Indiana § 20-24.5-2-6 Sale of bonds to fund laboratory schools

Indiana Statutes

§ 20-24.5-2-6 — Sale of bonds to fund laboratory schools

Indiana § 20-24.5-2-6

Title 20EDUCATION

Art. 24.5UNIVERSITY ADMINISTERED SCHOOLS

Ch. 2Laboratory Schools

This text of Indiana § 20-24.5-2-6 (Sale of bonds to fund laboratory schools) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 20-24.5-2-6 (2026).

Text

(a)To obtain funds required to carry out section 5 of this chapter, a state educational institution may issue and sell their negotiable, general obligation bonds payable out of any available funds of the state educational institution, including fees, charges, rentals, interest on permanent endowment funds, and legislative appropriations made for new construction, repair, and rehabilitation of buildings.

(b)Bonds issued under subsection (a) must:

(1)be authorized by resolution of the board of trustees of the issuing state educational institution;

(2)bear interest at any rate provided for in the authorizing resolution; and

(3)be payable at the times and in the amounts within thirty (30) years from the date of issuance provided for in the authorizing resolution. Bonds issued under subsec

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(a) To obtain funds required to carry out
section 5 of this chapter, a state educational institution may issue and
sell their negotiable, general obligation bonds payable out of any
available funds of the state educational institution, including fees,
charges, rentals, interest on permanent endowment funds, and
legislative appropriations made for new construction, repair, and
rehabilitation of buildings.
(b) Bonds issued under subsection (a) must:
(1) be authorized by resolution of the board of trustees of the
issuing state educational institution;
(2) bear interest at any rate provided for in the authorizing
resolution; and
(3) be payable at the times and in the amounts within thirty (30)
years from the date of issuance provided for in the authorizing
resolution.
Bonds issued under subsection (a) may be callable before maturity as
provided in the authorizing resolution.
(c) Bonds issued under subsection (a) shall be sold to the highest
bidder at a public sale as provided by IC 5-1-11. Bonds issued under
subsection (a) and interest on bonds issued under subsection (a) are
exempt from taxation.
[Pre-2007 Higher Education Recodification Citation:
20-12-14-4.]