CHAPTER 9. FINANCING: WASTE MANAGEMENT DEVELOPMENT BONDS
IC 13-21-9
Chapter 9. Financing: Waste Management Development Bonds
IC 13-21-9-1
Financing facilities; negotiations
Sec. 1. A board may periodically enter into negotiations with one
(1) or more persons concerning the terms and conditions of financing
facilities. Preliminary expenses in connection with negotiations may
be paid from any of the following:
(1) Money furnished by the proposed user or developer.
(2) Grant money.
(3) Money of the board.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-2
Public hearing and notice; financing agreement
Sec. 2. (a) The board shall hold a public hearing on the proposed
financing of the facilities after giving public notice.
(b) Upon findings by the board that:
(1) the proposed financing will benefit the health or welfare of
the district; and
(2) the proposed financing complies with the purposes and
provisions of this article;
the board shall adopt a resolution to approve the financing, including
the form and terms of the financing agreement, the waste
management development bonds, and the trust indenture, if any.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-3
Waste management development bonds
Sec. 3. (a) The resolution adopted under section 2 of this chapter
may also authorize the issuance of waste management development
bonds payable solely from:
(1) revenues and receipts derived from a financing agreement;
or
(2) payments made under a guaranty agreement by a developer,
user, or any other person.
(b) The waste management development bonds are not in any
respect a general obligation of the district.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-4
Financing agreement; payments; term; retention of interest in
facility by district
Sec. 4. (a) A financing agreement must provide for payments in
an amount not less than an amount sufficient to pay:
(1) the principal of;
(2) the premium, if any, of; and
(3) interest on;
the waste management development bonds authorized for the
financing of the facilities.
(b) The term of a financing agreement may not exceed forty (40)
years from the date of any waste management development bonds
issued under the agreement. However, a financing agreement does
not terminate after forty (40) years if a default under the agreement
remains uncured, unless the termination is authorized under the terms
of the financing agreement.
(c) If the district retains an interest in the facilities, the financing
agreement must require the user or developer to pay all:
(1) costs of maintenance and repair;
(2) taxes;
(3) assessments;
(4) insurance premiums;
(5) trustee's fees; and
(6) any other expenses relating to the facilities;
so that the district will not incur any expenses due to the facilities
that are not covered by the payments provided for in the financing
agreement.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-5
Bonds; expenses, premiums, and commissions
Sec. 5. The district may advance all expenses, premiums, and
commissions that the district considers necessary or advantageous in
connection with the issuance of bonds issued under this chapter.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-6
Exemption from property tax on facilities
Sec. 6. (a) The district is exempt from all property taxes on
facilities.
(b) Developers and users are liable for property taxes on facilities
as provided by law.
(c) This chapter does not deny a tax exemption that a developer
or user may have under other laws because of the nature of the
facilities or the user.
As added by P.L.1-1996, SEC.11.
IC 13-21-9-7
Approvals and permits
Sec. 7. The user or developer is responsible for obtaining and
maintaining all approvals and permits required for the construction
of the facilities under this chapter.
As added by P.L.1-1996, SEC.11.