Indiana § 8-21-12-16 Loans to the authority

Indiana Statutes

§ 8-21-12-16 — Loans to the authority

Indiana § 8-21-12-16

Art. 21AERONAUTICS

Ch. 12Airport Financing

This text of Indiana § 8-21-12-16 (Loans to the authority) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 8-21-12-16 (2026).

Text

The authority may negotiate terms and borrow money from any source under a loan contract, subject to the following requirements:

(1)The loan contract must be approved by resolution of the authority.

(2)The loan contract must provide for the repayment of the loan in not more than forty (40) years.

(3)The loan contract must state that the indebtedness is that of the authority, is payable solely from revenues of the authority that are derived from either airport operations or from revenue bonds, and may not be paid by a tax levied on property located within the state.

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The authority may negotiate terms and
borrow money from any source under a loan contract, subject to the
following requirements:
(1) The loan contract must be approved by resolution of the
authority.
(2) The loan contract must provide for the repayment of the loan
in not more than forty (40) years.
(3) The loan contract must state that the indebtedness is that of
the authority, is payable solely from revenues of the authority that
are derived from either airport operations or from revenue bonds,
and may not be paid by a tax levied on property located within the
state.