reglab/housing_qa huggingface dataset:
IN Code § 36-10-11-14 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-14. Lease; Option to Purchase

Sec. 14. (a) An option to purchase on the dates of each year fixed in the lease, before the expiration of the lease, may also be included in the original lease. The price must be computed by a method set out in the lease. The option may be given to one (1) or more lessees acting jointly or severally.(b) A lease may not obligate a governmental entity to purchase the leased building or pay creditors or bondholders of the authority.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-15 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-15. Lease; Notice and Hearing; Authorization of Execution

Sec. 15. (a) When the authority and a governmental entity have agreed upon the lease, and before the final execution of the lease, a notice shall be published under IC 5-3-1 of a hearing to be held by the fiscal body of the governmental entity. The hearing shall be held on a day at least ten (10) days after the publication of notice. The proposed lease and any plans and specifications must be open to inspection by the public during the ten (10) day period and at the hearing.(b) The notice must state:(1) the date, place, and time of the hearing;(2) a brief summary of the principal terms of the lease, including the character and location of the property to be leased;(3) the estimated lease rental to be paid; and(4) the period of the lease.(c) All interested persons are entitled to be heard at the hearing concerning the necessity for the execution of the lease and whether the lease rental is fair and reasonable. The hearing may be adjourned to a later date fixed before adjournment. Following the hearing the fiscal body may either:(1) authorize the execution of the original lease; or(2) authorize the execution of the lease with modifications that are agreed to by the authority.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-16 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-16. Lease; Execution; Notice; Limitation on Annual Rental; Approval by Department of Local Government Finance; Transfer of Net Revenue

Sec. 16. (a) The lease shall be executed on behalf of the governmental entity by an officer authorized by law to execute contracts for the entity and on behalf of the authority by both the president or vice president of the board and the secretary of the board of directors.(b) Notice of the execution of the lease shall be given by the governmental entity by publication as provided in IC 5-3-1.(c) A lease may not be executed with annual lease rental exceeding an aggregate of two hundred seventy-five thousand dollars ($275,000) unless the fiscal body of the lessee governmental entity finds that the estimated annual net income to the lessee governmental entity from the civic center, plus any other nonproperty tax funds made available annually for the payment of the lease rental, will not be less than the amount of the excess.(d) All net revenues of the leased building, together with any other funds made available for the payment of lease rental, shall be transferred at least annually by the lessee to a fund for payment of lease rental.As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.73-1983, SEC.23; P.L.90-2002, SEC.525; P.L.197-2016, SEC.154.
IN Code § 36-10-11-17 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-17. Lease; Objections; Petition; Certification to Department of Local Government Finance; Hearing; Determination

Sec. 17. (a) Ten (10) or more taxpayers whose tax rate will be affected by the lease may file a petition in the office of the county auditor within thirty (30) days after publication of notice of the execution of the lease. The petition must set forth their objections and the facts showing(1) that the lease is unnecessary or unwise; or(2) that the lease rental is not fair and reasonable.(b) Upon the filing of a petition, the county auditor shall certify a copy, together with other data that is necessary in order to present the questions involved, to the department of local government finance. Upon receipt of a certified petition and information, the department of local government finance shall set a time for the hearing of the matter. The hearing shall be held at least five (5) but not more than fifteen (15) days after receipt of the petition by the department of local government finance. The department of local government finance may either hold the hearing in the affected county or through electronic means. Notice of the hearing shall be given by the department of local government finance to the governmental entity and to the first ten (10) petitioners at least five (5) days before the date of the hearing. The hearing shall determine the necessity of the lease and whether the lease rental is fair and reasonable.As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.90-2002, SEC.526; P.L.38-2021, SEC.109.
IN Code § 36-10-11-18 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-18. Lease; Actions to Contest Validity or Enjoin Performance; Limitation

