Indiana § 36-7-18-31 - Bonds, notes, and warrants; approval by unit; procedure for issuance and sale; negotiability

§ 36-7-18-31. Bonds, notes, and warrants; approval by unit; procedure for issuance and sale; negotiability

Sec. 31. (a) Issues of bonds, notes, or warrants of a housing authority must be approved by the fiscal body of the unit after a public hearing, with notice of the time, place, and purpose of the hearing given by publication in accordance with IC 5-3-1. The bonds, notes, or warrants must then be authorized by resolution of the authority.

(b) After the bonds, notes, or warrants have been approved under subsection (a), they may be issued in one (1) or more series, with the:

(1) dates;

(2) maturities;

(3) denominations;

(4) form, either coupon or registered;

(5) conversion or registration privileges;

(6) rank or priority;

(7) manner of execution;

(8) medium of payment;

(9) places of payment; and

(10) terms of redemption, with or without premium;

provided by the resolution or its trust indenture or mortgage.

(c) Except as provided in subsection (g), the bonds, notes, or warrants shall be sold at a public sale under IC 5-1-11, for not less than par value, after notice published in accordance with IC 5-3-1. However, they may be sold at not less than par value to the federal government:

(1) at private sale without any public advertisement; or

(2) alternatively, at a negotiated sale.

(d) If any of the commissioners or officers of the housing authority whose signatures appear on any bonds, notes, or warrants or coupons cease to be commissioners or officers before the delivery, exchange, or substitution of the bonds, notes, or warrants, their signatures remain valid and sufficient for all purposes, as if they had remained in office until the delivery, exchange, or substitution.

(e) Subject to provision for registration and notwithstanding any other law, any bonds, notes, or warrants issued under this chapter are fully negotiable.

(f) In any proceedings involving the validity or enforceability of any bond, note, or warrant of a housing authority or of its security, if the instrument states that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low income, it shall be conclusively presumed to have been issued for that purpose and the project shall be conclusively presumed to have been planned, located, and constructed in accordance with this chapter.

(g) Notwithstanding subsection (c), the bonds, notes, or warrants of a housing authority may be sold at a negotiated sale and may be sold at less than par value at a negotiated sale.

[Pre-Local Government Recodification Citations: 18-7-11-14 part; 18-7-11-15.]

As added by Acts 1981, P.L.309, SEC.37. Amended by Acts 1981, P.L.45, SEC.33; P.L.344-1987, SEC.9; P.L.125-2018, SEC.7; P.L.38-2021, SEC.93; P.L.236-2023, SEC.187; P.L.230-2025, SEC.144; P.L.73-2026, SEC.30.