Indiana § 21-35-5-7 - Board; power to limit amount of obligations or issue additional obligations

§ 21-35-5-7. Board; power to limit amount of obligations or issue additional obligations

Sec. 7. In authorizing the issuance of revenue obligations for any particular property or properties, the board of trustees may:

(1) limit the amount of the obligations that may be issued as a first lien and charge against the property or properties and the net income from the property or properties; or

(2) authorize the issuance periodically thereafter of additional obligations secured by the same lien to provide funds:

(A) for the completion of the property or properties on account of which the original obligations were issued;

(B) to pay the cost of additional revenue producing properties under IC 21-35-2 or IC 21-35-3; or

(C) for the purposes described in clauses (A) and (B).

The additional obligations shall be issued on the terms and conditions as the board may determine, and may be secured equally and ratably, without preference, priority, or distinction, with the original issue of obligations or may be made junior to the original issue of bonds.

[Pre-2007 Higher Education Recodification Citation: 20-12-9-3 part.]

As added by P.L.2-2007, SEC.276.