§ 36-7-18-31 — Bonds, notes, and warrants; approval by unit; procedure for issuance and sale; negotiability

Indiana § 36-7-18-31

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 18: Housing Authorities

Text

(a) Issues of bonds, notes, or warrants of a
housing authority must be approved by the fiscal body of the unit after
a public hearing, with notice of the time, place, and purpose of the
hearing given by publication in accordance with IC 5-3-1. The bonds,
notes, or warrants must then be authorized by resolution of the
authority.
(b) After the bonds, notes, or warrants have been approved under
subsection (a), they may be issued in one (1) or more series, with the:
(1) dates;
(2) maturities;
(3) denominations;
(4) form, either coupon or registered;
(5) conversion or registration privileges;
(6) rank or priority;
(7) manner of execution;
(8) medium of payment;
(9) places of payment; and
(10) terms of redemption, with or without premium;
provided by the resolution or its trust indenture or mortgage.
(c) The bonds, notes, or warrants shall be sold at a public sale under
IC 5-1-11, for not less than par value, after notice published in
accordance with IC 5-3-1. However, they may be sold at not less than
par value to the federal government:
(1) at private sale without any public advertisement; or
(2) alternatively, at a negotiated sale.
(d) If any of the commissioners or officers of the housing authority
whose signatures appear on any bonds, notes, or warrants or coupons
cease to be commissioners or officers before the delivery, exchange, or
substitution of the bonds, notes, or warrants, their signatures remain
valid and sufficient for all purposes, as if they had remained in office
until the delivery, exchange, or substitution.
(e) Subject to provision for registration and notwithstanding any
other law, any bonds, notes, or warrants issued under this chapter are
fully negotiable.
(f) In any proceedings involving the validity or enforceability of any
bond, note, or warrant of a housing authority or of its security, if the
instrument states that it has been issued by the authority to aid in
financing a housing project to provide dwelling accommodations for
persons of low income, it shall be conclusively presumed to have been
issued for that purpose and the project shall be conclusively presumed
to have been planned, located, and constructed in accordance with this
chapter.
[Pre-Local Government Recodification Citations:
18-7-11-14 part; 18-7-11-15.]
As added by Acts 1981, P.L.309, SEC.37. Amended by Acts
1981, P.L.45, SEC.33; P.L.344-1987, SEC.9; P.L.125-2018, SEC.7;
P.L.38-2021, SEC.93; P.L.236-2023, SEC.187; P.L.230-2025,
SEC.144.