§ 5-1.2-4-11 — Bonds; issue to renew or pay bonds; refund

Indiana § 5-1.2-4-11

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 4: General Powers and Duties

Text

(a) The authority has the power to issue, from
time to time, bonds to renew or to pay bonds, including the interest on
these bonds, whenever the authority considers refunding expedient, to
refund any bonds by the issuance of new bonds, whether the bonds to
be refunded have or have not matured, and to issue bonds partly to
refund outstanding bonds and partly for any other of its purposes,
powers, and programs.
(b) The refunding bonds may be sold and the proceeds applied to
the purchase, redemption, or payment of the bonds to be refunded, or
exchanged for the bonds to be refunded.
(c) A savings to the authority or to the unit issuing the bonds to be
refunded is not required for the issuance of the refunding bonds or the
issuance of bonds to refund refunding bonds. Refunding bonds issued
under this article are payable out of any specified revenue or money of
the authority, subject only to any agreements with the holders of
particular bonds pledging any particular money or revenue.
(d) Refunding bonds issued under this section are not:
(1) in any respect a general obligation of the authority; and
(2) payable in any manner from revenues raised by taxation.

Legislative History

As added by P.L.189-2018, SEC.25.