Sec. 18. An action to contest the validity of the lease or to enjoin the performance of the lease may not be brought later than thirty (30) days after publication of notice of the execution of the lease or thirty (30) days after the decision of the department of local government finance, whichever is later.As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.90-2002, SEC.527.
IN Code § 36-10-11-19 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-19. Sale or Lease of Land by Governmental Entity to Authority

Sec. 19. (a) A governmental entity or entities desiring to have buildings erected on land owned or to be acquired by it may sell or lease the land to the authority. The land may be leased at a nominal lease rental, but the term of the lease may not be less than the term of the lease of the building to the governmental entity.(b) The governmental entity may also grant an option to the authority to purchase the land within six (6) months after the expiration of the lease on the building if the governmental entity or entities has not exercised an option to purchase the building within the terms of the contract of lease. If the option price on the land is not fixed in the original contract of lease, then the price to be paid for the land under that option shall be determined by appraisal to be made by three (3) appraisers residing in the county appointed by the judge of the circuit court of the county. A sale or lease of land by a governmental entity to the authority shall be authorized by the fiscal body of the entity by ordinance or resolution, which shall be entered in the official records of the fiscal body. The authorization shall be given concurrently with the authorization by the governmental entity of a lease by it of the particular building, or part of it, to be constructed wholly or in part on the land. The deed or lease shall be executed on behalf of the entity by the officer or officers authorized by law to enter into contracts on behalf of the entity and on behalf of the authority by the president or vice president and secretary of the board of directors.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-20 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-20. Revenue Bonds; Issuance; Resolution

Sec. 20. (a) In order to procure funds to pay the cost of a building to be built or improved under this chapter, and to repay advances for preliminary expenses made to the authority by the governmental entity, the board of directors may issue revenue bonds of the authority. The bonds are payable solely from the income and revenues of the particular building financed from the proceeds of the bonds.(b) The revenue bonds shall be authorized by resolution of the board, bear interest payable semiannually, and mature serially, either annually or semiannually, at the times that are determined by the resolution of the board authorizing the bonds. The maturities of the bonds may not extend over a period longer than the period of the lease of the building for which the bonds are issued. The bonds may and all bonds maturing after ten (10) years from the date of issuance shall be made redeemable before maturity at the option of the authority, to be exercised by the board, at par value together with the premiums and under the terms and conditions that are fixed by the resolution authorizing the issuance of the bonds. The principal and interest of the bonds may be made payable in any lawful medium.(c) The resolution must determine the form of the bonds, including the interest coupons to be attached, and must fix the denomination or denominations of the bonds and the place or places of payment of the principal and interest, which must be at a state or national bank or trust company within Indiana or may be at one (1) or more state or national banks or trust companies outside Indiana. All bonds must have all the qualities and incidents of negotiable instruments under statute. Provision may be made for the registration of the bonds in the name of the owner as to principal alone.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-21 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-21. Bonds; Execution and Sale

Sec. 21. (a) The bonds shall be executed by the president of the board, and the corporate seal of the authority shall be affixed and attested by the secretary of the board. The interest coupons attached to the bonds shall be executed by placing the facsimile signature of the treasurer on them. The bonds shall be sold by the board:(1) at public sale for not less than the par value; or(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2023.Notice of sale shall be published in accordance with IC 5-3-1.(b) If the bonds are sold at a public sale, the board shall award the bonds to the highest bidder as determined by computing the total interest on the bonds from the date of issue to the dates of maturity and deducting the premium bid, if any. If the bonds are not sold on the date fixed for the sale, the sale may be continued from day to day until a satisfactory bid has been received.(c) Any premium received from the sale of the bonds shall be used solely for the payment of principal and interest on the bonds.(d) Before the preparation of definitive bonds, temporary bonds may under like restrictions be issued with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The total amount of bonds issued by the authority under this section, when added to any loan or loans negotiated under section 22 of this chapter, may not exceed three million dollars ($3,000,000).As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.125-2018, SEC.13; P.L.38-2021, SEC.110.
IN Code § 36-10-11-22 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-22. Loans; Procedure

