§ 16-22-3-26 — Loans; sale or factor of accounts receivable; federal loans or guaranties

Indiana § 16-22-3-26

• Jurisdiction: Indiana
• Title 16: HEALTH
• Art. 22: COUNTY HOSPITALS
• Ch. 3: Powers of Hospital Governing Boards

Text

(a) The governing board may obtain loans
for hospital expenses in amounts and on terms and conditions
agreeable to the board and may secure the loans by pledging accounts
receivable or other security in hospital funds. If the board enters into
a loan agreement for the borrowing of funds from the state authority,
the board may pledge as security for payment under the agreement the
funds the board receives from a tax levy under section 27 of this
chapter.
(b) The board may sell or factor accounts receivable on terms and
conditions agreeable to the board.
(c) A county, city, or health and hospital corporation owning and
maintaining or leasing at least one (1) hospital or related facilities, a
county hospital association under IC 16-22-6, and a building authority
under IC 36-9-13 may enter into an agreement with the United States
or a department, an agency, or an instrumentality of the United States
with respect to loans or guaranties for hospital or related purposes and
may borrow money on the terms and conditions of the agreement.
(d) The loans may be:
(1) evidenced by bonds, notes, contractual agreements, or other
evidences of indebtedness;
(2) secured in whole or in part by:
(A) pledge of the full faith and credit as a general obligation of
the borrower;
(B) the income and revenues of the hospital or related facilities;
(C) rental from the lease of hospital facilities; or
(D) any combination of clauses (A) through (C); and
(3) additionally secured by a mortgage or deed of trust of all or
part of the real or personal property, or both, of the hospital.
(e) Bonds, notes, or other evidences of indebtedness issued in
connection with a federal loan under this section may be sold and
delivered at private sale without the necessity of public sale or public
offering.
[Pre-1993 Recodification Citations: 16-12-25-1; 16-12-25-2;
16-12-25-3; 16-12.1-3-22.]

Legislative History

As added by P.L.2-1993, SEC.5. Amended by P.L.43-1993, SEC.15.