§ 21-35-2-21 — Issuance of bonds; approval of the budget agency, budget committee, and governor; recommendations; refunds

(a) Bonds may not be issued by the board of
trustees of a state educational institution under this chapter without the
specific approval of:
(1) the budget agency if:
(A) the bonds are issued for the refunding or advance refunding
of any outstanding bonds approved as required by this chapter;
and
(B) the board of trustees of the state educational institution
makes the findings described in subsection (b); and
(2) the budget committee, budget agency, and the governor, if
subdivision (1) does not apply.
The budget agency may request and consider the recommendation of
the staff of the Indiana finance authority with respect to the approval
of a bond issue under this section.
(b) The board of trustees of a state educational institution may
provide for refunding or advance refunding of any outstanding bonds
under subsection (a)(1) whenever the board of trustees of the 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 result; 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.
[Pre-2007 Higher Education Recodification Citation:
20-12-7-7.]

Legislative History

As added by P.L.2-2007, SEC.276.