§ 36-10-11-21 — Bonds; execution and sale

Indiana § 36-10-11-21

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

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 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. If the bonds are not sold on the date
fixed for the sale, the sale may be continued from day to day until a
satisfactory bid has been received.
(c) Any premium received from the sale of the bonds shall be used
solely for the payment of principal and interest on the bonds.
(d) Before the preparation of definitive bonds, temporary bonds may
under like restrictions be issued with or without coupons, exchangeable
for definitive bonds upon the issuance of the latter. The total amount
of bonds issued by the authority under this section, when added to any
loan or loans negotiated under section 22 of this chapter, may not
exceed three million dollars ($3,000,000).
As added by Acts 1982, P.L.218, SEC.5. Amended by
P.L.125-2018, SEC.13; P.L.38-2021, SEC.110; P.L.236-2023,
SEC.216; P.L.230-2025, SEC.152.