§ 5-1.4-2-1 — Local public improvement bond bank; establishment; nature; purpose

Indiana § 5-1.4-2-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 2: Establishment and Organization

Text

(a) In a city there is established a local public
improvement bond bank, to be known as "The ____________ (name
of city) __________ Local Public Improvement Bond Bank", for:
(1) the public purposes set out in this article; and
(2) in the case of a city described in IC 5-1.4-1-5(3), the
additional public purposes of:
(A) developing infrastructure;
(B) promoting education and tourism; and
(C) assisting economic development.
(b) The bank is a body corporate and politic separate from the city
in its corporate capacity.
(c) The purpose of the bank is to buy and sell securities of qualified
entities.

Legislative History

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.3; P.L.11-1987, SEC.9; P.L.255-1997(ss), SEC.3.