§ 5-2-2-14 — Revenue debentures; sale

(a) For the purpose of providing funds to carry
out the provisions of this chapter with respect to the construction and
equipment of a building or buildings for use as a law enforcement
academy and acquiring or providing a site therefor, the commission is
authorized pursuant to resolution or resolutions to issue and sell
interest bearing law enforcement academy revenue debentures in any
amount not to exceed three million two hundred thousand dollars
($3,200,000) and bearing such date or dates, and maturing at such time
or times not exceeding forty (40) years from their respective dates,
bearing interest at such rate or rates payable semiannually, in such
form, carrying such registration privileges payable at such place or
places, and may be made subject to redemption prior to maturity in
such manner, at such time, and upon such terms with or without
premium, all as may be provided by the pertinent resolution and
expressed on the face of the respective debentures. Such debentures
shall be signed by the chairman of the commission, attested by the
secretary, and with the seal of said commission affixed, provided, that
the signature of the chairman may be a facsimile thereof imprinted
thereon. Interest on said debentures when issued shall be evidenced by
attached interest coupons bearing the facsimile of the signatures of said
chairman and secretary. Such debentures and the interest coupons
thereto attached when issued shall have all the qualities of negotiable
instruments under the law merchant and shall be incontestable in the
hands of a bona fide purchaser or holder thereof for value, and such
debentures and interest thereon shall be exempt from all taxation
except the financial institutions tax and estate, inheritance, or gift taxes
imposed by law. Such debentures shall be sold at public sale in
accordance with the provisions of IC 21-32-3. In determining the
amount of such debentures to be issued and sold there may be included
the cost of construction, the cost of all land and clearings thereof and
improvements thereto, including walks, drives, and other
appurtenances, material and labor which are deemed necessary, cost of
equipment, financing charges, interest accruing on the debentures prior
to and during the construction period, and all other expenses, including
legal fees, engineers' and architects' fees, and all other expenses
necessary or incident to the construction and equipment of the building
or buildings and the acquisition and providing a site therefor. The
proceeds of such debentures are hereby appropriated for the purpose
for which the debentures may be issued under this chapter and such
proceeds shall be deposited and disbursed in accordance with such
provisions and restrictions as the commission may provide in the
resolution authorizing the issuance thereof. Any debentures issued
under the provisions of this chapter may be thereafter refinanced
through the issuance of refunding debentures subject to such
restrictions or conditions as may be provided in the resolution
authorizing the issuance of such debentures in the first instance and in
the issuance of such refunding debentures, the maturities and other
details thereof, the rights of the holders thereof, and the rights, duties,
and obligations of the commission in all respects thereto shall be
governed by the provisions of this chapter insofar as the same may be
applicable.
(b) The debentures issued under the provisions of this chapter shall
constitute only the corporate obligations of said commission payable
solely and only from and secured exclusively by pledge of the income
and revenue of such building or buildings remaining after payment or
provisions for payment of the expenses of operation, maintenance, and
repair of said building or buildings to the extent such expenses of
operation, maintenance, and repair are not otherwise provided, and it
shall be plainly stated on the face of each such debenture that same
does not constitute an indebtedness of the state of Indiana within the
meaning or application of any constitutional provision or limitation but
that it is payable solely and only as to both principal and interest from
the net revenues of such building or buildings. The provisions of this
chapter and the covenants and undertakings of the commission as
expressed in any proceedings preliminary to or in connection with the
issuance of the debentures may be enforced by any debenture holder by
suit for injunction or mandamus against the commission or any officer,
agent, or employee thereof, but in no event can any suit for monetary
judgement be brought against the state of Indiana for any violations
under the provisions of this chapter.
Formerly: Acts 1971, P.L.43, SEC.1. As amended by
P.L.25-1986, SEC.11; P.L.21-1990, SEC.7; P.L.2-2007,
SEC.75.