Indiana § 36-7.6-4-3 Bond issues

Indiana Statutes

§ 36-7.6-4-3 — Bond issues

Indiana § 36-7.6-4-3

Title 36LOCAL GOVERNMENT

Art. 7.6REGIONAL DEVELOPMENT AUTHORITIES

Ch. 4Financing; Issuance of Bonds; Leases

This text of Indiana § 36-7.6-4-3 (Bond issues) 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 § 36-7.6-4-3 (2026).

Text

(a)A development authority may issue bonds for the purpose of obtaining money to pay the cost of:

(1)acquiring real or personal property, including existing capital improvements;

(2)acquiring, constructing, improving, reconstructing, or renovating one (1) or more projects; or

(3)funding or refunding bonds issued under this chapter, IC 8-5-15, IC 8-22-3, IC 36-9-3, or prior law.

(b)The bonds are payable solely from:

(1)the lease rentals from the lease of the projects for which the bonds were issued, insurance proceeds, and any other funds pledged or available; and

(2)except as otherwise provided by law, revenue received by the development authority and amounts deposited in the development authority fund.

(c)The bonds must be authorized by a resolution of the development board of the

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(a) A development authority may issue bonds
for the purpose of obtaining money to pay the cost of:
(1) acquiring real or personal property, including existing capital
improvements;
(2) acquiring, constructing, improving, reconstructing, or
renovating one (1) or more projects; or
(3) funding or refunding bonds issued under this chapter, IC 8-5-15, IC 8-22-3, IC 36-9-3, or prior law.
(b) The bonds are payable solely from:
(1) the lease rentals from the lease of the projects for which the
bonds were issued, insurance proceeds, and any other funds
pledged or available; and
(2) except as otherwise provided by law, revenue received by the
development authority and amounts deposited in the development
authority fund.
(c) The bonds must be authorized by a resolution of the
development board of the development authority that issues the bonds.
(d) The terms and form of the bonds must either be set out in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds must mature within forty (40) years.
(f) A development board shall sell the bonds only to the Indiana
bond bank established by IC 5-1.5-2-1 upon the terms determined by
the development board and the Indiana bond bank.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of acquiring,
constructing, improving, reconstructing, or renovating one (1) or more
projects, or the cost of refunding or refinancing outstanding bonds, for
which the bonds are issued. The cost may include:
(1) planning and development of equipment or a facility and all
buildings, facilities, structures, equipment, and improvements
related to the facility;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the project suitable for use and
operations;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums (if any) for, and interest on the
bonds being refunded or refinanced.
(h) A development authority may not issue bonds under this article
or otherwise finance debt unless:
(1) the development authority enters into an interlocal agreement
with each member that is committing funds to a project to be
supported by the bonds; and
(2) the fiscal body of each member that is committing funds to the
project to be supported by the bonds approves the agreement
described in subdivision (1) by ordinance.