IC 13-21-12
Chapter 12. Financing: Requirements for Issuance of Bonds
Generally
IC 13-21-12-1 Terms and covenants of bonds; validity; sale
Sec. 1. (a) All bonds issued under this article may:
(1) be issued as serial or term bonds or as a combination of
both;
(2) be executed and delivered by the district at any time and
from time to time;
(3) bear the date or dates;
(4) bear the maximum interest rates, if fixed rates are used, or
specify any manner in which the interest rate will be
determined, if variable or adjustable rates are used;
(5) be redeemable before the stated maturities of the bonds on
the terms and conditions and at premiums as necessary or
advisable;
(6) be issued in any denomination of not less than five thousand
dollars ($5,000);
(7) be in a form, either book entry or registered, or both;
(8) carry registration conversion privileges;
(9) be payable in a medium of payment and at a place or places,
which may be at any one (1) or more banks or trust companies
within or outside Indiana;
(10) provide for the replacement of mutilated, destroyed, stolen,
or lost bonds;
(11) be authenticated in a manner and upon compliance with
conditions;
(12) establish reserves from the proceeds of the sale of bonds or
from other money, or both, to secure the payment of the
principal and interest on the bonds issued under this article or
IC 13-9.5-9 (before its repeal);
(13) establish reserves from the proceeds of the sale of bonds or
from other money, or both, for extensions, enlargements,
additions, replacements, renovations, and improvements to or
for the facilities; and
(14) contain other terms and covenants;
as provided in the resolution of the board authorizing the bonds.
(b) The bonds issued under this article may mature at the time or
times determined by the board, but not to exceed forty (40) years.
(c) The bonds issued under this article:
(1) may bear either the impressed or facsimile seal of the
district; and
(2) shall be:
(A) executed by the manual or facsimile signature of the
chairperson of the board; and
(B) attested by the manual or facsimile signature of the
district controller;
as long as one (1) of these signatures is manual. However, any
signatures may be facsimiles if the bonds are to be manually
authenticated by a fiduciary.
(d) The bonds and the interest coupons pertaining to the bonds, if
any, issued under this article and IC 13-9.5-9 (before its repeal) are
valid and binding obligations of the district for all purposes in
accordance with the terms of this article. If before delivery of the
bonds and related interest coupons a person whose signature appears
on the bonds and related interest coupons has ceased to be an officer
of the district, the bonds shall be treated as if the person had
continued to be an officer of the district until after delivery.
(e) The bonds issued under this article or IC 13-9.5-9 (before its
repeal), other than waste management district bonds issued under
IC 13-21-7 or IC 13-9.5-9-3 (before its repeal), may be sold at public
or private sale for the price or prices that is provided in the resolution
authorizing the issuance of the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-2 Securement of bond by trust indenture; provisions allowable in
trust indenture or resolution
Sec. 2. The bonds issued under this article or IC 13-9.5-9 (before
its repeal) may be secured by a trust indenture between the district
and a corporate trustee, which may be any national or state bank
having its principal office in Indiana and having trust powers. The
trust indenture or resolution under which the bonds are issued may
do the following:
(1) Mortgage the land, interest in land, or the facilities for
which the bonds are issued.
(2) Pledge the revenues or any other money, or any part of the
revenues or money, to be received by the district.
(3) Contain the provisions for protecting and enforcing the
rights and remedies of the bondholders or lenders that may be
considered reasonable, including covenants setting forth the
duties of the district or board in relation to the construction of
the facilities and the custody, safeguarding, application, and
investment of all money received or to be received by the
district for the facilities financed by the issuance of the bonds.
(4) Provide for the establishment of reserve funds from the bond
proceeds or from other sources to the extent authorized.
(5) Set forth the:
(A) rights and remedies of the bondholders and trust; and
(B) provisions restricting the individual rights or actions of
bondholders.
(6) Contain provisions regarding the following:
(A) The investment of money.
(B) Sales, exchange, or disposal of property.
(C) The manner of authorizing and making of payments
without regard to any general statute relating to these
matters.
