reglab/housing_qa huggingface dataset:
IN Code § 5-1.3-6-17 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District|Chapter 6. Bonds and Notes|5-1.3-6-17. Trust Agreement

Sec. 17. (a) In the discretion of the IFA or the NWIRDA, any bonds and notes issued under this chapter may be secured by a trust agreement by and between the IFA or the NWIRDA and a corporate trustee, which may be any trust company or bank having the powers of a trust company in Indiana. Such a trust agreement may also provide for a co-trustee, which may be any trust company or bank in the United States.(b) The trust agreement or the resolution providing for the issuance of the bonds or notes may contain provisions for protecting and enforcing the rights and remedies of the owners of bonds or notes as may be reasonable and proper, in the discretion of the IFA or the NWIRDA, and not in violation of law.(c) The trust agreement or resolution may set forth the rights and remedies of the owners of any bonds or notes of the trustee and may restrict the individual right of action by the owners.(d) Any trust agreement or resolution may contain other provisions that the IFA or the NWIRDA considers reasonable and proper for the security of the owners of bonds or notes.(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from money pledged or assigned to the payment of the principal of and interest on bonds or notes or from funds available to the IFA or the NWIRDA.As added by P.L.189-2018, SEC.26.
IN Code § 5-1.3-6-18 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District|Chapter 6. Bonds and Notes|5-1.3-6-18. Bonds and Notes; Purchasing; Holding; Canceling; Reselling

Sec. 18. (a) The IFA may purchase bonds or notes of the IFA or the NWIRDA out of its funds or money available for the purchase of its own bonds or notes. The IFA may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with owners of its bonds or notes. Unless canceled, bonds or notes so held shall be considered to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be considered to be extinguished.(b) The NWIRDA may purchase bonds or notes of the IFA or the NWIRDA out of its funds or money available for the purchase of its own bonds or notes. The NWIRDA may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with owners of its bonds or notes. Unless canceled, bonds or notes so held shall be considered to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be considered to be extinguished.As added by P.L.189-2018, SEC.26.
IN Code § 5-1.3-6-19 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District|Chapter 6. Bonds and Notes|5-1.3-6-19. Investment; Authorization

Sec. 19. Funds or money held by the IFA, the NWIRDA, or the NICTD under any trust agreement or resolution may be invested pending disbursement as provided in the trust agreement or the resolution. Such an investment is not restricted by or subject to the provisions of any other law.As added by P.L.189-2018, SEC.26.
IN Code § 5-1.4-1-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-1. Application

Sec. 1. The definitions in this chapter apply throughout this article.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-2. "Bank"

Sec. 2. "Bank" refers to the local public improvement bond bank established under IC 5-1.4-2-1.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-3. "Board"

Sec. 3. "Board" refers to the board of directors established under IC 5-1.4-2-2.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-4. "Bond"

Sec. 4. "Bond" refers to a bond of the bank issued under this article.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-5. "City"

Sec. 5. "City" refers to any of the following:(1) A consolidated city.(2) A second class city.(3) A city having a population of more than five thousand (5,000) but less than five thousand one hundred (5,100).As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.1; P.L.255-1997(ss), SEC.1; P.L.170-2002, SEC.13; P.L.119-2012, SEC.12.
IN Code § 5-1.4-1-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-6. "County"

Sec. 6. "County" refers to the county in which the bank is located.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-7. "Financial Institution"

Sec. 7. "Financial institution" means a financial institution as defined in IC 28-1-1-3.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-8. "Holder"

Sec. 8. "Holder" means a person who is:(1) the bearer of any outstanding bond or note registered to bearer or not registered; or(2) the registered owner of any outstanding bond or note that is registered other than to bearer.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-9. "Note"

Sec. 9. "Note" refers to a note of the bank issued under this article.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-10 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-10. "Qualified Entity"

Sec. 10. "Qualified entity" means the following:(1) A city.(2) A county.(3) A special taxing district located wholly within a county.(4) Any entity whose tax levies are subject to review and modification by a city-county legislative body under IC 36-3-6-9.(5) A political subdivision (as defined in IC 36-1-2-13) that is located wholly within a county:(A) that has a population of:(i) more than four hundred thousand (400,000) but less than seven hundred thousand (700,000); or(ii) more than two hundred fifty thousand (250,000) but less than two hundred seventy thousand (270,000); or(B) containing a city that:(i) is described in section 5(3) of this chapter; and(ii) has a public improvement bond bank under this article.(6) A charter school established under IC 20-24 that is sponsored by the executive of a consolidated city.(7) Any authority created under IC 36 that leases land or facilities to any qualified entity listed in subdivisions (1) through (6).As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.2; P.L.46-1987, SEC.1; P.L.12-1992, SEC.15; P.L.255-1997(ss), SEC.2; P.L.127-2002, SEC.1 and P.L.179-2002, SEC.1; P.L.1-2005, SEC.71; P.L.119-2012, SEC.13.
IN Code § 5-1.4-1-11 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-11. "Reserve Fund"

