§ 21-35-3-16 — Determination of denominations and maturation of bonds; rates of interest

Indiana § 21-35-3-16

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 35: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 3: Acquisition of Certain Support Facilities and Research

Text

(a) The bonds may be:
(1) issued in the denominations and with the maturities as the
board of trustees determines; and
(2) in the discretion of the board of trustees, sold either at public
or negotiated sale, as provided by IC 21-32-3-1.
(b) The rate or rates of interest on the bonds may be fixed or
variable. Variable rates must be determined in the manner and in
accordance with the procedures set forth in the resolution or indenture
authorizing the issuance of the bonds. Bonds bearing a variable rate of
interest may be converted to bonds bearing a fixed rate or rates of
interest to the extent and in the manner set forth in the resolution or
indenture under which the bonds are issued.
(c) Interest on bonds may be:
(1) payable semiannually, annually, or at any other interval or
intervals provided in the resolution; or
(2) compounded and paid at maturity or at any other time as
specified in the resolution or indenture.
(d) The bonds may be made subject to redemption by the state
educational institution at the times and under the circumstances set
forth in the authorizing resolution or indenture.
[Pre-2007 Higher Education Recodification Citation:
20-12-8-2(d).]

Legislative History

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