(7) Provide for the following:
(A) The payment of the proceeds of the sale of bonds to the
trustee, officer, bank, or depository that may be determined
under the trust indenture or resolution for the custody of the
proceeds.
(B) The method of disbursement of the proceeds, with the
safeguards and restrictions that are determined.
(8) Provide for the appointment of a receiver by the circuit or
superior court of the county under terms and conditions that are
considered reasonable.
(9) Contain other provisions that the district considers
reasonable and proper for the security of the bondholders. As added by P.L.1-1996, SEC.11.
IC 13-21-12-3 Security exempt from registration requirement of IC 23
Sec. 3. A security issued in connection with a financing under this
article, the interest on which is excludable from adjusted gross
income tax, is exempt from the registration requirements of IC 23. As added by P.L.1-1996, SEC.11. Amended by P.L.192-2002(ss),
SEC.156.
IC 13-21-12-4 Bonds and anticipation notes exempt from taxation
Sec. 4. All:
(1) bonds, including grant and bond anticipation notes, issued
under this article or IC 13-9.5-9 (before its repeal); and
(2) the interest on the bonds and notes;
are exempt from taxation in accordance with IC 6-8-5. As added by P.L.1-1996, SEC.11.
IC 13-21-12-5 Revenues received by board or district exempt from taxation
Sec. 5. All revenues received by the board or district under this
article or IC 13-9.5-9 (before its repeal) are exempt from all taxation. As added by P.L.1-1996, SEC.11.
IC 13-21-12-6 Alternative financing methods
Sec. 6. The facilities or any part of the facilities to be financed
under this article may be financed by any combination of one (1) or
more of the methods provided for in this article. As added by P.L.1-1996, SEC.11.
IC 13-21-12-7 Action to contest validity bonds or to prevent issuance; time
limitation
Sec. 7. An action to:
(1) contest the validity of the bonds; or
(2) prevent the issuance of the bonds;
must be brought within thirty (30) days following the first
publication of public notice of the adoption of the resolution
authorizing the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-8 Authority for issuance of bonds
Sec. 8. (a) This article constitutes full authority for the issuance
of bonds. No procedure, proceedings, publications, notices, consents,
approvals, orders, acts, or things by a board, officer, commission,
department, agency, or instrumentality of the state is required to
issue bonds or to do any act or perform anything under this article
except as prescribed by this article.
(b) The:
(1) powers conferred by this article are in addition to and not in
substitution for; and
(2) limitations imposed by this article do not affect;
the powers conferred by any other statute. As added by P.L.1-1996, SEC.11.
IC 13-21-12-9 Facility and sale of byproducts exempt from regulation under
IC 8-1-2 and IC 8-1.5
Sec. 9. The following are exempt from regulation under IC 8-1-2
and IC 8-1.5:
(1) A facility owned, operated, or financed under this article.
(2) The sale of byproducts from the facility. As added by P.L.1-1996, SEC.11.
IC 13-21-12-10 Covenant and agreement with bondholders
Sec. 10. The general assembly covenants and agrees with the
holders of any bonds that as long as any bonds of a district issued
under this article or IC 13-9.5-9 (before its repeal) are outstanding
and unpaid, the state:
(1) will not limit or alter the rights of the district to:
(A) acquire, construct, reconstruct, improve, enlarge, extend,
own, operate, and maintain any project or interest in any
project;
(B) establish, maintain, revise, charge, and collect the fees
and taxes referred to in this article; and
(C) fulfill the terms of any agreements made with the holders
of the bonds; and
(2) will not in any way impair the rights and remedies of the
bondholders;
until the bonds, together with interest on the bonds, interest on any
unpaid installment of interest, and all costs and expenses in
connection with any action or proceedings by or on behalf of the
bondholders, are fully paid, met, and discharged. As added by P.L.1-1996, SEC.11. IC 13-21-12-11 Article supplemental to other statutes
Sec. 11. This article is supplemental to all other statutes covering
the acquisition, construction, modification, use, and maintenance of
facilities for solid waste disposal by a district. As added by P.L.1-1996, SEC.11.
