(a) The bonds of the district are:(1) a valid claim of the holders only against the bond and interest redemption account and the revenues of the storm water system; and(2) exempt from taxation in Indiana as provided by IC 6-8-5.(b) The bonds may be issued either as registered bonds or as coupon bonds payable to the bearer.(c) Except as provided in this chapter or IC 5-1-5, bonds shall be sold in accordance with IC 5-1-11. The registration of bonds does not affect negotiability.As added by P.L.125-1987, SEC.1.
Indiana Legal Code