§ 5-28-9-19 — Sale of notes or other debt obligations by a county, city, or town; deposit and use of proceeds

Indiana § 5-28-9-19

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 9: Industrial Development Program and Fund

Text

(a) The corporation, with the approval of the
state board of finance, may sell to a person (including the board for
depositories) the notes or other debt obligations issued by a county,
city, or town under this chapter or IC 6-1.1-39 for any borrowing from
the industrial development fund under this chapter.
(b) A sale by the corporation of a note or another debt obligation of
a county, city, or town as authorized by subsection (a) shall be made:
(1) without recourse against the corporation, the state board of
finance, or the industrial development fund; and
(2) on the other terms and conditions that the corporation, with
the approval of the state board of finance, establishes.
(c) A purchaser of a note or another debt obligation succeeds to all
the rights, entitlements, conditions, and limitations under the note or
other debt obligation. However, section 17 of this chapter does not
apply to a note or another debt obligation that has been sold under
subsection (a).
(d) After a sale of a note or another debt obligation, the corporation,
the state board of finance, and the industrial development fund have no
right, title, or interest in or to the note or debt obligation.
(e) The proceeds from a sale of a note or another debt obligation
shall be deposited in the industrial development fund to be used
exclusively for the purpose of this chapter.

Legislative History

As added by P.L.4-2005, SEC.34.