IC 6-9-2-4.7 - Issuance of bonds; negotiation and sale; leases

• Cite as: IC 6-9-2-4.7

(a) The bureau may issue bonds, enter into leases, or incur other obligations to:

(1) pay the costs incurred in the financing, construction, acquisition, and equipping of a visitor center to promote and encourage conventions, trade shows, special events, recreation, and visitors within the county;

(2) reimburse itself or any nonprofit corporation for any money advanced to pay those costs; or

(3) refund bonds issued or other obligations incurred under this chapter.

(b) Bonds issued or obligations incurred under this section:

(1) are payable solely from the money provided in this chapter;

(2) may, in the discretion of the bureau, be sold at a negotiated sale or under IC 5-1-11 and IC 5-3-1; and

(3) must be authorized by a resolution of the bureau.

(c) Leases entered into under this section:

(1) may be for a term not to exceed fifty (50) years;

(2) may provide for payments from revenues under this chapter, any other revenues available to the bureau, or any combination of these sources;

(3) may provide that payments by the bureau to the lessor are required only to the extent and only for the time that the lessor is able to provide the leased facilities in accordance with the lease;