Indiana § 8-22-3.7-17 Bond issues

Indiana Statutes

§ 8-22-3.7-17 — Bond issues

Indiana § 8-22-3.7-17

Art. 22AIRPORTS

Ch. 3.7Airport Development Authority

This text of Indiana § 8-22-3.7-17 (Bond issues) 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 § 8-22-3.7-17 (2026).

Text

(a)The development authority may issue bonds for the purpose of obtaining money to pay the cost of:

(1)acquiring property;

(2)constructing, improving, reconstructing, or renovating one (1) or more airport projects; or

(3)funding or refunding bonds issued under this chapter or IC 8-22-3.

(b)The bonds are payable solely from the lease rentals from the lease of the airport project for which the bonds were issued, insurance proceeds, and any other funds pledged or available.

(c)The bonds shall be authorized by a resolution of the development board.

(d)The terms and form of the bonds shall either be set out in the resolution or in a form of trust indenture approved by the resolution.

(e)The bonds shall mature within fifty (50) years.

(f)The development board shall sell the bonds at pub

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(a) The development authority may issue
bonds for the purpose of obtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one (1)
or more airport projects; or
(3) funding or refunding bonds issued under this chapter or IC 8-22-3.
(b) The bonds are payable solely from the lease rentals from the
lease of the airport project for which the bonds were issued, insurance
proceeds, and any other funds pledged or available.
(c) The bonds shall be authorized by a resolution of the
development board.
(d) The terms and form of the bonds shall either be set out in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds shall mature within fifty (50) years.
(f) The development board shall sell the bonds at public or private
sale upon terms determined by the development board.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of the acquisition or
construction, or both, of airport projects, or the cost of refunding or
refinancing outstanding bonds, for which the bonds are issued. The cost
may include:
(1) planning and development of the airport project and all related
buildings, facilities, structures, and improvements;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the airport projects suitable for use
and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafter
determined by the board, but in no event to exceed five (5) years;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums, if any, and interest on, the
bonds being refunded or refinanced.