Indiana § 5-1.5-4-4 Issuance; resolution; consent, proceedings, or conditions; rates of
interest; redemption; prior approval

Indiana Statutes

§ 5-1.5-4-4 — Issuance; resolution; consent, proceedings, or conditions; rates of interest; redemption; prior approval

Indiana § 5-1.5-4-4

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.5INDIANA BOND BANK

Ch. 4Issuance of Obligations

This text of Indiana § 5-1.5-4-4 (Issuance; resolution; consent, proceedings, or conditions; rates of interest; redemption; prior approval) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.5-4-4 (2026).

Text

(a)Bonds or notes of the bank must be authorized by resolution of the board, may be issued in one (1) or more series, and must:

(1)bear the date;

(2)mature at the time or times;

(3)be in the denomination;

(4)be in the form;

(5)carry the conversion or registration privileges;

(6)have the rank or priority;

(7)be executed in the manner;

(8)be payable from the sources in the medium of payment at the place inside or outside the state; and

(9)be subject to the terms of redemption; as the resolution of the board or the trust agreement securing the bonds or notes provides.

(b)Except as provided in subsection (e), bonds or notes may be issued under this article without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceeding

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(a) Bonds or notes of the bank must be
authorized by resolution of the board, may be issued in one (1) or more
series, and must:
(1) bear the date;
(2) mature at the time or times;
(3) be in the denomination;
(4) be in the form;
(5) carry the conversion or registration privileges;
(6) have the rank or priority;
(7) be executed in the manner;
(8) be payable from the sources in the medium of payment at the
place inside or outside the state; and
(9) be subject to the terms of redemption;
as the resolution of the board or the trust agreement securing the bonds
or notes provides.
(b) Except as provided in subsection (e), bonds or notes may be
issued under this article without obtaining the consent of any agency of
the state and without any other proceeding or condition other than the
proceedings or conditions specified in this article.
(c) The rate or rates of interest on the bonds or notes may be fixed
or variable. Variable rates shall be determined in the manner and in
accordance with the procedures set forth in the resolution authorizing
the issuance of the bonds or notes. Bonds or notes bearing a variable
rate of interest may be converted to bonds or notes bearing a fixed rate
or rates of interest, and bonds or notes bearing a fixed rate or rates of
interest may be converted to bonds or notes bearing a variable rate of
interest, to the extent and in the manner set forth in the resolution
pursuant to which the bonds or notes are issued. The interest on bonds
or notes may be payable semiannually or annually or at any other
interval or intervals as may be provided in the resolution, or the interest
may be compounded and paid at maturity or at any other times as may
be specified in the resolution.
(d) The bonds or notes may be made subject, at the option of the
holders, to mandatory redemption by the bank at the times and under
the circumstances set forth in the authorizing resolution.
(e) The bank may not issue bonds for qualified entities described in
IC 5-1.5-1-8(5) through IC 5-1.5-1-8(7) or IC 5-1.5-1-8(11) that are
subject to the volume cap (as defined in IC 5-1.2-2) without obtaining
the prior approval of the Indiana finance authority.

Legislative History

As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.14; P.L.46-1987, SEC.12; P.L.37-1991, SEC.3; P.L.10-1996, SEC.16; P.L.132-1999, SEC.3; P.L.235-2005, SEC.76; P.L.189-2018, SEC.29.