Indiana § 36-10-10-19 Revenue bonds; issuance; resolution

Indiana Statutes

§ 36-10-10-19 — Revenue bonds; issuance; resolution

Indiana § 36-10-10-19

Title 36LOCAL GOVERNMENT

Art. 10RECREATION, CULTURE, AND COMMUNITY

Ch. 10Civic Center Building Authority in South Bend or

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Bluebook

Ind. Code § 36-10-10-19 (2026).

Text

(a)In order to procure funds to pay the cost of a convention center to be built or acquired under this chapter, and to repay advances for preliminary expenses made to the authority by the city under section 9 of this chapter, the board may issue revenue bonds of the authority. The bonds are payable solely from the income and revenues of the particular convention center financed from the proceeds of the bonds.

(b)The revenue bonds shall be authorized by resolution of the board and must bear interest at a rate or rates per year not exceeding the maximum rate fixed in the resolution, payable semiannually or annually, and mature serially, either annually or semiannually, at the times that are determined by the resolution of the board authorizing the bonds. The maturities of the bonds may not

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(a) In order to procure funds to pay the cost
of a convention center to be built or acquired under this chapter, and to
repay advances for preliminary expenses made to the authority by the
city under section 9 of this chapter, the board may issue revenue bonds
of the authority. The bonds are payable solely from the income and
revenues of the particular convention center financed from the
proceeds of the bonds.
(b) The revenue bonds shall be authorized by resolution of the board
and must bear interest at a rate or rates per year not exceeding the
maximum rate fixed in the resolution, payable semiannually or
annually, and mature serially, either annually or semiannually, at the
times that are determined by the resolution of the board authorizing the
bonds. The maturities of the bonds may not extend over a period longer
than the period of the lease of the convention center for which the
bonds are issued. The bonds may be made redeemable before maturity
at the option of the authority, to be exercised by the board, at par value
together with the premiums and under the terms and conditions that are
fixed by the resolution authorizing the issuance of the bonds. The
principal and interest of the bonds may be made payable in any lawful
medium.
(c) The resolution must determine the form of the bonds, including
the interest coupons to be attached, and must fix the denomination or
denominations of the bonds and the place or places of payment of the
principal and interest, which must be at a state or national bank or trust
company within Indiana or may be at one (1) or more state or national
banks or trust companies outside Indiana. All bonds must have all the
qualities and incidents of negotiable instruments under statute, and all
bonds constitute legal investments for any private trust funds, and the
funds of any banks, trust companies, insurance companies, building
and loan associations, credit unions, banks of discount and deposit,
savings banks, loan and trust safe deposit companies, rural loan and
savings associations, guaranty loan and savings associations, mortgage
guaranty companies, small loan companies, industrial loan and
investment companies, and other financial institutions organized under
statute. Provision may be made for the registration of the bonds in the
name of the owner as to principal alone.
As added by Acts 1982, P.L.218, SEC.4. Amended by
P.L.42-1993, SEC.102.