§ 21-35-3-22 — Issuance of bonds; approval of the budget agency, budget committee, and governor; recommendations; refunds

Indiana § 21-35-3-22

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

Text

(a) Bonds may not be issued by 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 under this chapter; and
(B) the board of trustees of the issuing state educational
institution makes the findings described in subsection (b); or
(2) the budget committee, the 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 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.
[Pre-2007 Higher Education Recodification Citation:
20-12-8-7.]

Legislative History

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