(a) To provide money to pay for the construction or acquisition of a utility under this chapter, or its extension, improvement, or replacement in whole or in part, or its repair, the municipal legislative body may issue and sell bonds bearing interest at any rate, executed and payable at times not to exceed forty (40) years from the date of issuance, and at places as the legislative body determines. The bonds and interest on them are payable only out of a special account, and the bonds do not constitute an indebtedness of the municipality within the meaning of the constitutional limitations.(b) Each bond must state plainly upon its face:(1) that it is payable only from a special account;(2) the account and the ordinance creating it; and(3) that it does not constitute an indebtedness of the municipality within the meaning of any constitutional debt limitation.(c) The bonds shall be sold in accordance with IC 5-1-11.(d) This section provides an alternative method of financing for all municipalities, notwithstanding any other law.As added by Acts 1982, P.L.74, SEC.1.
Indiana Legal Code