District bonds; nature

Sec. 13. (a) The bonds of the district are: (1) a valid claim of the holders only against the bond and interest redemption account and the revenues of the storm water system; and (2) exempt from taxation in Indiana as provided by IC 6-8-5. (b) The bonds may be issued either as registered bonds or as coupon bonds payable to the bearer. (c) Except as provided in this chapter or IC 5-1-5, bonds shall be sold in accordance with IC 5-1-11. The registration of bonds does not affect negotiability. As added by P.L.125-1987, SEC.1.