Indiana § 21-34-10-7 Issuance of energy savings bonds; limitations; general assembly
approval

Indiana Statutes

§ 21-34-10-7 — Issuance of energy savings bonds; limitations; general assembly approval

Indiana·Title 21 HIGHER EDUCATION·Art. 34 STATE EDUCATIONAL INSTITUTIONS:·Ch. 10 Bonds; Review and Approval

(a)Bonds may be issued by the board of trustees of a state educational institution without the approval of the general assembly to finance a qualified energy savings project if annual operating savings to the state educational institution arising from the implementation of a qualified energy savings project are reasonably expected to be at least equal to annual debt service requirements on bonds issued for this purpose in each fiscal year. However, the amount of bonds outstanding for the state educational institution at any time for qualified energy savings projects, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, and except as provided in subsection (c), may not exceed the greater of:

(1)fifteen million dollars ($15,000,000) for each camp

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(a) Bonds may be issued by the board of
trustees of a state educational institution without the approval of the
general assembly to finance a qualified energy savings project if annual
operating savings to the state educational institution arising from the
implementation of a qualified energy savings project are reasonably
expected to be at least equal to annual debt service requirements on
bonds issued for this purpose in each fiscal year. However, the amount
of bonds outstanding for the state educational institution at any time for
qualified energy savings projects, other than refunding bonds and
exclusive of costs described in sections 3 and 4 of this chapter, and
except as provided in subsection (c), may not exceed the greater of:
(1) fifteen million dollars ($15,000,000) for each campus of the
state educational institution; or
(2) the product of:
(A) the total replacement value of all structures located on each
campus of the state educational institution; multiplied by
(B) two percent (2%).
(b) Bonds issued under this section are not eligible for fee
replacement.
(c) If a particular qualified energy savings project for a state
educational institution, other than Ivy Tech Community College, results
in the amount of bonds outstanding at any time for all qualified energy
savings projects for the state educational institution, other than
refunding bonds and exclusive of costs described in sections 3 and 4 of
this chapter, to exceed fifteen million dollars ($15,000,000), the
operating savings to the state educational institution arising from the
implementation of that project must at least equal the original amount
of bonds issued for that project in not more than ten (10) years.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-17(f).]

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