Indiana § 36-7-7.6-19 Making of loans and issuing of notes

Indiana Statutes

§ 36-7-7.6-19 — Making of loans and issuing of notes

Indiana § 36-7-7.6-19

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 7.6Northwestern Indiana Regional Planning Commission

This text of Indiana § 36-7-7.6-19 (Making of loans and issuing of notes) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7-7.6-19 (2026).

Text

(a)The commission may adopt a resolution to make loans or issue notes to obtain money to pay current operating expenses of the commission in anticipation of the payment to the commission of the appropriation budget apportioned to participating counties under section 18 of this chapter.

(b)The terms and form of a loan or notes shall be set forth in the resolution. The resolution must specify:

(1)subject to subsection (c), the term of the loan or notes;

(2)the interest rate of the loan or notes;

(3)the medium of payment of the loan or notes;

(4)the place and manner of payment of the loan or notes;

(5)the manner of execution of the loan or notes;

(6)the terms of redemption of the loan or notes; and

(7)the funds or sources of funds from which the loan or notes are payable, which may b

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(a) The commission may adopt a resolution
to make loans or issue notes to obtain money to pay current operating
expenses of the commission in anticipation of the payment to the
commission of the appropriation budget apportioned to participating
counties under section 18 of this chapter.
(b) The terms and form of a loan or notes shall be set forth in the
resolution. The resolution must specify:
(1) subject to subsection (c), the term of the loan or notes;
(2) the interest rate of the loan or notes;
(3) the medium of payment of the loan or notes;
(4) the place and manner of payment of the loan or notes;
(5) the manner of execution of the loan or notes;
(6) the terms of redemption of the loan or notes; and
(7) the funds or sources of funds from which the loan or notes are
payable, which may be any funds available to the commission.
(c) A loan or notes under this section must mature in the calendar
year in which the loan is made or the notes are issued. The commission
may use proceeds of the loan or notes only to pay current operating
expenses of the commission in anticipation of the payment to the
commission of the appropriation budget apportioned to participating
counties under section 18 of this chapter.
(d) The total amount of all outstanding loans and notes under this
section in a particular calendar year may not exceed the total amount
of the appropriation budget apportioned to participating counties and
to be paid to the commission under section 18 of this chapter for the
calendar year.
(e) The loan contract or the notes must plainly state that the loan or
notes:
(1) are not an indebtedness of the state;
(2) constitute a corporate obligation solely of the commission; and
(3) are payable solely from:
(A) payments to the commission of the appropriation budget
apportioned to participating counties under section 18 of this
chapter for the calendar year; and
(B) any other revenues of the commission.
(f) This section contains full and complete authority for the making
of loans and the issuance of notes by the commission under this
section. No other procedure, proceedings, publications, notices,
consents, approvals, orders, or acts by the commission or any other
officer, department, agency, or instrumentality of the state or of any
political subdivision is required to make loans or issue notes under this
section.