall beused solely for the payment of the cost of the parking facility orfacilities on account of which the bonds were issued, includingincidental expenses and interest, and shall be disbursed in suchmanner and under such restrictions, if any, as the board may providein the resolution or the legislative body may provide in the ordinanceauthorizing the issuance of the bonds.
(p) If the proceeds of the bonds of any issue, by error of estimatesor otherwise, are less than the cost, additional bonds may in likemanner be issued to provide the amount of the deficit. Unlessotherwise provided in the resolution authorizing the issuance of thebonds, the additional bonds shall be considered to be of the sameissue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue exceed the cost of the parking facility or facilitieson account of which they have been issued, the surplus shall bedeposited in the fund or account from which the bonds are payable.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-16
Rights of bondholders; lien; enforcement proceedings; default
Sec. 16. (a) There is created a statutory lien upon the propertyacquired or improved from the proceeds of the bonds, to and in favorof the holders of the bonds, and each of them, and to and in favor ofthe holders of the coupons evidencing the interest on the bonds, tothe extent and with such priority as is stated in the resolution orordinance authorizing the bonds and set out on the face of the bonds.The property so purchased or acquired remains subject to thestatutory lien until payment in full of the principal and interest of thebonds issued on that account.
(b) Any holder of the bonds or of any of the coupons attached tothem may, by civil action, protect and enforce all rights granted bythe ordinance authorizing the issuance of the bonds or other law, andmay so enforce and compel performance of all duties required by thischapter or the ordinance to be performed by the consolidated city, orof any city officer or body such as:
(1) the making and collecting of reasonable and sufficient ratesfor services rendered by the parking facilities;
(2) the segregation of the operating expenses, income andrevenues of each of the parking facilities, and the practice ofreasonable economies in them; and
(3) the proper application of the respective funds created underthis chapter.
(c) If there is any default in the payment of the interest on or theprincipal of the bonds in accordance with their terms, any courthaving jurisdiction of the action may appoint a receiver to administerand operate, on behalf of the city and the bondholders, the particularparking facility with respect to which the default occurs. Thereceiver may charge and collect rates and charges sufficient toprovide for the payment of the operating expenses, repair, andmaintenance, and for bond service, and may regulate and apply theincome and revenues in conformity with this chapter and theauthorizing ordinance. The court may also declare the whole amountof the bonds due and payable and order the sale of the parkingfacility with respect to which the bonds were issued and sold and thedefault occurs, and then may apply the proceeds to the payment ofthe bonds, to the extent available and required for that purpose.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-17
Deposits of department funds; separate account books and specialaccounts
Sec. 17. (a) All gifts, donations, bequests, devises, and proceedsderived from the sale of bonds, from the disposition of property, orany payments received or paid to the department for off-streetparking purposes shall be delivered to the fiscal officer of theconsolidated city. He shall deposit them to the credit of thedepartment, for the account for the parking facility entitled to them,or to its general fund, if not so allocated. All money remaining in
each separate parking facility fund and in the general fund at the endof each calendar year continues to belong to those respective fundsfor use as provided in this chapter. All deposits of the departmentshall be kept in duly designated depositories for funds of the city.
(b) Separate books of account shall be kept for each parkingfacility so long as there remain outstanding any bonds issued onaccount of the acquisition or improvement of the facility. All netrevenues derived from any parking facility that are pledged to thepayment of the interest on and principal of certain bonds shall bedeposited in a separate special account appropriately set up anddesignated. The money in these accounts shall be used solely for thepayment of the interest on and principal of the respective bonds asthey fall due, and for no other purposes, until the account contains anamount sufficient to pay the interest on and principal of all bondspayable during the then current calendar year and the interest on andprincipal of the bonds that will become due during the nextsucceeding calendar year. Any amount in excess of the amountrequired for that purpose may be used in the purchase of bonds ofthat issue, if they can be purchased at less than the then currentredemption price, or if not, then for the redemption of outstandingbonds of that issue in accordance with their provisions, all asdirected by the board.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-18
Payments to and from general fund of department
Sec. 18. (a) Whenever all bonds and other obligations of anyparticular parking facility have been fully paid and discharged, anysurplus in any fund allocated for that purpose reverts to the generalfund of the department. The fund may be used to make up and payany deficiency that may occur in any other fund for the payment ofthe bonds and interest issued for any other parking facility under thecontrol of the department. This use of the general fund may continueuntil all outstanding bonds on all parking facilities have been fullypaid.
(b) The board may also pay to the consolidated city in any year,from any available balance in the general fund of the department,such sum as it considers reasonable and that may be available tocompensate the city for its loss of revenue in the annual taxesassessable on property of the estimated current and equivalent valueof that acquired for all parking facilities, so long as they remain freeof taxes.
As added by Acts 1982, P.L.77, SEC.13.
IC 36-9-11.1-19
Annual operating and income statement of facility
Sec. 19. Within ninety (90) days after the close of each calendaryear, an operating and income statement of the parking facility orfacilities shall be prepared by the fiscal officer of the consolidatedcity, and kept on file in his office open to examination by any holder
of the revenue bonds. A copy of the statement shall be furnished tothe original purchaser of the bonds upon request.
As added by Acts 1982, P.L.77, SEC.13.