Indiana § 21-24-2.1-5 Assumption of obligations and liabilities

Indiana Statutes

§ 21-24-2.1-5 — Assumption of obligations and liabilities

Indiana § 21-24-2.1-5

Title 21HIGHER EDUCATION

Art. 24UNIVERSITY OF SOUTHERN INDIANA

Ch. 2.1Transitional Provisions Relating to Creation of the

This text of Indiana § 21-24-2.1-5 (Assumption of obligations and liabilities) 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 § 21-24-2.1-5 (2026).

Text

(a)The university board shall assume all obligations and other liabilities of the ISU board that have been incurred by the ISU board for facilities located on the regional campus before the facilities are transferred to the university board under section 4 of this chapter.

(b)The liabilities described in subsection (a) include the following:

(1)Indiana State University Building Facilities Fee Bonds, Series D of 1971.

(2)Indiana State University Building Facilities Fee Bonds, Series F of 1975.

(3)Indiana State University Building Facilities Fee Bonds, Series G of 1978.

(4)Indiana State University Student Union Building Refunding Bonds (Evansville campus) dated January 1, 1978.

(5)Any interim financing authorized under IC 20-12-6 (before its repeal, now codified at IC 21-34), IC 20-12

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

(a) The university board shall assume all
obligations and other liabilities of the ISU board that have been
incurred by the ISU board for facilities located on the regional campus
before the facilities are transferred to the university board under section
4 of this chapter.
(b) The liabilities described in subsection (a) include the following:
(1) Indiana State University Building Facilities Fee Bonds, Series
D of 1971.
(2) Indiana State University Building Facilities Fee Bonds, Series
F of 1975.
(3) Indiana State University Building Facilities Fee Bonds, Series
G of 1978.
(4) Indiana State University Student Union Building Refunding
Bonds (Evansville campus) dated January 1, 1978.
(5) Any interim financing authorized under IC 20-12-6 (before its
repeal, now codified at IC 21-34), IC 20-12-7 (before its repeal,
now codified at IC 21-35), or IC 20-12-9 (before its repeal, now
codified at IC 21-35) and outstanding and unpaid on July 1, 1985.
(c) The university board shall:
(1) assume all other contractual liabilities and responsibilities of
the ISU board:
(A) not described in subsection (a) or (b);
(B) expiring after June 30, 1985; and
(C) specifically applicable to activities or properties on the
regional campus; and
(2) waive all rights under contracts generally applicable to
Indiana State University.
(d) This subsection applies if:
(1) the ISU board may not lawfully delegate a contractual
obligation described in subsection (c) to the university board;
(2) the ISU board may not lawfully assign a contractual right
described in subsection (c) to the university board;
(3) a contractual obligation described in subsection (c) of the ISU
board may not be lawfully extinguished; or
(4) the ISU board and the university board agree to continue a
contract in its existing form.
The implementing agreements described in section 4 of this chapter
must provide for joint use of the contracts described in this subsection
in the name of the ISU board for the benefit of ISU and the university
board, must allocate between the ISU board and the university board
the benefits and costs of each contract described in this subsection, and
must provide the terms of payment by the university board to the ISU
board or on behalf of the ISU board.