reglab/housing_qa huggingface dataset:
IN Code § 5-1.5-2-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-1. Indiana Bond Bank; Establishment; Nature; Purpose

Sec. 1. There is established the Indiana bond bank, a separate body corporate and politic, constituting an instrumentality of the state for the public purposes set out in this article, but not a state agency. The bank is separate from the state in its corporate and sovereign capacity. The purpose of the bank as described in IC 5-1.5-4 is to buy and sell securities and to make loans to qualified entities.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.4.
IN Code § 5-1.5-2-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-2. Board of Directors; Establishment; Powers; 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:(1) the treasurer of state, who shall be the chairman ex officio, or the treasurer of state's designee;(2) the public finance director appointed under IC 5-1.2-3-6, who shall be the director ex officio, or the public finance director's designee; and(3) five (5) directors appointed by the governor.(c) Each of the five (5) directors appointed by the governor:(1) must be a resident of Indiana;(2) must have substantial expertise in the buying, selling, and trading of municipal securities, in municipal administration or in public facilities management;(3) serves for a term of three (3) years and until the director's successor is appointed and qualified;(4) is eligible for reappointment;(5) is entitled to receive the same minimum salary per diem as is provided in IC 4-10-11-2.1(b) while performing the director's duties. Such a director is also entitled to the same reimbursement for traveling expenses and other expenses, actually incurred in connection with the director's duties as is provided in the state travel policies and procedures, established by the department of administration and approved by the budget agency; and(6) may be removed by the governor for cause.(d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the governor for the unexpired term only.As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.5; P.L.235-2005, SEC.75; P.L.189-2018, SEC.28; P.L.259-2019, SEC.4.
IN Code § 5-1.5-2-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-3. Duties of Board

Sec. 3. The board shall:(1) elect one (1) of its members vice chairman;(2) appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer; and(3) establish and maintain the office of the bank in Indianapolis.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-2-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-4. Quorum

Sec. 4. Four (4) directors constitute a quorum at any meeting of the board.As added by P.L.25-1984, SEC.1. Amended by P.L.38-1988, SEC.3.
IN Code § 5-1.5-2-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-5. 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 four (4) 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.25-1984, SEC.1. Amended by P.L.38-1988, SEC.4.
IN Code § 5-1.5-2-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-6. Surety Bonds; Issuer; Cost

Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the treasurer of state. 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.25-1984, SEC.1. Amended by P.L.43-1985, SEC.5.
IN Code § 5-1.5-2-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-7. Disclosure of Interest in Contracts; Abstention With Respect to Contract; Validity of Contract

Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if he:(1) has, or to his 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 he discloses in writing to the bank the nature and extent of his interest as soon as he 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 shall not be 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.25-1984, SEC.1. Amended by P.L.8-1993, SEC.51.
IN Code § 5-1.5-2-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-8. Liability on 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.25-1984, SEC.1.
IN Code § 5-1.5-2-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 2. Establishment and Organization|5-1.5-2-9. Executive Director; Duties

Sec. 9. The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors, administer, manage, and direct the employees of the bank. The executive director shall 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. The executive director shall 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. The executive director may cause copies to be made of all minutes and other records and documents of the bank and may 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.25-1984, SEC.1. Amended by P.L.1-2010, SEC.10.
IN Code § 5-1.5-3-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-1. Powers

Sec. 1. (a) The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including, but not limited to, the following:(1) Have a perpetual existence as a body politic and corporate, and an independent instrumentality, but not a state 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, which bylaws and rules may be adopted by the bank without complying with IC 4-22-2.(5) Acquire, hold, use, and dispose of its income, revenues, funds, and money.(6) Acquire, rent, lease, hold, use, and dispose of 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 and 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, any governmental unit, or any person, carry out the terms or provisions 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.(13) Do any act necessary or convenient to the exercise of the powers granted by the referenced statutes, or reasonably implied from those statutes, including compliance with requirements of federal law imposed from time to time for the issuance of bonds.(b) The bank's powers under this article shall be interpreted broadly to effectuate the purposes of this article and may not be construed as a limitation of powers. The omission of a power from the list in subsection (a) does not imply that the bank lacks that power. The bank may exercise any power that is not listed in subsection (a) but is consistent with the powers listed in subsection (a) to the extent that the power is not expressly denied by the Constitution of the State of Indiana or by another statute.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.6; P.L.46-1987, SEC.6; P.L.259-2019, SEC.5.
IN Code § 5-1.5-3-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-3. Investments

