§ 5-1.4-4-1 — Bonds or notes; purposes; general obligation of bank; additional security

Indiana § 5-1.4-4-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 4: Issuance of Obligations

Text

(a) The bank may issue its bonds or notes in
principal amounts that it considers necessary to provide funds for any
purposes under this article, including:
(1) the purchase of securities;
(2) the payment, funding, or refunding of the principal of, or
interest or redemption premiums on, bonds or notes issued by it
whether the bonds or notes or interest to be paid, funded, or
refunded have or have not become due; and
(3) the establishment or increase of reserves to secure or to pay
bonds or notes or interest on bonds or notes and all other costs or
expenses of the bank incident to and necessary or convenient to
carry out its corporate purposes and powers.
(b) Except as otherwise provided in this article or by the board,
every issue of bonds or notes shall be general obligations of the bank
payable out of the revenues or funds of the bank, subject only to
agreements with the holders of a particular series of bonds or notes
pledging a particular revenue or fund. Bonds or notes may be
additionally secured by a pledge of a grant or contributions from the
United States, the state, a qualified entity, or a person or a pledge of
income or revenues, funds, or money of the bank from any source.

Legislative History

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.10.