§ 5-1-14-10 — Maximum term or repayment period of obligations; continuation of payments

(a) If an issuer has issued obligations under
a statute that establishes a maximum term or repayment period for the
obligations, notwithstanding that statute, the issuer may continue to
make payments of principal, interest, or both, on the obligations after
the expiration of the term or period if principal or interest owed to
owners of the obligations remains unpaid.
(b) This section does not authorize the use of revenues or funds to
make payments of principal and interest other than those revenues or
funds that were pledged for the payments before the expiration of the
term or period.
(c) Except as otherwise provided by this section, IC 5-1-5-2.5, IC 5-1-8-1(b), IC 16-22-8-43, IC 36-7-12-27, IC 36-7-14-25.1, or IC 36-9-13-30 (but only with respect to any bonds issued under IC 36-9-13-30 that are secured by a lease entered into by a political
subdivision organized and existing under IC 16-22-8), the maximum
term or repayment period for obligations issued after June 30, 2008,
that are wholly or partially payable from ad valorem property taxes,
special benefit taxes on property, or tax increment revenues derived
from property taxes may not exceed:
(1) the maximum applicable period under federal law, for
obligations that are issued to evidence loans made or guaranteed
by the federal government or a federal agency;
(2) twenty-five (25) years, for obligations that are wholly or
partially payable from tax increment revenues derived from
property taxes; or
(3) twenty (20) years, for obligations that are not described in
subdivision (1) or (2), and are wholly or partially payable from ad
valorem property taxes or special benefit taxes on property.

Legislative History

As added by P.L.2-1989, SEC.8. Amended by P.L.146-2008, SEC.29; P.L.182-2009(ss), SEC.63; P.L.229-2011, SEC.66; P.L.236-2023, SEC.7.