§ 21-35-5-7 — Board; power to limit amount of obligations or issue additional obligations

Indiana § 21-35-5-7

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 35: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 5: Revenue Producing Property; Supplemental Procedures

Text

In authorizing the issuance of revenue
obligations for any particular property or properties, the board of
trustees may:
(1) limit the amount of the obligations that may be issued as a first
lien and charge against the property or properties and the net
income from the property or properties; or
(2) authorize the issuance periodically thereafter of additional
obligations secured by the same lien to provide funds:
(A) for the completion of the property or properties on account
of which the original obligations were issued;
(B) to pay the cost of additional revenue producing properties
under IC 21-35-2 or IC 21-35-3; or
(C) for the purposes described in clauses (A) and (B).
The additional obligations shall be issued on the terms and conditions
as the board may determine, and may be secured equally and ratably,
without preference, priority, or distinction, with the original issue of
obligations or may be made junior to the original issue of bonds.
[Pre-2007 Higher Education Recodification Citation:
20-12-9-3 part.]

Legislative History

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