§ 5-1.5-8-3 — Contracts with bank; terms and conditions; fees and charges; denomination and prices

Indiana § 5-1.5-8-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 8: Loans to Qualified Entities

Text

(a) Every qualified entity is authorized and
empowered to contract with the bank with respect to the loan or
purchase of its securities, and the contracts shall contain the terms and
conditions of the loan or purchase and may be in any form agreed to by
the bank and the qualified entity, including a customary form of bond
ordinance or resolution. Every qualified entity is authorized and
empowered to pay fees and charges required to be paid to the bank for
its services.
(b) Notwithstanding any statute applicable to or constituting any
limitation on the sale of bonds or notes or on entry into an agreement,
any qualified entity may sell its securities to the bank, without
limitation as to denomination, at a private sale at such price or prices
as may be determined by the bank and the qualified entity.
(c) Notwithstanding any law that applies to or constitutes a
limitation on the leasing or disposition of materials or other property,
and subject to subsection (d), any qualified entity, or any purchasing
agency (as defined in IC 5-22-2-25) of a qualified entity, may:
(1) assign or sell a lease or purchase contract for property to the
bank;
(2) enter into a lease or purchase contract for property with the
bank; or
(3) buy property from or sell property to the bank;
at any price and under any other terms and conditions as may be
determined by the bank and the qualified entity.
(d) This subsection does not apply to a school corporation that buys
or leases a school bus from the bank under IC 5-1.5-4-1(a)(5). Before
taking an action described under subsection (c)(1) through (c)(3) that
would otherwise be subject to IC 5-22, a qualified entity or its
purchasing agent must obtain or cause to be obtained a purchase price
for the property to be subject to the sale, purchase contract, or lease
from the lowest responsible and responsive bidder in accordance with
the requirements for the purchase of supplies under IC 5-22.

Legislative History

As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.14; P.L.48-1989, SEC.2; P.L.49-1997, SEC.25; P.L.192-2006, SEC.2.