IC 13-21-12
Chapter 12. Financing: Requirements for Issuance of Bonds
Generally
IC 13-21-12-1 Terms and covenants of bonds; validity; sale
Sec. 1. (a) All bonds issued under this article may:
(1) be issued as serial or term bonds or as a combination of
both;
(2) be executed and delivered by the district at any time and
from time to time;
(3) bear the date or dates;
(4) bear the maximum interest rates, if fixed rates are used, or
specify any manner in which the interest rate will be
determined, if variable or adjustable rates are used;
(5) be redeemable before the stated maturities of the bonds on
the terms and conditions and at premiums as necessary or
advisable;
(6) be issued in any denomination of not less than five thousand
dollars ($5,000);
(7) be in a form, either book entry or registered, or both;
(8) carry registration conversion privileges;
(9) be payable in a medium of payment and at a place or places,
which may be at any one (1) or more banks or trust companies
within or outside Indiana;
(10) provide for the replacement of mutilated, destroyed, stolen,
or lost bonds;
(11) be authenticated in a manner and upon compliance with
conditions;
(12) establish reserves from the proceeds of the sale of bonds or
from other money, or both, to secure the payment of the
principal and interest on the bonds issued under this article or
IC 13-9.5-9 (before its repeal);
(13) establish reserves from the proceeds of the sale of bonds or
from other money, or both, for extensions, enlargements,
additions, replacements, renovations, and improvements to or
for the facilities; and
(14) contain other terms and covenants;
as provided in the resolution of the board authorizing the bonds.
(b) The bonds issued under this article may mature at the time or
times determined by the board, but not to exceed forty (40) years.
(c) The bonds issued under this article:
(1) may bear either the impressed or facsimile seal of the
district; and
(2) shall be:
(A) executed by the manual or facsimile signature of the
chairperson of the board; and
(B) attested by the manual or facsimile signature of the
district controller;
as long as one (1) of these signatures is manual. However, any
signatures may be facsimiles if the bonds are to be manually
authenticated by a fiduciary.
(d) The bonds and the interest coupons pertaining to the bonds, if
any, issued under this article and IC 13-9.5-9 (before its repeal) are
valid and binding obligations of the district for all purposes in
accordance with the terms of this article. If before delivery of the
bonds and related interest coupons a person whose signature appears
on the bonds and related interest coupons has ceased to be an officer
of the district, the bonds shall be treated as if the person had
continued to be an officer of the district until after delivery.
(e) The bonds issued under this article or IC 13-9.5-9 (before its
repeal), other than waste management district bonds issued under
IC 13-21-7 or IC 13-9.5-9-3 (before its repeal), may be sold at public
or private sale for the price or prices that is provided in the resolution
authorizing the issuance of the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-2 Securement of bond by trust indenture; provisions allowable in
trust indenture or resolution
Sec. 2. The bonds issued under this article or IC 13-9.5-9 (before
its repeal) may be secured by a trust indenture between the district
and a corporate trustee, which may be any national or state bank
having its principal office in Indiana and having trust powers. The
trust indenture or resolution under which the bonds are issued may
do the following:
(1) Mortgage the land, interest in land, or the facilities for
which the bonds are issued.
(2) Pledge the revenues or any other money, or any part of the
revenues or money, to be received by the district.
(3) Contain the provisions for protecting and enforcing the
rights and remedies of the bondholders or lenders that may be
considered reasonable, including covenants setting forth the
duties of the district or board in relation to the construction of
the facilities and the custody, safeguarding, application, and
investment of all money received or to be received by the
district for the facilities financed by the issuance of the bonds.
(4) Provide for the establishment of reserve funds from the bond
proceeds or from other sources to the extent authorized.
(5) Set forth the:
(A) rights and remedies of the bondholders and trust; and
(B) provisions restricting the individual rights or actions of
bondholders.
(6) Contain provisions regarding the following:
(A) The investment of money.
(B) Sales, exchange, or disposal of property.
(C) The manner of authorizing and making of payments
without regard to any general statute relating to these
matters.
