Indiana § 15-13-10-3 - Bond purposes; form; duration; sale

§ 15-13-10-3. Bond purposes; form; duration; sale

Sec. 3. (a) Subject to the approval of the governor, the commission may, by resolution, authorize and issue revenue bonds to:

(1) pay all or part of the cost of a project; or

(2) refund outstanding revenue bonds.

(b) The principal of and the interest on bonds must be payable solely from the revenues specifically pledged to the payment of the principal and the interest on the bonds.

(c) The bonds of each issue must:

(1) be dated; and

(2) mature at a time not exceeding thirty (30) years from the date of the bonds.

(d) The bonds may be made redeemable before maturity, at the option of the commission, at a price and under terms and conditions fixed by the commission.

(e) The commission shall:

(1) determine the form of the bonds; and

(2) fix:

(A) the denomination of the bonds; and

(B) the place of payment of principal and interest, which may be at any bank or trust company in the United States.

(f) The bonds must be signed in the name of the commission by:

(1) the commission chairperson; or

(2) the facsimile signature of the commission chairperson.

(g) The official seal of the commission, or a facsimile of the seal, must be:

(1) affixed to the bonds; and

(2) attested by the executive director of the commission.

(h) If an officer whose signature or a facsimile of whose signature appears on a bond ceases to be an officer before the delivery of the bonds, the signature or facsimile is valid and sufficient for all purposes as if the officer had remained in office until the delivery.

(i) Bonds issued under this chapter have all the qualities and incidents of negotiable instruments under the laws of Indiana.

(j) Bonds may be issued in registered form.

(k) Bonds must be sold in accordance with IC 21-32-3.

(l) The commission shall cooperate with and use the assistance of the Indiana finance authority established by IC 5-1.2-3 in the issuance of the bonds.

[Pre-2008 Recodification Citation: 15-1.5-9-2.]

As added by P.L.2-2008, SEC.4. Amended by P.L.189-2018, SEC.140.