Sec. 11. "Reserve fund" refers to the reserve fund established under IC 5-1.4-5-1.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-1-12 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 1. Definitions|5-1.4-1-12. "Security"

Sec. 12. "Security" means a bond, note, or evidence of indebtedness issued by a qualified entity and payable from taxes, revenues, rates, charges, assessments, proceeds of funding or refunding bonds or notes, or any combination of the foregoing.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-1. Local Public Improvement Bond Bank; Establishment; Nature; Purpose

Sec. 1. (a) In a city there is established a local public improvement bond bank, to be known as "The ____________ (name of city) __________ Local Public Improvement Bond Bank", for:(1) the public purposes set out in this article; and(2) in the case of a city described in IC 5-1.4-1-5(3), the additional public purposes of:(A) developing infrastructure;(B) promoting education and tourism; and(C) assisting economic development.(b) The bank is a body corporate and politic separate from the city in its corporate capacity.(c) The purpose of the bank is to buy and sell securities of qualified entities.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.3; P.L.11-1987, SEC.9; P.L.255-1997(ss), SEC.3.
IN Code § 5-1.4-2-1.5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-1.5. Public Purpose

Sec. 1.5. The general assembly finds that the establishment of a local public improvement bond bank in a city described in IC 5-1.4-1-5(3):(1) is necessary as a result of:(A) unique sources of revenues available to the city in relation to its budget;(B) extraordinary needs for infrastructure improvements in the city and in the county in which the city is located;(C) unprecedented opportunities for economic development, including tourism development; and(D) unique demands for education and workforce development, including facilities for providing education and training;(2) will afford the city the necessary flexibility to address the extraordinary demands and opportunities in a manner that will best serve the interests of the city and the state; and(3) constitutes an important public purpose and will protect and improve the health, safety, and welfare of the people of the city and the state.As added by P.L.255-1997(ss), SEC.4.
IN Code § 5-1.4-2-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-2. Board of Directors; Establishment; Membership; Appointment; Vacancy

Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board.(b) The board is composed of five (5) directors appointed by the mayor of the city.(c) Each of the five (5) directors appointed by the mayor:(1) must be a resident of the county;(2) serves for a term of three (3) years and until a successor is appointed and qualified;(3) is eligible for reappointment;(4) shall serve without compensation, but is entitled to reimbursement for traveling expenses and other expenses, actually incurred in connection with the director's duties;(5) may be removed for cause by the mayor; and(6) may not be an officer or employee of:(A) the city;(B) the county; or(C) any qualified entity.(d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the mayor for the unexpired term only.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-3. Duties of Board

Sec. 3. The board shall do the following:(1) Elect from its membership a chairman and a vice chairman.(2) Appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer. The executive director may be the fiscal officer of the city, in which case the executive director will receive no compensation for services performed as the executive director.(3) Establish and maintain the office of the bank in the city.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-4. Quorum

Sec. 4. Three (3) directors constitute a quorum at any meeting of the board.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-5. Action by Affirmative Vote of Three Directors; Effect of Vacancy

Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least three (3) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-6. Surety Bonds; Issuer; Cost

Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the legislative body of the city. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.(b) The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.(c) The cost of the surety bonds required by this section shall be paid by the bank.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.4.
IN Code § 5-1.4-2-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-7. Disclosure of Interest in Contract; Abstention; Validity of Contract

Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if the director:(1) has, or to the director's knowledge may have or may later acquire, a direct or indirect pecuniary interest in a contract with the bank; or(2) is an officer, member, manager, director, or employee of, or has an ownership interest in, any firm, limited liability company, or corporation that is or may be a party to the contract;if the director discloses in writing to the bank the nature and extent of the interest as soon as the director has knowledge of the interest and abstains from discussion, deliberation, action, and voting with respect to the contract.(b) Notwithstanding any provision of this article or any other law, a contract or transaction is not void or voidable because of the existence of an interest described in subsection (a), if the provisions of subsection (a) have been satisfied.As added by P.L.42-1985, SEC.1. Amended by P.L.8-1993, SEC.50.
IN Code § 5-1.4-2-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-8. Liability of Director or Issuer of Bonds or Notes

Sec. 8. Neither a director nor a person executing bonds or notes issued under this article is liable personally on the bonds or notes.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-2-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 2. Establishment and Organization|5-1.4-2-9. Executive Director; Duties