Sec. 22. (a) In lieu of authorizing and selling bonds as provided in this section, the board may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of procuring the required funds. The resolution must set out the total amount of the loan desired and the approximate dates on which funds will be required and the amounts of them. The resolution must also set out the terms, conditions, and restrictions relative to the proposed loan or to the submission of proposals that the board considers advisable. Before the consideration of proposals for the making of a loan, a notice shall be published once each week for two (2) weeks:(1) with each publication in a newspaper published in the county and a newspaper published in the city of Indianapolis; or(2) with the first publication of notice in each newspaper described in subdivision (1) and the second publication of notice:(A) in accordance with IC 5-3-5; and(B) on the official web sites of the county and the city of Indianapolis.The notice must set out the amount and purpose of the proposed loan and a brief summary of other provisions of the resolution, including the time and place where proposals will be considered. The board may accept the proposal that in its judgment is the most advantageous to the authority.(b) The total amount of loans negotiated by the authority under this section, when added to the amount of bonds issued under section 21 of this chapter, may not exceed three million dollars ($3,000,000).As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.152-2021, SEC.42.
IN Code § 36-10-11-23 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-23. Application of Bond and Loan Proceeds; Lien

Sec. 23. All money received from the sale of bonds or loans negotiated under this chapter, after reimbursement to the city of all amounts advanced for preliminary expenses as provided in section 11 of this chapter, shall be applied to the payment of the costs of buildings and improvements for which the bonds were issued or the loan was negotiated, including incidental expenses and interest during construction. A lien exists on all monies until so applied in favor of the holders of the bonds, the lenders, or the trustees.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-24 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-24. Bonds or Loans; Trust Indenture

Sec. 24. (a) In the discretion of the board of directors, the bonds or loan may be secured by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana having trust powers. The trust indenture may mortgage all or part of the land, buildings, or both for which the bonds are issued or the loan negotiated. The trust indenture may contain the provisions for protecting and enforcing the rights and remedies of the bondholders or lenders that are reasonable and proper, including covenants setting forth the duties of the authority and board of directors in relation to the construction of the buildings and improvement, operation, repair, maintenance, and insurance of them, and the custody, safeguarding, and application of all money received or to be received by the authority due to the building financed by the issuance of the bonds or the negotiation of the loan. The indenture may set forth the rights and remedies of the bondholders or lenders and trustee and provisions restricting the individual right of action of bondholders or lenders.(b) Within the limits of this chapter, the board of directors may provide by resolution or in the trust indenture for the payment of the proceeds of the sale of the bonds or the negotiation of the loan to an officer, board, or depository that it determines for the custody of them and for the method of disbursement, with safeguards and restrictions that it determines.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-25 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-25. Refunding Revenue Bonds; Issuance

Sec. 25. (a) To procure money to refund bonds issued under section 20 of this chapter, the board of directors may issue refunding revenue bonds. The refunding bonds may not be issued unless:(1) the issuance will result in a savings of interest cost to the authority; or(2) the issuance will permit a reduction in the lease rental payable by the lessee of the building financed from the bond proceeds being refunded.(b) The refunding bonds are subject to the following:(1) The issuance may not exceed the sum of:(A) the principal of the bonds being refunded;(B) any premium required to be paid upon their redemption;(C) any interest accrued or to accrue to the date of their redemption; and(D) any expenses that the board estimates will be incurred in the issuance of the refunding bonds.(2) The bonds may be issued at any time not more than six (6) years prior to the redemption date of the bonds being refunded.(3) Principal is not payable on the refunding bonds until after the redemption date.(4) Until the redemption of the bonds being refunded, the interest on the refunding bonds is payable solely from the money placed in escrow in accordance with section 26 of this chapter. Interest or other income earned on the investment of the funds and the principal and interest on the refunding bonds constitute a lien only against the escrowed money.(5) Upon redemption of all the bonds being refunded, the principal and interest on the refunding bonds is payable solely from and constitute a lien only against the income and revenues of the buildings financed from the proceeds of the bonds being refunded and any other money deposited in the sinking fund for the payment of the refunding bonds.(c) The refunding bonds shall be issued in the same manner as bonds are issued under section 20 of this chapter and may be secured by a trust indenture as provided in section 24 of this chapter.(d) An action to contest the validity of the refunding bonds may not be brought after the fifth day following the receipt of bids for the bonds.(e) The trust indenture securing the refunding bonds may provide for the transfer by the authority to the sinking fund established by the trust indenture of all or any part of the balance in the sinking fund established in the trust indenture securing, or resolution providing for the issuance of, the bonds being refunded, the transfer to be made concurrently with the redemption of all the bonds being refunded.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-26 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-26. Refunding Bonds; Application of Proceeds

