reglab/housing_qa huggingface dataset:
IN Code § 5-1.5-5-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 5. Reserve Fund|5-1.5-5-1. Establishment; Application of Funds; Required Debt Service Reserve; Excess Money

Sec. 1. (a) The board may establish and maintain a reserve fund for each issue of bonds or notes in which there shall be deposited or transferred:(1) all money appropriated by the general assembly for the purpose of the fund in accordance with section 4(a) of this chapter;(2) all proceeds of bonds or notes required to be deposited in the fund by terms of a contract between the bank and its holders or a resolution of the bank with respect to the proceeds of bonds or notes;(3) all other money appropriated by the general assembly to a reserve fund; and(4) any other money or funds of the bank that it decides to deposit in the fund.(b) Subject to section 4(b) of this chapter, money in any reserve fund shall be held and applied solely to the payment of the interest on and principal of bonds or notes of the bank as the interest and principal become due and payable and for the retirement of bonds or notes. The money may not be withdrawn if a withdrawal would reduce the amount in the reserve fund to an amount less than the required debt service reserve, except for payment of interest then due and payable on bonds or notes and the principal of bonds or notes then maturing and payable, whether by reason of maturity or mandatory redemption, for which payments other money of the bank is not then available. As used in this chapter, "required debt service reserve" means, as of the date of computation, the amount required to be on deposit in the reserve fund as provided by resolution or trust agreement of the bank.(c) Money in any reserve fund in excess of the required debt service reserve, whether by reason of investment or otherwise, may be withdrawn at any time by the bank and transferred to another fund or account of the bank, subject to the provisions of any agreement with the holders of any bonds or notes.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.18; P.L.46-1987, SEC.13.
IN Code § 5-1.5-5-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 5. Reserve Fund|5-1.5-5-2. Investment of Funds

Sec. 2. Money in any reserve fund may be invested in the manner provided in IC 5-1.5-3-3.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.19.
IN Code § 5-1.5-5-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 5. Reserve Fund|5-1.5-5-3. Valuation of Investments

Sec. 3. For purposes of valuation, investments in the reserve fund shall be valued at par, or if purchased at less than par, at cost unless otherwise provided by resolution or trust agreement of the bank. Valuation on a particular date shall include the amount of interest then earned or accrued to that date on the money or investments in the reserve fund.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.20.
IN Code § 5-1.5-5-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 5. Reserve Fund|5-1.5-5-5. Combining Reserve Funds

Sec. 5. Subject to the provisions of any agreement with its holders, the bank may combine a reserve fund established for an issue of bonds or notes into one (1) or more reserve funds.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.22.
IN Code § 5-1.5-5-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 5. Reserve Fund|5-1.5-5-6. Certain Qualified Entities; Debt Service Reserve Appropriations Not Available

Sec. 6. The provisions of section 4(a) of this chapter are not available to any bonds or notes issued by the bank to purchase securities of, or fund loans to, any qualified entity described in IC 5-1.5-1-8(5) or IC 5-1.5-1-8(6).As added by P.L.37-1991, SEC.4.
IN Code § 5-1.5-6-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6. Other Funds and Accounts|5-1.5-6-1. General Fund; Establishment; Use; Creation of Subaccounts or Special Accounts

Sec. 1. (a) The bank shall establish and maintain a fund called the general fund into which there shall be deposited all money received by the bank and any money that the bank shall transfer to the fund from any reserve fund under IC 5-1.5-5-1(c). Money in the general fund shall be used for operating expenses of the bank and, subject to any contract between the bank and its holders, may be:(1) used to pay principal of or interest on bonds or notes of the bank to prevent a default;(2) transferred to any reserve fund to prevent a default or to make up any deficiency in that reserve fund;(3) used to purchase securities; and(4) used to purchase or redeem the bank's bonds or notes.(b) No amount shall be paid or expended out of the general fund, or from any account established by the bank in the general fund for the purpose of paying operating expenses, for the payment of operating expenses of the bank in any year in excess of the amount provided for operating expenses in the annual budget then in effect for that year or any amendment of the annual budget in effect at the time of the payment or expenditure.(c) The bank is authorized and empowered to create and establish in the general fund accounts, subaccounts, or special accounts that in the opinion of the board are necessary, desirable, or convenient for the purposes of the bank under this chapter.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.23; P.L.136-2018, SEC.26.
IN Code § 5-1.5-6-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6. Other Funds and Accounts|5-1.5-6-2. Additional Reserves; Other Funds or Accounts

