Indiana § 5-1.5-8-6.1 Anticipation notes; issuance and purchase

Indiana Statutes

§ 5-1.5-8-6.1 — Anticipation notes; issuance and purchase

Indiana § 5-1.5-8-6.1

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.5INDIANA BOND BANK

Ch. 8Loans to Qualified Entities

This text of Indiana § 5-1.5-8-6.1 (Anticipation notes; issuance and purchase) 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 § 5-1.5-8-6.1 (2026).

Text

1.

(a)Notwithstanding any law applicable to a qualified entity concerning the issuance of bonds, a qualified entity that has complied with all statutory requirements for the issuance of its bonds may, in lieu of issuing bonds at that time and without the need for complying with any other law applicable to the issuance of bonds, notes, or other evidences of indebtedness, issue its notes in anticipation of the issuance of bonds to the bank, and the bank may purchase the bond anticipation notes. The bond anticipation notes may be issued on terms set forth in a resolution authorizing their issuance and in any amount equal to or less than the amount of bonds authorized to be issued. The qualified entity may renew or extend the bond anticipation notes from time to time on terms agreed to with t

Free access — add to your briefcase to read the full text and ask questions with AI

1. (a) Notwithstanding any law applicable to
a qualified entity concerning the issuance of bonds, a qualified entity
that has complied with all statutory requirements for the issuance of its
bonds may, in lieu of issuing bonds at that time and without the need
for complying with any other law applicable to the issuance of bonds,
notes, or other evidences of indebtedness, issue its notes in anticipation
of the issuance of bonds to the bank, and the bank may purchase the
bond anticipation notes. The bond anticipation notes may be issued on
terms set forth in a resolution authorizing their issuance and in any
amount equal to or less than the amount of bonds authorized to be
issued. The qualified entity may renew or extend the bond anticipation
notes from time to time on terms agreed to with the bank, and the bank
may purchase the renewals or extensions. The amount of the accrued
interest on the date of renewal or extension may be paid or added to the
principal amount of the note being renewed or extended so long as the
aggregate principal amount of bond anticipation notes outstanding at
any time does not exceed the maximum principal amount permitted by
this section. The bond anticipation notes of the qualified entity,
including any renewals or extensions, must mature in the amounts and
at the times (not exceeding five (5) years from the date of the original
issuance of the bond anticipation notes) agreed to by the qualified
entity and the bank. The bond anticipation notes must be finally paid,
and interest on the bond anticipation notes may be finally paid, with the
proceeds of the bonds issued by the qualified entity. In connection with
the issuance of bonds part or all of the proceeds of which will be used
to retire the bond anticipation notes, it is not necessary for the qualified
entity to repeat the procedures for the issuance of bonds, as the
procedures followed before the issuance of the bond anticipation notes
are for all purposes sufficient to authorize the issuance of the bonds.
(b) In connection with the purchase of bond anticipation notes, the
bank may by agreement with the qualified entity impose any terms,
conditions, and limitations as in its opinion are proper for the security
of the bank and the holders of its bonds or notes. If the qualified entity
fails to comply with the agreement or to issue its bonds to retire its
bond anticipation notes, the bank may enforce all rights and remedies
provided in the agreement or at law, including an action in mandamus
to compel the issuance of bonds by the qualified entity.