§ 5-1.3-6-3 — Notice; action to contest validity

Indiana § 5-1.3-6-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.3: LEASE FINANCING FOR RAIL PROJECTS FOR
• Ch. 6: Bonds and Notes

Text

(a) Before issuing a series of bonds or notes, the
IFA or the NWIRDA shall publish a notice of its determination to issue
the bonds or notes. The notice shall be published one (1) time in two
(2) newspapers published and of general circulation in the area where
the rail project is located.
(b) An action to contest the validity of:
(1) any contract related to the bonds or notes entered into by or
among the IFA, the NWIRDA, or the NICTD before the bonds or
notes are issued;
(2) any lease related to the bonds or notes entered into by or
among the IFA, the NWIRDA, or the NICTD before the bonds or
notes are issued to secure a series of bonds or notes;
(3) a series of bonds or notes issued by the IFA or the NWIRDA;
or
(4) any pledge of financial support for the bonds or notes;
may not be brought after the fifteenth day following publication of the
notice required by subsection (a).
(c) If a lease or contract is entered into under this chapter after
bonds or notes relating to the lease or contract are issued, the IFA may
publish notice of execution of the lease or contract as set forth in
subsection (a). An action to contest the validity of such a lease or
contract, or any pledge of financial support for such a lease or contract,
may not be brought after the fifteenth day following publication of the
notice.

Legislative History

As added by P.L.189-2018, SEC.26.