Authorization to reimburse debt service payments on bonds made from the unit's storm water fund

Sec. 19. (a) In lieu of issuing bonds under section 17 of this chapter, the fiscal body of the unit that established the commission may adopt an ordinance to authorize money in a flood control improvement fund of a district to be applied to reimburse debt service payments on bonds made from the unit's storm water fund if the following apply: (1) The unit has issued bonds for which revenue from the unit's storm water fund is pledged or assigned. (2) The bonds described in subdivision (1) were issued solely for the purpose of construction, replacement, repair, maintenance, or improvement of flood control works that are located within the district for which the flood control improvement fund was established. (3) All money received from the bonds described in subdivision (1) is applied solely to the payment of costs of providing flood control works located within the district for which the flood control improvement fund was established. (4) The bonds described in subdivision (1) must mature within twenty-five (25) years. (5) Money from the flood control improvement fund must be applied only to reimburse debt service payments made on the bonds described in subdivisions (1) through (4). (b) Before adopting an ordinance under this section, the fiscal body of the unit must hold at least one (1) public hearing at which testimony about the adoption of the ordinance is allowed. (c) No reimbursement payments may be made from the flood control improvement fund under this section after the maturity date of the bonds described in subsection (a). (d) The fiscal body of the unit may not adopt an ordinance to authorize money in the flood control improvement fund of a district to be used for any other purposes not specified in this section.