§ 8-10-1-13 — Revenue bonds; terms and form; negotiability; governor approval required

Indiana § 8-10-1-13

• Jurisdiction: Indiana
• Art. 10: PORTS
• Ch. 1: Ports of Indiana─Organization

Text

(a) Subject to the approval of the governor,
the ports of Indiana is hereby authorized to provide by resolution of the
commission, at one (1) time or from time to time, for the issuance of
revenue bonds of the state for the purpose of paying all or any part of
the cost of a port or project under this chapter or IC 8-10-4. The
principal of and the interest on such bonds shall be payable solely from
the revenues specifically pledged to the payment thereof. The bonds of
each issue shall be dated, shall bear interest at any rate, shall mature at
such time or times not exceeding thirty-five (35) years from the date
thereof, as may be determined by the ports of Indiana, and may be
made redeemable before maturity, at the option of the ports of Indiana,
at such price or prices and under such terms and conditions as may be
fixed by the ports of Indiana in the authorizing resolution.
(b) The ports of Indiana shall determine the form of the bonds,
including any interest coupons to be attached thereto, and shall fix the
denomination or denominations of the bonds and the place or places of
payment of principal and interest which may be at any bank or trust
company within or without the state.
(c) The bonds shall be signed in the name of the ports of Indiana by
the chairman or vice chairman of the commission or chief executive of
the ports of Indiana, or by the facsimile signature of the chairman or
vice chairman of the commission or chief executive of the ports of
Indiana and the official seal of the ports of Indiana or facsimile thereof,
shall be affixed thereto and attested by the secretary-treasurer of the
commission, and any coupons attached thereto shall bear the facsimile
signature of the chairman of the commission. In case any officer whose
signature or a facsimile of whose signature shall appear on any bonds
or coupons shall cease to be such officer before the delivery of such
bonds, such signature or such facsimile shall nevertheless be valid and
sufficient for all purposes the same as if the officer had remained in
office until such delivery.
(d) All bonds issued under this article shall have and are hereby
declared to have all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the state of
Indiana.
(e) The bonds may be issued in coupon or in registered form, or
both, as the ports of Indiana may determine, and provision may be
made for the registration of any coupon bonds as to principal alone and
also as to both principal and interest, and for the reconversion into
coupon bonds of any bonds registered as to both principal and interest.
(f) The bonds shall be sold at public sale in accordance with IC 21-32-3, except as provided in IC 8-10-4.
(g) No action to contest the validity of any bonds issued by the ports
of Indiana under this article shall be commenced more than thirty (30)
days following the adoption of the resolution approving the bonds as
provided in this article.
(h) The ports of Indiana 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 under this chapter or IC 8-10-4.
Formerly: Acts 1961, c.11, s.13. As amended by Acts 1981,
P.L.11, SEC.51; P.L.224-2003, SEC.213 and P.L.271-2003, SEC.13;
P.L.235-2005, SEC.110; P.L.2-2007, SEC.135; P.L.98-2008, SEC.23;
P.L.189-2018, SEC.71.