§ 8-18-21-8 — Revenue bonds; execution; notice of sale; sale

Indiana § 8-18-21-8

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

Text

(a) The revenue bonds shall be executed by the
president of the board of directors, the corporate seal of the authority
shall be affixed to the bonds and attested by the secretary of the board,
and the interest coupons attached to the bonds shall be executed by
placing the facsimile signature of the treasurer of the board on them.
(b) Notice of the sale of the bonds shall be published in accordance
with IC 5-3-1.
(c) The board of directors shall sell the bonds at public sale, for not
less than their par value. The board shall award the bonds to the highest
bidder, as determined by computing the total interest on the bonds from
the date of sale to the dates of maturity and deducting from that amount
the premium bid, if any. Any premium received from the sale of the
bonds shall be used solely for the payment of principal and interest on
the bonds. If the bonds are not sold on the date fixed for the sale, then
the sale may be continued from day to day until a satisfactory bid has
been received.

Legislative History

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