IC 10-18-3-10: Limitations on indebtedness; tax exemption

Sec. 10. (a) A county or city may not issue bonds or any other evidence of indebtedness payable by taxation for the construction of a memorial if the total issue of the bonds exceeds two percent (2%) of the adjusted value of the taxable property of the county or city in which the memorial is located as determined under IC 36-1-15.

(b) Bonds or obligations issued in violation of this section are void.

(c) Bonds issued under section 8 of this chapter are exempt from taxation.