Indiana § 5-19-1.5-2 Authorization; terms

Indiana Statutes

§ 5-19-1.5-2 — Authorization; terms

Indiana § 5-19-1.5-2

Title 5STATE AND LOCAL ADMINISTRATION

Art. 19FEDERAL AID

Ch. 1.5Grant Anticipation Notes

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Bluebook

Ind. Code § 5-19-1.5-2 (2026).

Text

Any borrower to which a grant has been
allocated, pending the receipt thereof, but within the limitation set forth
in this chapter, may borrow from any person and evidence the debt so
incurred by a note, or a series of notes of equal or unequal amounts,
executed by at least two (2) officers or one (1) officer and one (1)
employee as authorized by the governing body of the borrower and
containing such terms and provisions as may be prescribed by the
governing body of the borrower. Any note shall mature not more than
three (3) years from the date of issuance and may pledge for the
payment of the principal and interest therefor, the proceeds of the grant
and any revenue which may be derived from the facility being
constructed or improved by the proceeds of the note or notes. However,
no amoun

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Any borrower to which a grant has been
allocated, pending the receipt thereof, but within the limitation set forth
in this chapter, may borrow from any person and evidence the debt so
incurred by a note, or a series of notes of equal or unequal amounts,
executed by at least two (2) officers or one (1) officer and one (1)
employee as authorized by the governing body of the borrower and
containing such terms and provisions as may be prescribed by the
governing body of the borrower. Any note shall mature not more than
three (3) years from the date of issuance and may pledge for the
payment of the principal and interest therefor, the proceeds of the grant
and any revenue which may be derived from the facility being
constructed or improved by the proceeds of the note or notes. However,
no amounts may be borrowed in anticipation of a grant until a written
contract is received from the grantor indicating that the grant is
forthcoming.
As added by Acts 1981, P.L.61, SEC.1.