Indiana § 36-9-4-44 - Issuance of bonds by corporation; procedure
Full text of Indiana Indiana Code § 36-9-4-44 — Issuance of bonds by corporation; procedure, with citation guidance and answers to common questions.
§ 36-9-4-44. Issuance of bonds by corporation; procedure
Sec. 44. (a) If the board of directors of a public transportation corporation decides to issue bonds to obtain all or part of the money to be expended for the establishment and maintenance of an urban mass transportation system under this chapter, the board shall adopt an ordinance directing the issuance of the bonds. The board shall certify a copy of the ordinance to the controller of the corporation, who shall then prepare the bonds.
(b) The bonds must be executed by the chair of the board and attested by the controller of the corporation.
(c) The controller is responsible for the sale of the bonds.
(d) Except as otherwise provided in this section, the bonds shall be issued in the same manner as bonds for the general purposes of the municipality served by the public transportation corporation. However, the bonds may be sold to the federal government at private sale and without a public offering.
(e) In addition to the general power to issue bonds for the establishment and maintenance of a system, the board may issue bonds specifically:
(1) for the payment of any judgment against the corporation; and
(2) to establish or maintain a program of self-insurance or mutual insurance.
[Pre-Local Government Recodification Citation: 19-5-2-26.]
As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.317, SEC.6; P.L.353-1987, SEC.2; P.L.127-2017, SEC.283.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-4-44
What does Indiana Code § 36-9-4-44 cover?
Section 36-9-4-44 ("Issuance of bonds by corporation; procedure") 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 § 36-9-4-44?
A common citation format is "Indiana Code § 36-9-4-44" (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 § 36-9-4-44 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.