Sec. 9. (a) The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors:(1) administer, manage, and direct the employees of the bank;(2) approve all amounts for salaries, allowable expenses of the bank or of any employee or consultant of the bank, and expenses incidental to the operation of the bank; and(3) attend the meetings of the board, keep a record of the proceedings of the board, and maintain all books, documents, and papers filed with the bank, the minutes of the board, and the bank's official seal.(b) The executive director may:(1) cause copies to be made of all minutes and other records and documents of the bank; and(2) give certificates under seal of the bank to the effect that those copies are true copies, and all persons dealing with the bank may rely upon those certificates.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-3-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-1. Powers

Sec. 1. The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including the following:(1) Have a perpetual existence as a body politic and corporate and an independent instrumentality, but not a city or county agency, exercising essential public functions.(2) Sue and be sued.(3) Adopt and alter an official seal.(4) Make and enforce bylaws and rules for the conduct of its business and for the use of its services and facilities.(5) Acquire, hold, use, and dispose of its income, revenues, funds, and money.(6) Acquire, rent, lease, hold, use, and dispose of other personal property for its purposes.(7) Make contracts and incur liabilities, borrow money, issue its negotiable bonds or notes, subject to provisions for registration of negotiable bonds and notes, and provide for and secure their payment and provide for the rights of their holders, and purchase, hold, and dispose of any of its bonds or notes.(8) Fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities.(9) Accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States, the state, any governmental unit, or any person, carry out the terms or provisions of or make agreements with respect to the gifts or grants, and do all things necessary, useful, desirable, or convenient in connection with procuring, accepting, or disposing of the gifts or grants.(10) Do anything authorized by this article, through its officers, agents, or employees or by contracts with a person.(11) Procure insurance against any losses in connection with its property, operations, or assets in amounts and from insurers as it considers desirable.(12) Cooperate with and exchange services, personnel, and information with any federal, state, or local government agency.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.5.
IN Code § 5-1.4-3-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-2. Additional Powers

Sec. 2. The bank may:(1) make, enter into, and enforce all contracts necessary, convenient, or desirable for the purposes of the bank or pertaining to:(A) a purchase or sale of securities or other investments; or(B) the performance of its duties and execution of any of its powers under this article;(2) purchase or hold securities at prices and in a manner the bank considers advisable and sell securities acquired or held by it at prices without relation to cost and in a manner the bank considers advisable;(3) prescribe the form of application or procedure required of a qualified entity for a purchase of its securities, fix the terms and conditions of the purchase, and enter into agreements with qualified entities with respect to purchases;(4) render services to a qualified entity in connection with a public or private sale of its securities, including advisory and other services, and charge for services rendered;(5) charge for its costs and services in review or consideration of a proposed purchase by the bank of securities, whether the securities are purchased;(6) fix and establish terms and provisions with respect to:(A) a purchase of securities by the bank, including date and maturities of the securities;(B) redemption or payment before maturity; and(C) any other matters that in connection with the purchase are necessary, desirable, or advisable in the judgment of the bank;(7) to the extent permitted under its contracts with the holders of bonds or notes of the bank, consent to modification of the rate of interest, time for payment of any installment of principal or interest, security, or any other term of a bond or note, contract, or agreement of any kind to which the bank is a party; and(8) appoint and employ general or special counsel, accountants, financial advisors or experts, and all such other or different officers, agents, and employees as it requires and determine their qualifications, duties, and compensation, all in order to effectuate the purposes of this article.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-3-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-3. Investments

Sec. 3. Money not being used to purchase securities may be invested as provided in a resolution, agreement, or trust agreement of the bank.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.6.
IN Code § 5-1.4-3-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-4. Prohibited Acts

Sec. 4. The bank may not:(1) purchase securities other than from a qualified entity or other than for investment under section 3 of this chapter;(2) deal in securities within the meaning of or subject to any securities law, securities exchange law, or securities dealers law of the United States, of the state, or of any other state or jurisdiction, domestic or foreign, except as authorized in this article;(3) emit bills of credit, accept deposits of money for time or demand deposit, administer trusts, engage in any form or manner, or in the conduct of, any private or commercial banking business, or act as a savings bank, savings association, or any other kind of financial institution;(4) engage in any form of private or commercial banking business; or(5) purchase securities from a qualified entity located in a county other than the county in which the bank is located.As added by P.L.42-1985, SEC.1. Amended by P.L.79-1998, SEC.5.
IN Code § 5-1.4-3-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-5. Audit of Books and Accounts; Annual Report to Mayor

Sec. 5. (a) The bank shall have an audit of its books and accounts made at least once each year by either the state board of accounts or by an auditor or auditing firm to be appointed by the board upon review of the firm's proposal by the state board of accounts. The cost of the audit shall be considered an expense of the bank, and a copy of the audit shall be made available to the public.(b) The bank shall submit a report of its activities for each fiscal year to the mayor not more than forty-five (45) days after the end of each fiscal year. Each report shall set forth a complete operating and financial statement covering its operations during that fiscal year.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.7.