§ 36-9-13-31 — Loans

(a) In lieu of authorizing and selling bonds
under section 30 of this chapter, the board of directors of a building
authority may adopt a resolution authorizing the negotiation of a loan
or loans for the purpose of obtaining the required money.
(b) The resolution authorizing the loan must set out:
(1) the total amount of the loan desired;
(2) the approximate dates on which money will be required, and
the amounts of the money that will be required on those dates;
and
(3) any terms, conditions, and restrictions concerning the
proposed loan or the submission of proposals that the board
considers advisable.
(c) Before the consideration of proposals for such a loan, a notice
shall be published in accordance with IC 5-3-1. The notice must set
out:
(1) the amount and purpose of the proposed loan;
(2) a brief summary of other provisions of the resolution; and
(3) the time and place where proposals will be considered.
(d) The board of directors may accept the proposal it considers most
advantageous to the authority.
[Pre-Local Government Recodification Citation: 19-8-4-16
part.]
As added by Acts 1981, P.L.309, SEC.86. Amended by Acts
1981, P.L.45, SEC.50.