§ 21-34-6-2 — Security of bonds

Bonds and the interest on bonds may be
secured by the following:
(1) A pledge or mortgage of:
(A) any property, real or personal, used, acquired, or to be
acquired and used for the purposes of this article; and
(B) the improvements made or to be made on the property.
However, no real estate, the title to which is on or after March 10,
1965, in the name of the state for the use and benefit of the board
of trustees of a state educational institution or the state
educational institution under its control, may not be pledged or
mortgaged until the title to the real estate has been conveyed to
the board of trustees of the state educational institution under this
article.
(2) A pledge of the building facilities fees to be collected and
deposited in the building facilities fund.
(3) Subject to outstanding liens and encumbrances, and any
covenants, agreements, or encumbrances on the funds existing at
the time of a pledge, a pledge of general student tuition fees or
any other available funds from whatever source derived that under
IC 21-34-5-5 may be used for any of the purposes of this article.
(4) A pledge of any other money deposited in a building facilities
fund.
(5) A pledge of the proceeds of bonds issued under this article.
(6) Any one (1) or more of the ways described in this section that
the board of trustees of the issuing state educational institution
determines.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-6(a) part.]

Legislative History

As added by P.L.2-2007, SEC.275.