Indiana § 20-48-1-4 Conditions of sale; par value; public sale; negotiated sale; interest rate;
approval required for certain bonds

Indiana Statutes

§ 20-48-1-4 — Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds

Indiana·Title 20 EDUCATION·Art. 48 BORROWING AND BONDS

(a)Bonds issued by a school corporation shall be sold:

(1)at a public sale; or

(2)alternatively, at a negotiated sale.

(b)If the bonds are sold at a public sale, the bonds must be sold at:

(1)not less than par value;

(2)a public sale as provided by IC 5-1-11; and

(3)any rate or rates of interest determined by the bidding.

(c)This subsection does not apply to bonds for which a school corporation:

(1)after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or

(2)in the case of bonds not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the bonds after June 30, 2008. If the net interest cost exceeds eight percent (8%) per year, the b

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(a) Bonds issued by a school corporation shall
be sold:
(1) at a public sale; or
(2) alternatively, at a negotiated sale.
(b) If the bonds are sold at a public sale, the bonds must be sold at:
(1) not less than par value;
(2) a public sale as provided by IC 5-1-11; and
(3) any rate or rates of interest determined by the bidding.
(c) This subsection does not apply to bonds for which a school
corporation:
(1) after June 30, 2008, makes a preliminary determination as
described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as
described in IC 6-1.1-20-5; or
(2) in the case of bonds not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance
authorizing the bonds after June 30, 2008.
If the net interest cost exceeds eight percent (8%) per year, the bonds
must not be issued until the issuance is approved by the department of
local government finance.
[Pre-2006 Recodification Citation: 21-2-21-3.]

Indiana § 20-48-1-4 (Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.522; P.L.125-2018, SEC.5; P.L.38-2021, SEC.69; P.L.236-2023, SEC.157; P.L.230-2025, SEC.134.