§ 20-48-1-5 — Signatures; issuing party

Indiana § 20-48-1-5

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

Text

(a) Bonds shall be executed in the name and on
behalf of the school corporation by the president and secretary of the
governing body. One (1) of the signatures may be by facsimile
imprinted on a bond instrument, but at least one (1) of the signatures
shall be manually affixed. The secretary of the governing body shall
cause the seal of the school corporation to be impressed or a facsimile
of the seal printed on each bond. Interest coupons, if any, shall be
executed by the facsimile signature of the treasurer of the governing
body.
(b) If the president, secretary, or treasurer of the governing body
ceases to be the president, secretary, or treasurer for any reason after
the officer has executed bonds under this section but before the bonds
have been delivered to the purchaser or purchasers of the bonds, the
bonds are binding and valid obligations as if the officer were in office
at the time of delivery. The treasurer of the governing body shall cause
the bonds to be delivered to the purchaser or purchasers and shall
receive payment for the bonds.
[Pre-2006 Recodification Citation: 21-2-21-4.]

Legislative History

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