(7) Provide for the following:
(A) The payment of the proceeds of the sale of bonds to the
trustee, officer, bank, or depository that may be determined
under the trust indenture or resolution for the custody of the
proceeds.
(B) The method of disbursement of the proceeds, with the
safeguards and restrictions that are determined.
(8) Provide for the appointment of a receiver by the circuit or
superior court of the county under terms and conditions that are
considered reasonable.
(9) Contain other provisions that the district considers
reasonable and proper for the security of the bondholders. As added by P.L.1-1996, SEC.11.
IC 13-21-12-3 Security exempt from registration requirement of IC 23
Sec. 3. A security issued in connection with a financing under this
article, the interest on which is excludable from adjusted gross
income tax, is exempt from the registration requirements of IC 23. As added by P.L.1-1996, SEC.11. Amended by P.L.192-2002(ss),
SEC.156.
IC 13-21-12-4 Bonds and anticipation notes exempt from taxation
Sec. 4. All:
(1) bonds, including grant and bond anticipation notes, issued
under this article or IC 13-9.5-9 (before its repeal); and
(2) the interest on the bonds and notes;
are exempt from taxation in accordance with IC 6-8-5. As added by P.L.1-1996, SEC.11.
IC 13-21-12-5 Revenues received by board or district exempt from taxation
Sec. 5. All revenues received by the board or district under this
article or IC 13-9.5-9 (before its repeal) are exempt from all taxation. As added by P.L.1-1996, SEC.11.
IC 13-21-12-6 Alternative financing methods
Sec. 6. The facilities or any part of the facilities to be financed
under this article may be financed by any combination of one (1) or
more of the methods provided for in this article. As added by P.L.1-1996, SEC.11.
IC 13-21-12-7 Action to contest validity bonds or to prevent issuance; time
limitation
Sec. 7. An action to:
(1) contest the validity of the bonds; or
(2) prevent the issuance of the bonds;
must be brought within thirty (30) days following the first
publication of public notice of the adoption of the resolution
authorizing the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-8 Authority for issuance of bonds
Sec. 8. (a) This article constitutes full authority for the issuance
of bonds. No procedure, proceedings, publications, notices, consents,
approvals, orders, acts, or things by a board, officer, commission,
department, agency, or instrumentality of the state is required to
issue bonds or to do any act or perform anything under this article
except as prescribed by this article.
(b) The:
(1) powers conferred by this article are in addition to and not in
substitution for; and
(2) limitations imposed by this article do not affect;
the powers conferred by any other statute. As added by P.L.1-1996, SEC.11.
IC 13-21-12-9 Facility and sale of byproducts exempt from regulation under
IC 8-1-2 and IC 8-1.5
Sec. 9. The following are exempt from regulation under IC 8-1-2
and IC 8-1.5:
(1) A facility owned, operated, or financed under this article.
(2) The sale of byproducts from the facility. As added by P.L.1-1996, SEC.11.
IC 13-21-12-10 Covenant and agreement with bondholders
Sec. 10. The general assembly covenants and agrees with the
holders of any bonds that as long as any bonds of a district issued
under this article or IC 13-9.5-9 (before its repeal) are outstanding
and unpaid, the state:
(1) will not limit or alter the rights of the district to:
(A) acquire, construct, reconstruct, improve, enlarge, extend,
own, operate, and maintain any project or interest in any
project;
(B) establish, maintain, revise, charge, and collect the fees
and taxes referred to in this article; and
(C) fulfill the terms of any agreements made with the holders
of the bonds; and
(2) will not in any way impair the rights and remedies of the
bondholders;
until the bonds, together with interest on the bonds, interest on any
unpaid installment of interest, and all costs and expenses in
connection with any action or proceedings by or on behalf of the
bondholders, are fully paid, met, and discharged. As added by P.L.1-1996, SEC.11. IC 13-21-12-11 Article supplemental to other statutes
Sec. 11. This article is supplemental to all other statutes covering
the acquisition, construction, modification, use, and maintenance of
facilities for solid waste disposal by a district. As added by P.L.1-1996, SEC.11.
