CHAPTER 3. STATUS
IC 8-24-3
Chapter 3. Status
IC 8-24-3-1
Nature of the district
Sec. 1. The district is a body corporate and politic. The district is
separate from the state and any other political subdivision, but the
exercise by the district of its powers is an essential governmental
function.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-2
Nature of a service division
Sec. 2. A service division is a body corporate and politic. A
service division is separate from the state and any other political
subdivision, but the exercise by the service division of its powers is
an essential governmental function.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-3
Pledge or mortgage of a service division
Sec. 3. A pledge or mortgage of a service division does not create
an obligation of the state or a political subdivision within the
meaning of the Constitution of the State of Indiana or any statute.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-4
Exemption from taxation
Sec. 4. All:
(1) property owned by the district or a service division;
(2) revenue of the district or service division; and
(3) bonds issued by the commuter rail division service board
established under IC 8-24-5 or the bus service board established
under IC 8-24-6, the interest on the bonds, the proceeds
received by a holder from the sale of bonds to the extent of the
holder's cost of acquisition, proceeds received upon redemption
before maturity, proceeds received at maturity, and the receipt
of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-5
Securities exempt from registration requirements
Sec. 5. All securities issued under this article are exempt from the
registration requirements of IC 23-19 and other securities registration
statutes.
As added by P.L.182-2009(ss), SEC.282.
IC 8-24-3-6
Regulation of the district; judicial review of district decisions
Sec. 6. (a) This section does not apply to commuter rail or
interstate public transportation service.
(b) Service provided by the district or a service division within the
territory of the district is exempt from regulation by the department
of state revenue under IC 8-2.1. This exemption applies to
transportation services provided by the district or a service division
directly or by grants or purchase of service agreements.
(c) Service provided by the district or a service division by
contract or service agreements outside the territory of the district is
subject to regulation by the department of state revenue under
IC 8-2.1.
(d) Judicial review of a decision by the district may be obtained
in the manner prescribed by IC 4-21.5-5.
As added by P.L.182-2009(ss), SEC.282.