Sec. 3. Money not being used to purchase securities may be temporarily invested and reinvested pending the disbursements of that money as provided in a resolution of the bank or in a trust agreement entered into by the bank under IC 5-1.5-4-8.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.8.
IN Code § 5-1.5-3-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-4. Prohibited Acts

Sec. 4. The bank may not:(1) lend money other than to a qualified entity;(2) purchase securities other than:(A) a security to which a qualified entity is a party as issuer, borrower, or lessee; or(B) an investment under section 3 of this chapter;(3) 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 America or of the state or of any other state or jurisdiction, domestic or foreign, except as authorized in this article;(4) emit bills of credit, or accept deposits of money for time or demand deposit, or administer trusts, or engage in any form or manner, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings association, or any other kind of financial institution; or(5) engage in any form of private or commercial banking business.As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.8; P.L.79-1998, SEC.6.
IN Code § 5-1.5-3-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-5. Audit of Books and Accounts; Costs; Copy; Annual Report to Governor

Sec. 5. (a) The bank shall have an audit of its books and accounts made at least once in each year by a certified public accounting firm or the state board of accounts. If the audit is to be conducted by a certified public accounting firm, the firm may not be selected without a review of the firm's proposal and approval of the firm 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 governor before November 1 of the calendar year in which the bank's fiscal year ends. Each report shall set forth a complete operating and financial statement covering its operations during that fiscal year.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.9; P.L.46-1987, SEC.9.
IN Code § 5-1.5-3-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-6. Annual Budget

Sec. 6. The board shall adopt, on either a calendar or fiscal year basis, an annual budget, which may be amended from time to time during the year.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.10.
IN Code § 5-1.5-3-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-7. Expenses

Sec. 7. All expenses incurred in carrying out this article are payable solely from revenues of the bank or funds appropriated under this article and nothing in this article authorizes the bank to incur an indebtedness or liability on behalf of or payable by the state.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.11.
IN Code § 5-1.5-3-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 3. Powers and Duties|5-1.5-3-8. Public Meetings; Records

Sec. 8. All meetings of the bank shall be open to the public in accordance with and subject to the limitations of IC 5-14-1.5. All records of the bank shall be subject to the requirements of IC 5-14-3.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-4-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-2. Nature of Bond or Note; State Pledge and Agreement

Sec. 2. (a) A bond or note of the bank:(1) is not a debt, liability, loan of the credit, or pledge of the faith and credit of the state or of any qualified entity;(2) is payable solely from the money pledged or available for its payment under this article, unless funded or refunded by bonds or notes of the bank; and(3) must contain on its face a statement that the bank is obligated to pay principal and interest, and redemption premiums if any, and that the faith, credit, and taxing power of the state are not pledged to the payment of the bond or note.(b) The state pledges to and agrees with the holders of the bonds or notes issued under this article that the state will not:(1) limit or restrict the rights vested in the bank to fulfill the terms of any agreement made with the holders of its bonds or notes; or(2) in any way impair the rights or remedies of the holders of the bonds or notes;until the bonds or notes, together with the interest on the bonds or notes, and interest on unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met, paid, and discharged.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.13; P.L.46-1987, SEC.11.
IN Code § 5-1.5-4-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-3. Negotiability of Bonds and Notes

Sec. 3. The bonds and notes of the bank are negotiable instruments for all purposes of the Uniform Commercial Code, IC 26-1, subject only to the provisions of the bonds and notes for registration.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-4-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-4. Issuance; Resolution; Consent, Proceedings, or Conditions; Rates of Interest; Redemption; Prior Approval

