§ 13-21-12-1 — Terms and covenants of bonds; validity; sale

Indiana § 13-21-12-1

• Jurisdiction: Indiana
• Art. 21: SOLID WASTE MANAGEMENT DISTRICTS
• Ch. 12: Financing: Requirements for Issuance of Bonds

Text

(a) All bonds issued under this article may:
(1) be issued as serial or term bonds or as a combination of both;
(2) be executed and delivered by the district at any time and from
time to time;
(3) bear the date or dates;
(4) bear the maximum interest rates, if fixed rates are used, or
specify any manner in which the interest rate will be determined,
if variable or adjustable rates are used;
(5) be redeemable before the stated maturities of the bonds on the
terms and conditions and at premiums as necessary or advisable;
(6) be issued in any denomination of not less than five thousand
dollars ($5,000);
(7) be in a form, either book entry or registered, or both;
(8) carry registration conversion privileges;
(9) be payable in a medium of payment and at a place or places,
which may be at any one (1) or more banks or trust companies
within or outside Indiana;
(10) provide for the replacement of mutilated, destroyed, stolen,
or lost bonds;
(11) be authenticated in a manner and upon compliance with
conditions;
(12) establish reserves from the proceeds of the sale of bonds or
from other money, or both, to secure the payment of the principal
and interest on the bonds issued under this article or IC 13-9.5-9
(before its repeal);
(13) establish reserves from the proceeds of the sale of bonds or
from other money, or both, for extensions, enlargements,
additions, replacements, renovations, and improvements to or for
the facilities; and
(14) contain other terms and covenants;
as provided in the resolution of the board authorizing the bonds.
(b) The bonds issued under this article may mature at the time or
times determined by the board, but not to exceed forty (40) years.
(c) The bonds issued under this article:
(1) may bear either the impressed or facsimile seal of the district;
and
(2) shall be:
(A) executed by the manual or facsimile signature of the
chairperson of the board; and
(B) attested by the manual or facsimile signature of the district
controller;
as long as one (1) of these signatures is manual. However, any
signatures may be facsimiles if the bonds are to be manually
authenticated by a fiduciary.
(d) The bonds and the interest coupons pertaining to the bonds, if
any, issued under this article and IC 13-9.5-9 (before its repeal) are
valid and binding obligations of the district for all purposes in
accordance with the terms of this article. If before delivery of the bonds
and related interest coupons a person whose signature appears on the
bonds and related interest coupons has ceased to be an officer of the
district, the bonds shall be treated as if the person had continued to be
an officer of the district until after delivery.
(e) The bonds issued under this article or IC 13-9.5-9 (before its
repeal), other than waste management district bonds issued under IC 13-21-7 or IC 13-9.5-9-3 (before its repeal), may be sold at public or
private sale for the price or prices that is provided in the resolution
authorizing the issuance of the bonds.
[Pre-1996 Recodification Citation: 13-9.5-9-8.]

Legislative History

As added by P.L.1-1996, SEC.11.