§ 5-1.5-7-1 — Achievement of purpose of article

Indiana § 5-1.5-7-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 7: Default by the Bond Bank

Text

In order to:
(1) carry out its purpose under this article of making loans to
qualified entities by purchase of the securities and by receipt of its
income from service charges and from payments of interest on
and the maturing principal of securities purchased and held by it;
and
(2) produce revenues or income to the bank sufficient at all times
to meet its costs and expenses of operation under this article and
to pay the principal of and interest on its outstanding bonds and
notes when due;
the bank must at all times, and to the greatest extent possible, plan to
issue its bonds and notes and lend money to qualified entities so that
the purpose is achieved without in any way jeopardizing any rights of
the holders of bonds or notes of the bank or adversely affecting other
matters under this article.

Legislative History

As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.