IC 13-21-12
Chapter 12. Financing: Requirements for Issuance of Bonds
Generally
IC 13-21-12-1 Terms and covenants of bonds; validity; sale
Sec. 1. (a) All bonds issued under this article may:
(1) be issued as serial or term bonds or as a combination of
both;
(2) be executed and delivered by the district at any time and
from time to time;
(3) bear the date or dates;
(4) bear the maximum interest rates, if fixed rates are used, or
specify any manner in which the interest rate will be
determined, if variable or adjustable rates are used;
(5) be redeemable before the stated maturities of the bonds on
the terms and conditions and at premiums as necessary or
advisable;
(6) be issued in any denomination of not less than five thousand
dollars ($5,000);
(7) be in a form, either book entry or registered, or both;
(8) carry registration conversion privileges;
(9) be payable in a medium of payment and at a place or places,
which may be at any one (1) or more banks or trust companies
within or outside Indiana;
(10) provide for the replacement of mutilated, destroyed, stolen,
or lost bonds;
(11) be authenticated in a manner and upon compliance with
conditions;
(12) establish reserves from the proceeds of the sale of bonds or
from other money, or both, to secure the payment of the
principal and interest on the bonds issued under this article or
IC 13-9.5-9 (before its repeal);
(13) establish reserves from the proceeds of the sale of bonds or
from other money, or both, for extensions, enlargements,
additions, replacements, renovations, and improvements to or
for the facilities; and
(14) contain other terms and covenants;
as provided in the resolution of the board authorizing the bonds.
(b) The bonds issued under this article may mature at the time or
times determined by the board, but not to exceed forty (40) years.
(c) The bonds issued under this article:
(1) may bear either the impressed or facsimile seal of the
district; and
(2) shall be:
(A) executed by the manual or facsimile signature of the
chairperson of the board; and
(B) attested by the manual or facsimile signature of the
district controller;
as long as one (1) of these signatures is manual. However, any
signatures may be facsimiles if the bonds are to be manually
authenticated by a fiduciary.
(d) The bonds and the interest coupons pertaining to the bonds, if
any, issued under this article and IC 13-9.5-9 (before its repeal) are
valid and binding obligations of the district for all purposes in
accordance with the terms of this article. If before delivery of the
bonds and related interest coupons a person whose signature appears
on the bonds and related interest coupons has ceased to be an officer
of the district, the bonds shall be treated as if the person had
continued to be an officer of the district until after delivery.
(e) The bonds issued under this article or IC 13-9.5-9 (before its
repeal), other than waste management district bonds issued under
IC 13-21-7 or IC 13-9.5-9-3 (before its repeal), may be sold at public
or private sale for the price or prices that is provided in the resolution
authorizing the issuance of the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-2 Securement of bond by trust indenture; provisions allowable in
trust indenture or resolution
Sec. 2. The bonds issued under this article or IC 13-9.5-9 (before
its repeal) may be secured by a trust indenture between the district
and a corporate trustee, which may be any national or state bank
having its principal office in Indiana and having trust powers. The
trust indenture or resolution under which the bonds are issued may
do the following:
(1) Mortgage the land, interest in land, or the facilities for
which the bonds are issued.
(2) Pledge the revenues or any other money, or any part of the
revenues or money, to be received by the district.
(3) Contain the provisions for protecting and enforcing the
rights and remedies of the bondholders or lenders that may be
considered reasonable, including covenants setting forth the
duties of the district or board in relation to the construction of
the facilities and the custody, safeguarding, application, and
investment of all money received or to be received by the
district for the facilities financed by the issuance of the bonds.
(4) Provide for the establishment of reserve funds from the bond
proceeds or from other sources to the extent authorized.
(5) Set forth the:
(A) rights and remedies of the bondholders and trust; and
(B) provisions restricting the individual rights or actions of
bondholders.
(6) Contain provisions regarding the following:
(A) The investment of money.
(B) Sales, exchange, or disposal of property.
(C) The manner of authorizing and making of payments
without regard to any general statute relating to these
matters.