Sec. 2. The board may establish additional reserves or other funds or accounts as may be in its discretion necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-6-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6. Other Funds and Accounts|5-1.5-6-3. Money or Investments in Fund or Account Established for Specific Purpose; Application

Sec. 3. Unless the resolution or trust agreement authorizing the bonds or notes provides otherwise, money or investments in a fund or account of the bank established or held for the payment of bonds or notes shall be applied to the payment or retirement of the bonds or notes, and to no other purpose.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-6.5-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6.5. Capital Funds|5-1.5-6.5-1. Capital Principal Fund and Capital Interest Fund; Programs for Qualified Entities

Sec. 1. (a) The bank shall establish and maintain:(1) a capital principal fund, to be funded from appropriations made to the fund by the general assembly and any other money that the bank transfers to the fund; and(2) a capital interest fund, to be funded from investment earnings on the capital principal fund.(b) The bank may use the funds only for programs for qualified entities issuing securities for any of the following purposes:(1) Sewage works.(2) Waterworks.(3) Parking facilities.(4) Redevelopment projects financed with allocated property tax proceeds under IC 36-7-14-39 or IC 36-7-15.1-26.As added by P.L.38-1988, SEC.5.
IN Code § 5-1.5-6.5-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6.5. Capital Funds|5-1.5-6.5-2. Investments; Credit of Earnings

Sec. 2. Money in the funds may be invested in the manner provided in IC 5-1.5-3-3. However, all earnings on the funds shall be credited to the capital interest fund.As added by P.L.38-1988, SEC.5.
IN Code § 5-1.5-6.5-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6.5. Capital Funds|5-1.5-6.5-3. Capital Principal Fund; Debt Service; Agreement; Recovery

Sec. 3. (a) The capital principal fund may be used only to guarantee payment of debt service on:(1) securities issued by a qualified entity for a purpose specified in section 1(b) of this chapter; or(2) bonds or notes issued to purchase securities issued for a purpose specified in section 1(b) of this chapter.(b) The bank and the qualified entity must enter into an agreement before a guarantee under subsection (a)(1) is effective. This agreement may contain any provisions the bank considers appropriate and may specify which funds held by a state agency are subject to recovery under subsection (c).(c) If debt service on securities of a qualified entity is paid by the bank to a qualified entity or owners of its securities under a guarantee under subsection (a)(1), the amount paid from the capital principal fund may be recovered from funds held by a state agency or department that are payable to the qualified entity as set forth in subsection (b).As added by P.L.38-1988, SEC.5.
IN Code § 5-1.5-6.5-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6.5. Capital Funds|5-1.5-6.5-4. Required Debt Service Reserves; Budget Committee Review

Sec. 4. (a) Except as provided in subsection (d), whenever a reserve fund for an issue of bonds or notes issued to purchase securities specified in section 1(b) of this chapter does not contain the required debt service reserve (as defined in IC 5-1.5-5-1(b)), the chairman of the board shall immediately:(1) transfer to the reserve fund the amount needed to restore the required debt service reserve first from the capital interest fund and, to the extent necessary, from the capital principal fund; and(2) certify the amounts transferred to the general assembly.(b) The general assembly may appropriate to the bank for deposit in the capital principal fund the amount transferred from the fund to restore required debt service reserves. Nothing in this subsection creates a debt or a liability of the state to make any appropriation.(c) Appropriations made to the capital principal fund do not revert to the state general fund at the end of any fiscal year.(d) Notwithstanding any other law, and except as provided by subsection (e), after June 30, 2005, the:(1) issuance by the bank of any indebtedness that incorporates the provisions set forth in subsection (a) or otherwise establishes a procedure for the bank or a person acting on behalf of the bank to certify to the general assembly the amount needed to restore a reserve fund or another fund to required levels; or(2) execution by the bank of any other agreement that creates a moral obligation of the state to pay all or part of any indebtedness issued by the bank;is subject to review by the budget committee and approval by the budget director.(e) If the budget committee does not conduct a review of a proposed transaction under subsection (d) within twenty-one (21) days after a request by the bank, the review is considered to have been conducted. If the budget director does not approve or disapprove a proposed transaction under subsection (d) within twenty-one (21) days after a request by the bank, the transaction is considered to have been approved.As added by P.L.38-1988, SEC.5. Amended by P.L.235-2005, SEC.78.
IN Code § 5-1.5-6.5-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 6.5. Capital Funds|5-1.5-6.5-5. Capital Interest Fund; Purposes for Use

