Indiana § 36-10-9-21 - Borrowing in anticipation of funds
Full text of Indiana Indiana Code § 36-10-9-21 — Borrowing in anticipation of funds, with citation guidance and answers to common questions.
§ 36-10-9-21. Borrowing in anticipation of funds
Sec. 21. (a) In anticipation of funds to be received from any source, the board may borrow money and issue notes for a term not exceeding ten (10) years and at a rate or rates of interest determined by the board. The notes shall be issued in the name of the "capital improvement board of managers of __________ county" and may be secured (either on a parity with or junior and subordinate to any outstanding bonds or notes) by:
(1) the pledge of income and revenues of any capital improvement;
(2) the proceeds of excise taxes; or
(3) any other funds anticipated to be received.
The notes are payable solely from the income, excise taxes, revenues, and anticipated funds.
(b) The financing may be negotiated directly by the board with any bank, insurance company, savings association, or other financial institution licensed to do business in Indiana upon the terms and conditions that are agreed upon, except as specifically provided in this section, and may be consummated without public offering. The notes plus interest are exempt from taxation in Indiana as provided for bonds in IC 6-8-5.
As added by Acts 1982, P.L.77, SEC.28. Amended by P.L.79-1998, SEC.111.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-10-9-21
What does Indiana Code § 36-10-9-21 cover?
Section 36-10-9-21 ("Borrowing in anticipation of funds") 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 § 36-10-9-21?
A common citation format is "Indiana Code § 36-10-9-21" (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 § 36-10-9-21 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.