§ 36-10-11-20 — Revenue bonds; issuance; resolution

Indiana § 36-10-11-20

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 11: Gary Building Authority

Text

(a) In order to procure funds to pay the cost
of a building to be built or improved under this chapter, and to repay
advances for preliminary expenses made to the authority by the
governmental entity, the board of directors may issue revenue bonds of
the authority. The bonds are payable solely from the income and
revenues of the particular building financed from the proceeds of the
bonds.
(b) The revenue bonds shall be authorized by resolution of the
board, bear interest payable semiannually, 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 building for which the bonds are issued. The bonds may and all
bonds maturing after ten (10) years from the date of issuance shall 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.
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.5.