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 § 20-48-1-4

Title 20EDUCATION

Art. 48BORROWING AND BONDS

This text of Indiana § 20-48-1-4 (Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds) 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 § 20-48-1-4 (2026).

Text

(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

Free access — add to your briefcase to read the full text and ask questions with AI

(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.]

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.