§ 36-10-11-22 — Loans; procedure

Indiana § 36-10-11-22

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

Text

(a) In lieu of authorizing and selling bonds
as provided in this section, the board may adopt a resolution
authorizing the negotiation of a loan or loans for the purpose of
procuring the required funds. The resolution must set out the total
amount of the loan desired and the approximate dates on which funds
will be required and the amounts of them. The resolution must also set
out the terms, conditions, and restrictions relative to the proposed loan
or to the submission of proposals that the board considers advisable.
Before the consideration of proposals for the making of a loan, a notice
shall be published once each week for two (2) weeks:
(1) with each publication in a newspaper published in the county
and a newspaper published in the city of Indianapolis; or
(2) with the first publication of notice in each newspaper
described in subdivision (1) and the second publication of notice:
(A) in accordance with IC 5-3-5; and
(B) on the official web sites of the county and the city of
Indianapolis.
The notice must set out the amount and purpose of the proposed loan
and a brief summary of other provisions of the resolution, including the
time and place where proposals will be considered. The board may
accept the proposal that in its judgment is the most advantageous to the
authority.
(b) The total amount of loans negotiated by the authority under this
section, when added to the amount of bonds issued under section 21 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.152-2021, SEC.42.