§ 20-48-1-3 — Payment schedule; maximum term; designee of paying agent

Indiana § 20-48-1-3

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 48: BORROWING AND BONDS

Text

(a) Bonds authorized by this article and IC 20-26-1 through IC 20-26-5 must be payable in the amounts and at the
times and places determined by the governing body.
(b) Bonds issued for the funding of judgments or for the purchase
of school buses shall mature not more than five (5) years from the date
of the bonds. Bonds issued for other purposes must mature not more
than twenty-five (25) years from the date of the bonds.
(c) The governing body may provide that principal and interest of
the bonds are payable at a bank in Indiana and may also be payable at
the option of the holder at another bank designated by the governing
body, either before or after the sale.
(d) The governing body may pay the fees of the bank paying agent
and shall deposit with the paying agent, if any, within a reasonable
period before the date that principal and interest become due sufficient
money for the payment of the principal and interest on the due date.
[Pre-2006 Recodification Citation: 21-2-21-2.]

Legislative History

As added by P.L.2-2006, SEC.171.