§ 36-10-10-20 — Revenue bonds; execution; sale; authority to issue refunding bonds

Indiana § 36-10-10-20

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 10: Civic Center Building Authority in South Bend or

Text

(a) The bonds shall be executed by the
president of the board, and the corporate seal of the authority shall be
affixed and attested by the secretary of the board. The interest coupons
attached to the bonds shall be executed by placing the facsimile
signature of the treasurer on them. The bonds shall be sold by the
board:
(1) at a public sale for not less than the par value; or
(2) alternatively, at a negotiated sale.
Notice of sale shall be published in accordance with IC 5-3-1.
(b) If the bonds are sold at a public sale, the board shall award the
bonds to the highest bidder as determined by computing the total
interest on the bonds from the date of issue to the dates of maturity and
deducting the premium bid, if any, unless the board determines that no
acceptable bid has been received. In that case the sale may be
continued from day to day, not to exceed thirty (30) days. A bid may
not be accepted that is lower than the highest bid received at the time
fixed for sale in the bond sale notice.
(c) Any premium received from the sale of the bonds shall be used
solely for the payment of principal and interest on the bonds. The board
may also issue refunding bonds under IC 5-1-5.
As added by Acts 1982, P.L.218, SEC.4. Amended by
P.L.125-2018, SEC.12; P.L.38-2021, SEC.108; P.L.236-2023,
SEC.215; P.L.230-2025, SEC.151.