Indiana § 5-1-5-4 Refunding procedure

Indiana Statutes

§ 5-1-5-4 — Refunding procedure

Indiana § 5-1-5-4

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1BONDS AND OTHER OBLIGATIONS

Ch. 5Refunding Bonds Generally

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Bluebook

Ind. Code § 5-1-5-4 (2026).

Text

(a)Bonds may be refunded under this chapter when the holders thereof voluntarily surrender them for exchange or payment, or, if they mature, or are subject to redemption prior to maturity within twenty (20) years from the date of the refunding bonds. In any advance refunding plan under this chapter the governing body shall provide in the ordinance authorizing the issuance of the advance refunding bonds for the redemption of the bonds to be refunded on any redemption date prior to maturity or at maturity.

(b)The ordinance authorizing the issuance of advance refunding bonds pursuant to this chapter may provide for a maximum interest rate, payable annually or at shorter intervals, and shall provide for the maturities at such time or times as may be determined by the ordinance. The bonds may

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(a) Bonds may be refunded under this chapter
when the holders thereof voluntarily surrender them for exchange or
payment, or, if they mature, or are subject to redemption prior to
maturity within twenty (20) years from the date of the refunding bonds.
In any advance refunding plan under this chapter the governing body
shall provide in the ordinance authorizing the issuance of the advance
refunding bonds for the redemption of the bonds to be refunded on any
redemption date prior to maturity or at maturity.
(b) The ordinance authorizing the issuance of advance refunding
bonds pursuant to this chapter may provide for a maximum interest
rate, payable annually or at shorter intervals, and shall provide for the
maturities at such time or times as may be determined by the ordinance.
The bonds may be made redeemable before maturity at the option of
the issuing body at such times and with such premiums, and under such
terms and conditions as may be fixed in the ordinance.
(c) The principal and interest of the bonds may be made payable in
any lawful medium. The ordinance shall determine the form of the
bonds, including the interest coupons if any to be attached thereto, and
shall fix the denomination or denominations of the bonds and the place
or places of payment of the principal and interest thereof, which may
be at any bank or trust company within or without the state.
(d) Subject to registration provisions, all such bonds shall have all
the qualities and the incidents of negotiable instruments under the
negotiable instruments law of the state. The bonds shall be exempt
from all taxation, state, county, and municipal, as provided in IC 6-8-5.
Provision may be made for the registration of any of the bonds in the
name of the owner as to principal alone, or as to both principal and
interest, but fully registered bonds shall be made convertible to coupon
bonds at the option of the registered owner. The bonds shall be
executed in the same manner as other bonds issued by the issuing body
are executed.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by
P.L.23-1984, SEC.2.