Sec. 26. (a) The proceeds of the refunding bonds issued under section 25 of this chapter shall be placed in escrow and applied with any other available money to the payment on the date selected for redemption of the principal, accrued interest, and any redemption premiums of the bonds being refunded. In addition, if provided or permitted in the resolution authorizing the issuance of the refunding bonds or in the trust indenture securing them, the proceeds may also be applied to the payment of any interest on the refunding bonds and any costs of refunding. Pending application, the escrowed proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States, which must mature, or which must be subject to redemption by the holder of them at the option of the holder, not later than the respective dates when the proceeds, together with the accruing interest, will be required for the purposes intended.(b) In lieu of those investments, all or part of the proceeds may be placed in interest bearing time certificates of deposit with the bank that the board designates. Other similar arrangements may be made with the bank that will assure that the proceeds, together with the accruing interest, will be available when required for the purposes intended, but time certificates of deposit or other similar arrangements must be secured to their full amount by direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of the type permitted for direct investment of the escrow fund.(c) All interest or other income earned on these investments must first be used to pay the interest on the refunding bonds as it becomes due. Any excess becomes a part of and shall be held in the escrow fund. Any balance remaining in the escrow fund after redemption of all the bonds being refunded shall be deposited in the sinking fund established for the payment of the principal and interest on the refunding bonds.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-27 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-27. Refunding Bonds; Authority to Amend Lease

Sec. 27. (a) In connection with the issuance of refunding bonds, the authority and the lessee, or lessees, of the building, or buildings, financed from the proceeds of the bonds being refunded may enter into an amendment to the lease modifying the lease:(1) to provide for a reduction in the amount of lease rental payable by the lessee, or lessees, to be effective upon the redemption of the bonds being refunded;(2) to provide for an extension of the time set forth in the lease before the option of the lessee, or lessees, to purchase may be exercised to the time that is agreed upon between the authority and the lessee or lessees; or(3) to provide that the lease rental payable by the lessee, or lessees, after the redemption of all the bonds being refunded is payable to the trustee under the trust indenture securing the refunding bonds.(b) Proceedings or actions by the lessee and approval by any board, commission, or agency are not required for refunding. The refunding authorized in this chapter does not affect the obligation of the lessee, or lessees, to pay the lease rental under the lease of the building or buildings, except to the extent the lease rental may be reduced by any amendment as authorized by this section.As added by Acts 1982, P.L.218, SEC.5.
IN Code § 36-10-11-28 (2021)
2021 Indiana Code|Title 36. Local Government|Article 10. Recreation, Culture, and Community Facilities|Chapter 11. Gary Building Authority|36-10-11-28. Refunding Bonds; Redemption

Sec. 28. For the purposes of sections 25, 26, and 27 of this chapter, bonds are redeemed on the date selected for redemption if:(1) the full amount necessary to effect complete redemption has been deposited in accordance with the trust indenture securing or resolution providing for the issuance of the bonds; and(2) all action necessary to redeem the bonds has been taken so that the bonds are no longer considered outstanding under the trust indenture or resolution and are no longer payable from the income and revenues of the particular building, or buildings, financed from the proceeds of the bonds.As added by Acts 1982, P.L.218, SEC.5.