§ 5-1-11-6 — Other statutory authorization to issue and exchange bonds for refunding or redeeming outstanding bonds

Indiana § 5-1-11-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 11: Procedures for Selling Bonds

Text

(a) In cases where other statutes authorize the
issuance and exchange of new bonds for the purpose of refunding or
redeeming outstanding bonds for the payment of which no funds are
available, it shall be the duty of the officers charged with issuance and
exchange of the new bonds to cause the bonds to be offered:
(1) at a public sale as provided in this chapter; or
(2) alternatively, at a negotiated sale, in the case of:
(A) counties;
(B) townships;
(C) cities;
(D) towns;
(E) taxing districts;
(F) special taxing districts; and
(G) school corporations.
(b) In cases where it is necessary to provide for the refunding of
bonds or interest coupons maturing at various times over a period not
exceeding six (6) months, the bodies and officials charged with the
duty of issuing and selling the refunding bonds may, for the purpose of
reducing the cost of issuance of the bonds, issue and sell one (1) issue
of bonds in an amount sufficient to provide for the refunding of all of
the bonds and interest coupons required to be refunded during the six
(6) month period.
[Pre-Local Government Recodification Citation: 19-8-5-6
part.]
As added by Acts 1980, P.L.8, SEC.19. Amended by
P.L.125-2018, SEC.3; P.L.38-2021, SEC.2; P.L.236-2023, SEC.6;
P.L.230-2025, SEC.4.