Sec. 5. With respect to the programs specified in section 1(b) of this chapter, the capital interest fund may be used for the following purposes in addition to the purpose specified in section 4 of this chapter:(1) To guarantee payment of debt service on bonds or notes.(2) To pay premiums for bond insurance or debt service reserve insurance for bonds or notes.(3) To pay credit enhancement, liquidity support, remarketing, or conversion fees for bonds or notes.(4) To pay other costs of issuance of a bank transaction.As added by P.L.38-1988, SEC.5.
IN Code § 5-1.5-7-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 7. Default by the Bond Bank|5-1.5-7-1. Achievement of Purpose of Article

Sec. 1. In order to:(1) carry out its purpose under this article of making loans to qualified entities by purchase of the securities and by receipt of its income from service charges and from payments of interest on and the maturing principal of securities purchased and held by it; and(2) produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this article and to pay the principal of and interest on its outstanding bonds and notes when due;the bank must at all times, and to the greatest extent possible, plan to issue its bonds and notes and lend money to qualified entities so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bank or adversely affecting other matters under this article.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.
IN Code § 5-1.5-7-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 7. Default by the Bond Bank|5-1.5-7-2. Default; Appointment of Trustee to Represent Holders of Notes or Bonds

Sec. 2. If the bank:(1) defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty (30) days; or(2) fails or refuses to comply with this article or defaults in an agreement made with the holders of an issue of notes or bonds;and there is no trustee under a trust agreement, then the holders of twenty-five percent (25%) in the aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the clerk of Marion County and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this article.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-7-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 7. Default by the Bond Bank|5-1.5-7-3. Trustees; Duties; Powers; Venue; Notice

Sec. 3. (a) A trustee appointed under section 2 of this chapter shall, in his name, upon written request of the holders of twenty-five percent (25%) in principal amount of the outstanding notes or bonds:(1) by civil action enforce all rights of the holders, including the right to require the bank to:(A) collect rates, charges, and other fees and to collect interest and principal payments on securities held by it adequate to carry out an agreement as to, or pledge of, the rates, charges, and other fees and of the interest and principal payments; and(B) carry out any other agreements with the holders of the notes or bonds and to perform its duties under this article;(2) bring a civil action upon the notes or bonds;(3) by civil action require the bank to account as if it were the trustee of an express trust for the holders of the notes or bonds;(4) by civil action enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds; and(5) declare all the notes or bonds due and payable, and if all defaults are made good, then with the consent of the holders of twenty-five percent (25%) of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences.(b) The trustee also has all the powers necessary for the exercise of functions specifically set out or incident to the general representation of holders in the enforcement and protection of their rights.(c) The venue of any suit, action, or proceeding brought by the trustee on behalf of the holders shall be laid in Marion County, Indiana.(d) Before declaring the principal of notes or bonds due and payable, the trustee must first give not less than thirty (30) days notice in writing to the chairman of the board and the attorney general.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.25.
IN Code § 5-1.5-8-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 8. Loans to Qualified Entities|5-1.5-8-1. Purchase of Securities Offered by Qualified Entity; Private Sale; Issuance of Bonds and Notes for Purpose of Purchase