Sec. 4. (a) Bonds or notes of the bank must be authorized by resolution of the board, may be issued in one (1) or more series, and must:(1) bear the date;(2) mature at the time or times;(3) be in the denomination;(4) be in the form;(5) carry the conversion or registration privileges;(6) have the rank or priority;(7) be executed in the manner;(8) be payable from the sources in the medium of payment at the place inside or outside the state; and(9) be subject to the terms of redemption;as the resolution of the board or the trust agreement securing the bonds or notes provides.(b) Except as provided in subsection (e), bonds or notes may be issued under this article without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceedings or conditions specified in this article.(c) The rate or rates of interest on the bonds or notes may be fixed or variable. Variable rates shall be determined in the manner and in accordance with the procedures set forth in the resolution authorizing the issuance of the bonds or notes. Bonds or notes bearing a variable rate of interest may be converted to bonds or notes bearing a fixed rate or rates of interest, and bonds or notes bearing a fixed rate or rates of interest may be converted to bonds or notes bearing a variable rate of interest, to the extent and in the manner set forth in the resolution pursuant to which the bonds or notes are issued. The interest on bonds or notes may be payable semiannually or annually or at any other interval or intervals as may be provided in the resolution, or the interest may be compounded and paid at maturity or at any other times as may be specified in the resolution.(d) The bonds or notes may be made subject, at the option of the holders, to mandatory redemption by the bank at the times and under the circumstances set forth in the authorizing resolution.(e) The bank may not issue bonds for qualified entities described in IC 5-1.5-1-8(5) through IC 5-1.5-1-8(7) or IC 5-1.5-1-8(11) that are subject to the volume cap (as defined in IC 5-1.2-2) without obtaining the prior approval of the Indiana finance authority.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.14; P.L.46-1987, SEC.12; P.L.37-1991, SEC.3; P.L.10-1996, SEC.16; P.L.132-1999, SEC.3; P.L.235-2005, SEC.76; P.L.189-2018, SEC.29.
IN Code § 5-1.5-4-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-5. Resolution Authorizing Issuance; Adoption; Publication of Notice; Action to Set Aside Resolution

Sec. 5. (a) Upon the adoption of a resolution authorizing the issuance of bonds or notes, the bank may publish notice of the adoption once each week for two (2) weeks in two (2) newspapers published and of general circulation in the city of Indianapolis.(b) If notice is published as provided in subsection (a), any action or proceeding in any court to set aside the resolution authorizing the issuance of bonds or notes of the bank under this article or to obtain any relief upon the ground that the resolution is invalid must be filed within thirty (30) days following the first publication of notice of the adoption of the resolution. After the expiration of this thirty (30) day period, no right of action shall be asserted nor shall the validity of the resolution or any of its provisions be open to question in any court or agency upon any grounds whatsoever.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-4-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-6. Public or Private Sale; Notice

Sec. 6. Bonds or notes of the bank may be sold at public or private sale at the price the board determines. If bonds or notes of the bank are to be sold at public sale, the bank shall follow the provisions of IC 5-1-11 and shall publish notice of the sale in accordance with IC 5-3-1-2 in two (2) newspapers published and of general circulation in the city of Indianapolis.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.15.
IN Code § 5-1.5-4-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-7. Issuance of Notes; Payment of Principal or Interest Thereon; Funding or Refunding

Sec. 7. The bank may from time to time issue its notes under this article and pay and retire the principal of the notes or pay the interest due thereon or fund or refund the notes from proceeds of bonds or of other notes, or from other funds or money of the bank available for that purpose in accordance with a contract between the bank and the holders of the notes.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-4-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-8. Trust Agreement or Resolution; Provisions; Expenses

Sec. 8. (a) In the discretion of the board, any bonds or notes issued under this chapter may be secured by a trust agreement by and between the board and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the state.(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 holders of any such bonds or notes as may be reasonable and proper and not in violation of law.(c) The trust agreement or resolution may set forth the rights and remedies of the holders of any bonds or notes and of the trustee and may restrict the individual right of action by the holders.(d) In addition to the provisions of subsections (a), (b), and (c), any trust agreement or resolution may contain such other provisions as the board may deem reasonable and proper for the security of the holders of any bonds or notes.(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from revenues or assets pledged or assigned to the payment of the principal of and the interest on bonds and notes or from any other funds available to the board.As added by P.L.25-1984, SEC.1.
IN Code § 5-1.5-4-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-9. Purchase of Bonds or Notes of Bank; Disposition; Bonds or Notes Held Considered Held for Resale or Transfer

Sec. 9. The bank may purchase bonds or notes of the bank out of its funds or money available for the purchase of its own bonds and notes. The bank may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with holders of its bonds or notes. Unless cancelled, bonds or notes so held shall be deemed to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be deemed to be extinguished.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.16.
IN Code § 5-1.5-4-10 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.5. Indiana Bond Bank|Chapter 4. Issuance of Obligations|5-1.5-4-10. Purchase of Securities; Documentation

Sec. 10. Subject to IC 5-1.5-8-2, all securities purchased, held, or owned by the bank, upon delivery to the bank, must be accompanied by all documentation required by the board.As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.17.