§ 5-1.2-8-19 — Escrowed proceeds

Indiana § 5-1.2-8-19

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 8: Educational Facility Financing

Text

Any escrowed proceeds, pending use for the
refunding of outstanding bonds, may be invested and reinvested in:
(1) direct obligations of the United States of America; or
(2) obligations having the timely payment of principal and interest
unconditionally guaranteed by the United States of America;
maturing at a time or times that are appropriate to assure the prompt
payment of the principal and interest and redemption premium, if any,
on the outstanding bonds to be refunded. Any interest, income, and
profits earned or realized on any investment may also be applied to the
payment of the outstanding bonds to be refunded. Only after the terms
of the escrow have been fully satisfied and carried out, any balance of
the proceeds and any interest, income, and profits earned or realized on
the investments described in this section must be returned to the
nonprofit college or university for use by the nonprofit college or
university in any lawful manner.

Legislative History

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