§ 5-1-1-1 — Validation

Indiana § 5-1-1-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 1: Bonds and Other Obligations Legalized

Text

(a) The following definitions apply throughout
this section:
(1) "Agreement" means any agreement that includes terms,
representations, or provisions relating to:
(A) credit enhancement of, or rate covenants supporting, any
bonds, notes, evidences of indebtedness, leases, swap
agreements, or other written obligations described in subsection
(b);
(B) any indenture or provision regarding any indenture relating
to any bonds, notes, evidences of indebtedness, leases, swap
agreements, or other written obligations described in subsection
(b);
(C) payment of any bonds, notes, evidences of indebtedness,
leases, swap agreements, or other written obligations described
in subsection (b) in the event of a termination of the agreement;
or
(D) public works, capital improvements, or economic
development projects.
(2) "Leasing body" means a not-for-profit corporation, limited
purpose corporation, or authority that has leased land and a
building or buildings to an entity named in subsection (b) other
than another leasing body.
(3) "Swap agreement" has the meaning set forth in IC 8-9.5-9-4.
(b) All bonds, notes, evidences of indebtedness, swap agreements,
agreements, leases, or other written obligations issued or executed by
or in the name of any:
(1) state agency, county, township, city, incorporated town, school
corporation, state educational institution, political subdivision,
joint agency created under IC 8-1-2.2, leasing body, separate body
corporate and politic, or any other political, municipal, public or
quasi-public corporation;
(2) special assessment or taxing district; or
(3) board, commission, authority, or authorized body of any such
entity; and
any pledge, dedication or designation of revenues, conveyance, or
mortgage securing these bonds, notes, evidences of indebtedness,
leases, swap agreements, agreements, or other written obligations are
hereby legalized and declared valid if these bonds, notes, evidences of
indebtedness, leases, swap agreements, agreements, or other written
obligations have been executed before March 15, 2006. All
governance, organizational, or other proceedings had and actions taken
under which the bonds, notes, evidences of indebtedness, leases, swap
agreements, agreements, or other written obligations were issued or
executed or the pledge, dedication or designation of revenues,
conveyance, or mortgage was granted, are hereby fully legalized and
declared valid.
(c) All contracts for the purchase of electric power and energy or
utility capacity or service:
(1) entered into by a joint agency created under IC 8-1-2.2; and
(2) used by the members of the joint agency for the purpose of
securing payment of principal and interest on bonds, notes,
evidences of indebtedness, leases, or other written obligations
issued by or in the name of such joint agency;
are hereby legalized and declared valid if entered into before March 15,
2006. All proceedings held and actions taken under which contracts for
the purchase of electric power and energy or utility capacity or service
were executed or entered into are hereby fully legalized and declared
valid.
(d) All interlocal cooperation agreements entered into by political
subdivisions or governmental entities under IC 36-1-7 are hereby
legalized and declared valid if entered into before March 15, 2006. All
proceedings held and actions taken under which interlocal cooperation
agreements were executed or entered into are hereby fully legalized
and validated.
Formerly: Acts 1967, c.90, s.1. As amended by P.L.44-1983,
SEC.1; P.L.17-1987, SEC.4; P.L.2-1989, SEC.2; P.L.19-1994, SEC.1;
P.L.34-1997, SEC.1; P.L.47-1998, SEC.1; P.L.89-2000, SEC.1;
P.L.184-2006, SEC.1; P.L.2-2007, SEC.64; P.L.3-2008,
SEC.16.