(a) A county or city may not issue bonds or any other evidence of indebtedness payable by taxation for the construction of a memorial if the total issue of the bonds exceeds two percent (2%) of the adjusted value of the taxable property of the county or city in which the memorial is located as determined under IC 36-1-15.(b) Bonds or obligations issued in violation of this section are void.(c) Bonds issued under section 8 of this chapter are exempt from taxation.[Pre-2003 Recodification Citation: 10-7-5-10.]As added by P.L.2-2003, SEC.9.
Indiana Legal Code