CHAPTER 3. STATUS

IC 8-24-3
    Chapter 3. Status

IC 8-24-3-1
Nature of the district
    Sec. 1. The district is a body corporate and politic. The district isseparate from the state and any other political subdivision, but theexercise by the district of its powers is an essential governmentalfunction.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-3-2
Nature of a service division
    Sec. 2. A service division is a body corporate and politic. Aservice division is separate from the state and any other politicalsubdivision, but the exercise by the service division of its powers isan essential governmental function.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-3-3
Pledge or mortgage of a service division
    Sec. 3. A pledge or mortgage of a service division does not createan obligation of the state or a political subdivision within themeaning of the Constitution of the State of Indiana or any statute.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-3-4
Exemption from taxation
    Sec. 4. All:
        (1) property owned by the district or a service division;
        (2) revenue of the district or service division; and
        (3) bonds issued by the commuter rail division service boardestablished under IC 8-24-5 or the bus service board establishedunder IC 8-24-6, the interest on the bonds, the proceedsreceived by a holder from the sale of bonds to the extent of theholder's cost of acquisition, proceeds received upon redemptionbefore maturity, proceeds received at maturity, and the receiptof interest in proceeds;
are exempt from taxation in Indiana for all purposes except thefinancial institutions tax imposed under IC 6-5.5 or a stateinheritance tax imposed under IC 6-4.1.
As added by P.L.182-2009(ss), SEC.282.

IC 8-24-3-5
Securities exempt from registration requirements
    Sec. 5. All securities issued under this article are exempt from theregistration requirements of IC 23-19 and other securities registrationstatutes.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-6
Regulation of the district; judicial review of district decisions
    Sec. 6. (a) This section does not apply to commuter rail orinterstate public transportation service.
    (b) Service provided by the district or a service division within theterritory of the district is exempt from regulation by the departmentof state revenue under IC 8-2.1. This exemption applies totransportation services provided by the district or a service divisiondirectly or by grants or purchase of service agreements.
    (c) Service provided by the district or a service division bycontract or service agreements outside the territory of the district issubject to regulation by the department of state revenue underIC 8-2.1.
    (d) Judicial review of a decision by the district may be obtainedin the manner prescribed by IC 4-21.5-5.
As added by P.L.182-2009(ss), SEC.282.