§ 8-18-21-7 — Revenue bonds; redemption before maturity; resolution; contents; negotiable instruments

Indiana § 8-18-21-7

• Jurisdiction: Indiana
• Art. 18: COUNTY ROADS─FINANCING AND BONDING
• Ch. 21: County Toll Road Financing

Text

(a) The revenue bonds may, and all bonds
maturing after ten (10) years from date of issuance shall, be made
redeemable before maturity at the option of the board of directors of the
toll road authority. Such a redemption must be at the par value of the
bonds, together with the premiums and under the terms and conditions
fixed by the resolution authorizing the issuance of the bonds.
(b) The principal of and interest on the bonds may be made payable
in any lawful medium.
(c) The resolution authorizing the issuance of the bonds must:
(1) determine the form of the bonds, including the interest
coupons to be attached to them;
(2) fix the denomination or denominations of the bonds; and
(3) fix the place or places of payment of the principal and interest
of the bonds, which must be at a state or national bank or trust
company within Indiana and may also be at one (1) or more state
or national banks or trust companies outside Indiana.
(d) The bonds are negotiable instruments under IC 26-1.
(e) The resolution authorizing the issuance of the bonds may
provide for the registration of any of the bonds in the name of the
owner as to principal alone.

Legislative History

As added by P.L.386-1987(ss), SEC.21.