(7) Provide for the following:
(A) The payment of the proceeds of the sale of bonds to the
trustee, officer, bank, or depository that may be determined
under the trust indenture or resolution for the custody of the
proceeds.
(B) The method of disbursement of the proceeds, with the
safeguards and restrictions that are determined.
(8) Provide for the appointment of a receiver by the circuit or
superior court of the county under terms and conditions that are
considered reasonable.
(9) Contain other provisions that the district considers
reasonable and proper for the security of the bondholders. As added by P.L.1-1996, SEC.11.
IC 13-21-12-3 Security exempt from registration requirement of IC 23
Sec. 3. A security issued in connection with a financing under this
article, the interest on which is excludable from adjusted gross
income tax, is exempt from the registration requirements of IC 23. As added by P.L.1-1996, SEC.11. Amended by P.L.192-2002(ss),
SEC.156.
IC 13-21-12-4 Bonds and anticipation notes exempt from taxation
Sec. 4. All:
(1) bonds, including grant and bond anticipation notes, issued
under this article or IC 13-9.5-9 (before its repeal); and
(2) the interest on the bonds and notes;
are exempt from taxation in accordance with IC 6-8-5. As added by P.L.1-1996, SEC.11.
IC 13-21-12-5 Revenues received by board or district exempt from taxation
Sec. 5. All revenues received by the board or district under this
article or IC 13-9.5-9 (before its repeal) are exempt from all taxation. As added by P.L.1-1996, SEC.11.
IC 13-21-12-6 Alternative financing methods
Sec. 6. The facilities or any part of the facilities to be financed
under this article may be financed by any combination of one (1) or
more of the methods provided for in this article. As added by P.L.1-1996, SEC.11.
IC 13-21-12-7 Action to contest validity bonds or to prevent issuance; time
limitation
Sec. 7. An action to:
(1) contest the validity of the bonds; or
(2) prevent the issuance of the bonds;
must be brought within thirty (30) days following the first
publication of public notice of the adoption of the resolution
authorizing the bonds. As added by P.L.1-1996, SEC.11.
IC 13-21-12-8 Authority for issuance of bonds
Sec. 8. (a) This article constitutes full authority for the issuance
of bonds. No procedure, proceedings, publications, notices, consents,
approvals, orders, acts, or things by a board, officer, commission,
department, agency, or instrumentality of the state is required to
issue bonds or to do any act or perform anything under this article
except as prescribed by this article.
(b) The:
(1) powers conferred by this article are in addition to and not in
substitution for; and
(2) limitations imposed by this article do not affect;
the powers conferred by any other statute. As added by P.L.1-1996, SEC.11.
IC 13-21-12-9 Facility and sale of byproducts exempt from regulation under
IC 8-1-2 and IC 8-1.5
Sec. 9. The following are exempt from regulation under IC 8-1-2
and IC 8-1.5:
(1) A facility owned, operated, or financed under this article.
(2) The sale of byproducts from the facility. As added by P.L.1-1996, SEC.11.
IC 13-21-12-10 Covenant and agreement with bondholders
Sec. 10. The general assembly covenants and agrees with the
holders of any bonds that as long as any bonds of a district issued
under this article or IC 13-9.5-9 (before its repeal) are outstanding
and unpaid, the state:
(1) will not limit or alter the rights of the district to:
(A) acquire, construct, reconstruct, improve, enlarge, extend,
own, operate, and maintain any project or interest in any
project;
(B) establish, maintain, revise, charge, and collect the fees
and taxes referred to in this article; and
(C) fulfill the terms of any agreements made with the holders
of the bonds; and
(2) will not in any way impair the rights and remedies of the
bondholders;
until the bonds, together with interest on the bonds, interest on any
unpaid installment of interest, and all costs and expenses in
connection with any action or proceedings by or on behalf of the
bondholders, are fully paid, met, and discharged. As added by P.L.1-1996, SEC.11. IC 13-21-12-11 Article supplemental to other statutes
Sec. 11. This article is supplemental to all other statutes covering
the acquisition, construction, modification, use, and maintenance of
facilities for solid waste disposal by a district. As added by P.L.1-1996, SEC.11.
