Indiana § 20-48-1-3 - Payment schedule; maximum term; designee of paying agent
Full text of Indiana Indiana Code § 20-48-1-3 — Payment schedule; maximum term; designee of paying agent, with citation guidance and answers to common questions.
§ 20-48-1-3. Payment schedule; maximum term; designee of paying agent
Sec. 3. (a) Bonds authorized by this article and IC 20-26-1 through IC 20-26-5 must be payable in the amounts and at the times and places determined by the governing body.
(b) Bonds issued for the funding of judgments or for the purchase of school buses shall mature not more than five (5) years from the date of the bonds. Bonds issued for other purposes must mature not more than twenty-five (25) years from the date of the bonds.
(c) The governing body may provide that principal and interest of the bonds are payable at a bank in Indiana and may also be payable at the option of the holder at another bank designated by the governing body, either before or after the sale.
(d) The governing body may pay the fees of the bank paying agent and shall deposit with the paying agent, if any, within a reasonable period before the date that principal and interest become due sufficient money for the payment of the principal and interest on the due date.
[Pre-2006 Recodification Citation: 21-2-21-2.]
As added by P.L.2-2006, SEC.171.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-48-1-3
What does Indiana Code § 20-48-1-3 cover?
Section 20-48-1-3 ("Payment schedule; maximum term; designee of paying agent") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 20-48-1-3?
A common citation format is "Indiana Code § 20-48-1-3" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 20-48-1-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.