Sec. 1. The bank, to carry out the purposes and policies of this article, may purchase securities of the qualified entity, including any securities issued by a school corporation to refund bonds or other obligations that were issued or entered into by a school corporation before that school corporation completed a consolidation or merger under IC 20-23 or any other law. Notwithstanding any law to the contrary, a qualified entity may sell its securities to the bank at a negotiated, private sale. The bank, for this purpose, may issue its bonds and notes payable solely from the revenues or funds available to the bank for such payment and may otherwise assist qualified entities as provided in this article.As added by P.L.25-1984, SEC.1. Amended by P.L.28-1992, SEC.3; P.L.140-2014, SEC.1.
IN Code § 5-1.5-8-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 8. Loans to Qualified Entities|5-1.5-8-2. Securities to Be Purchased and Held in Name of Bank; Required Documentation

Sec. 2. (a) All securities at any time purchased, held, or owned by the bank shall at all times be purchased and held in the name of the bank.(b) Except for agreements described in IC 5-1.5-1-10(4), all securities at any time purchased by the bank, upon delivery to the bank, shall, unless waived by the board, be accompanied by all documentation required by the board that shall include an approving opinion of recognized bond counsel, certification and guarantee of signatures, and certification as to no litigation pending as of the date of delivery of the securities challenging the validity or issuance of such securities.As added by P.L.25-1984, SEC.1. Amended by P.L.44-1990, SEC.3; P.L.28-1992, SEC.4.
IN Code § 5-1.5-8-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 8. Loans to Qualified Entities|5-1.5-8-3. Contracts With Bank; Terms and Conditions; Fees and Charges; Denomination and Prices

Sec. 3. (a) Every qualified entity is authorized and empowered to contract with the bank with respect to the loan or purchase of its securities, and the contracts shall contain the terms and conditions of the loan or purchase and may be in any form agreed to by the bank and the qualified entity, including a customary form of bond ordinance or resolution. Every qualified entity is authorized and empowered to pay fees and charges required to be paid to the bank for its services.(b) Notwithstanding any statute applicable to or constituting any limitation on the sale of bonds or notes or on entry into an agreement, any qualified entity may sell its securities to the bank, without limitation as to denomination, at a private sale at such price or prices as may be determined by the bank and the qualified entity.(c) Notwithstanding any law that applies to or constitutes a limitation on the leasing or disposition of materials or other property, and subject to subsection (d), any qualified entity, or any purchasing agency (as defined in IC 5-22-2-25) of a qualified entity, may:(1) assign or sell a lease or purchase contract for property to the bank;(2) enter into a lease or purchase contract for property with the bank; or(3) buy property from or sell property to the bank;at any price and under any other terms and conditions as may be determined by the bank and the qualified entity.(d) This subsection does not apply to a school corporation that buys or leases a school bus from the bank under IC 5-1.5-4-1(a)(5). Before taking an action described under subsection (c)(1) through (c)(3) that would otherwise be subject to IC 5-22, a qualified entity or its purchasing agent must obtain or cause to be obtained a purchase price for the property to be subject to the sale, purchase contract, or lease from the lowest responsible and responsive bidder in accordance with the requirements for the purchase of supplies under IC 5-22.As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.14; P.L.48-1989, SEC.2; P.L.49-1997, SEC.25; P.L.192-2006, SEC.2.
IN Code § 5-1.5-8-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 8. Loans to Qualified Entities|5-1.5-8-4. Agreement With Bank; Waiver of Statutory Defenses to Nonpayment; Rights and Remedies of Bank

Sec. 4. Upon the sale and delivery by a qualified entity of any securities to the bank, the qualified entity shall be deemed to have agreed that upon its failure to pay interest or principal on the securities owned or held by or arising from an agreement with the bank when payable, all statutory defenses to nonpayment are waived. Upon nonpayment and demand on the qualified entity for payment, if the securities are payable from property taxes and funds are not available in the treasury of the qualified entity to make payment, an action in mandamus for the levy of a tax to pay the interest and principal on the securities shall lie, and the bank shall be constituted a holder or owner of the securities as being in default. The bank may thereupon avail itself of all remedies, rights, and provisions of law applicable in the circumstances, and the failure to exercise or exert any rights or remedies within a time or period provided by law may not be raised as a defense by the qualified entity. The bank may carry out this section and exercise all the rights, remedies, and provisions of law provided or referred to in this section.As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.15.