§ 5-20-1-8 — Authorization to use revenue bond financing; approval of public finance director required

Indiana § 5-20-1-8

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 1: Indiana Housing and Community Development Authority

Text

(a) Subject to the approval of the public finance
director appointed under IC 5-1.2-3-6, the authority is hereby
authorized to issue bonds or notes, or a combination thereof, to carry
out and effectuate its purposes and powers. The principal of, and the
interest on, such bonds or notes shall be payable solely from the funds
provided for such payment in this chapter. The authority may secure
the repayment of such bonds and notes by the pledge of mortgages and
notes of others, revenues derived from operations and loan repayments,
the proceeds of its bonds, and any available revenues or assets of the
authority. The bonds or notes of each issue shall be dated and may be
made redeemable before maturity at the option of the authority, at such
price or prices and under such terms and conditions as may be
determined by the authority. Any such bonds or notes shall bear
interest at such rate or rates as may be determined by the authority.
Notes shall mature at such time or times not exceeding ten (10) years
from their date or dates, and bonds shall mature at such time or times
not exceeding forty-five (45) years from their date or dates, as may be
determined by the authority. The authority shall determine the form and
manner of execution of the bonds or notes, including any interest
coupons to be attached thereto, and shall fix the denomination or
denominations and the place or places of payment of principal and
interest, which may be any bank or trust company within or outside the
state. In case any officer whose signature, or a facsimile of whose
signature, shall appear on any bonds or notes or coupons attached
thereto shall cease to be such officer before the delivery thereof, such
signature or such facsimile shall nevertheless be valid and sufficient for
all purposes the same as if the person had remained in office until such
delivery. The authority may also provide for the authentication of the
bonds or notes by a trustee or fiscal agent. The bonds or notes may be
issued in coupon or registered form, or both, as the authority may
determine, and provision may be made for the registration of any
coupon bonds or notes as to principal alone and also as to both
principal and interest, and for the reconversion into coupon bonds or
notes of any bonds or notes registered as to both principal and interest,
and for the interchange of registered and coupon bonds or notes. Upon
the approval of a resolution of the authority authorizing the sale of its
bonds or notes, such bonds or notes may be sold in such manner, either
at public or private sale, and for such price as the authority shall
determine to be for the best interest of the authority and to best
effectuate the purposes of this chapter.
(b) The proceeds of any bonds or notes shall be used solely for the
purposes for which they are issued. The proceeds shall be disbursed in
such manner and under such restrictions, if any, as the authority may
provide in the resolution authorizing the issuance of such bonds or
notes or in the trust agreement securing the same.
(c) Prior to the preparation of definitive bonds, the authority may,
under like restrictions and subject to the approval of the public finance
director appointed under IC 5-1.2-3-6, issue interim receipts or
temporary bonds, with or without coupons, exchangeable for definitive
bonds when such bonds shall have been executed and are available for
delivery. The authority may also provide for the replacement of any
bonds or notes which shall become mutilated or shall be destroyed or
lost.
(d) The authority shall cooperate with and use the assistance of the
Indiana finance authority established by IC 5-1.2-3 in the issuance of
the bonds or notes.
As added by Acts 1978, P.L.28, SEC.1. Amended by
P.L.235-2005, SEC.89; P.L.145-2008, SEC.5; P.L.189-2018,
SEC.40.