Sec. 11. (a) The county may issue its bonds to: (1) pay any costs associated with a basketball hall of fame, as set forth in section 9(b)(1) of this chapter; (2) reimburse the county or any nonprofit corporation for any money advanced to pay those costs; or (3) refund bonds issued under this section. (b) Bonds issued under this section: (1) are payable solely from money provided under this chapter; (2) must be issued in the manner prescribed by IC 36-2-6-18 through IC 36-2-6-20 ; and (3) may, in the discretion of the county, be sold at negotiated sale at a price to be determined by the county or in accordance with IC 5-1-11 and IC 5-3-1 . (c) Proceeds of the tax established under this chapter may be pledged: (1) to pay debt service on bonds issued under this chapter; (2) for the payment of lease rentals or other obligations entered into under this chapter; or (3) for any purposes set forth in section 9(b)(1) or 9.5 of this chapter. A pledge is enforceable as set forth in IC 5-1-14-4 . (d) The county may lease the basketball hall of fame facility to a nonprofit corporation for a term not to exceed twenty-five (25) years. The lease may contain any terms acceptable to the county council and must be approved by ordinance of the county council.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.