Indiana § 21-34-6-6 Issuance of bonds; refunding and advance refunding bonds; purpose

Indiana Statutes

§ 21-34-6-6 — Issuance of bonds; refunding and advance refunding bonds; purpose

Indiana·Title 21 HIGHER EDUCATION·Art. 34 STATE EDUCATIONAL INSTITUTIONS:·Ch. 6 Issuance of Bonds

(a)The board of trustees of a state educational institution may issue bonds for the purpose of:

(1)reimbursing the state educational institution for funds expended or advanced for interim financing of the cost of any building facility or facilities before the issuance of bonds for the facility or facilities; or

(2)subject to subsection (b) and to existing covenants and agreements with the holders of the outstanding obligations:

(A)funding outstanding obligations incurred or refunding outstanding bonds issued either under:

(i)this article; or

(ii)other applicable law; for building facilities approved by the governor and the budget agency or its predecessor; or

(B)in part for funding or refunding purposes and in part for any other purpose authorized by this article; and may secure the

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(a) The board of trustees of a state educational
institution may issue bonds for the purpose of:
(1) reimbursing the state educational institution for funds
expended or advanced for interim financing of the cost of any
building facility or facilities before the issuance of bonds for the
facility or facilities; or
(2) subject to subsection (b) and to existing covenants and
agreements with the holders of the outstanding obligations:
(A) funding outstanding obligations incurred or refunding
outstanding bonds issued either under:
(i) this article; or
(ii) other applicable law;
for building facilities approved by the governor and the budget
agency or its predecessor; or
(B) in part for funding or refunding purposes and in part for any
other purpose authorized by this article; and
may secure the payment of the bonds as provided in this article.
(b) Bonds for refunding or advance refunding of any outstanding
bonds approved under this article may not be issued by a state
educational institution under this chapter without the specific approval
of the budget agency and before the board of trustees of the issuing
state educational institution finds that the refunding or advance
refunding will benefit the state educational institution because:
(1) a net savings to the state educational institution will be
effected; or
(2) the net present value of principal and interest payments on the
bonds is less than the net present value of the principal and
interest payments on the outstanding bonds to be refunded.
The length of the term may not be extended for refunding or advance
refunding bonds that are approved under this subsection compared to
the term of the outstanding bonds being refunded.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-6(e).]

Indiana § 21-34-6-6 (Issuance of bonds; refunding and advance refunding bonds; purpose) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.