5-1-7-1. Contract With Bond Owner to Pay Matured Bond by Issuing Redemption Bond

Sec. 1. Whenever the bond fund of any county or of any township in this state is, for any reason, insufficient to pay the bonds of such county or township or any of them, at the date of the maturity thereof, together with the interest which shall have accrued thereon, the board of commissioners of […]

5-1-7-2. Partial Payments of Principal With Interest Accrued; Form of Contract; Cancellation of Matured Bond

Sec. 2. The contract entered into by the board of commissioners of any county and any such bondholder shall be signed by the parties to such contract, shall be attested on behalf of the county by the county auditor, and shall stipulate and agree that the board of commissioners of the county will pay all […]

5-1-7-3. Execution of Contract; Procedure

Sec. 3. All contracts so entered into shall be executed in duplicate and one (1) copy thereof shall be kept by the county auditor and one (1) copy shall be delivered to the owner of such bond. At the time of the execution of such contract, the county auditor shall register all such matured bonds […]

5-1-7-4. Calculation of Tax Levy Necessary to Make Payments on Principal and Interest on Redemption Bonds; Submission to County Council

Sec. 4. At the time when the annual estimates are made for the county budget, the county auditor shall calculate the amount of the tax levy which will be necessary to make the payments on the principal and interest on such redemption bonds during the ensuing fiscal year of the county and shall submit his […]

5-1-7-5. “Bond Owner” or “Bondholder” Defined

Sec. 5. The term “bond owner” or “bondholder” shall be construed to mean the person who owns the bond at the time of the execution of such contract and the provisions of such contract shall inure to and be binding upon any subsequent grantee, executor, administrator, heir, devisee, trustee, receiver or assign of such matured […]

5-1-7-6. Validity or Priority of Lien of Bond Against Taxable Property

Sec. 6. Neither the provisions of this chapter nor any contract executed under this chapter shall release, waive, or destroy the validity or priority of any lien of any such bond against the taxable property of such county or any taxing district coterminous with such county, or any taxing district coterminous with any civil township […]

5-1-7-7. “Bond” and “Bond Fund” Defined

Sec. 7. The term “bond” as used in this chapter shall mean and include any bond issued by and which is an obligation of the county in its civil capacity; and any so-called county unit road bond which has been issued by the board of commissioners and is an obligation of the taxing district which […]