reglab/housing_qa huggingface dataset:
IN Code § 5-1.4-3-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-6. Annual Budget; Amendment

Sec. 6. The board shall adopt an annual budget on either a calendar or fiscal year basis. The annual budget may be amended from time to time during the year.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.8.
IN Code § 5-1.4-3-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-7. Expenses

Sec. 7. All expenses incurred in carrying out this article are payable solely from revenues of the bank or funds appropriated under this chapter, and nothing in this article authorizes the bank to incur an indebtedness or liability on behalf of or payable by the city or county.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.9.
IN Code § 5-1.4-3-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 3. Powers and Duties|5-1.4-3-8. Open Meetings; Records

Sec. 8. All meetings of the bank shall be open to the public in accordance with and subject to 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.42-1985, SEC.1.
IN Code § 5-1.4-4-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-1. Bonds or Notes; Purposes; General Obligation of Bank; Additional Security

Sec. 1. (a) The bank may issue its bonds or notes in principal amounts that it considers necessary to provide funds for any purposes under this article, including:(1) the purchase of securities;(2) the payment, funding, or refunding of the principal of, or interest or redemption premiums on, bonds or notes issued by it whether the bonds or notes or interest to be paid, funded, or refunded have or have not become due; and(3) the establishment or increase of reserves to secure or to pay bonds or notes or interest on bonds or notes and all other costs or expenses of the bank incident to and necessary or convenient to carry out its corporate purposes and powers.(b) Except as otherwise provided in this article or by the board, every issue of bonds or notes shall be general obligations of the bank payable out of the revenues or funds of the bank, subject only to agreements with the holders of a particular series of bonds or notes pledging a particular revenue or fund. Bonds or notes may be additionally secured by a pledge of a grant or contributions from the United States, the state, a qualified entity, or a person or a pledge of income or revenues, funds, or money of the bank from any source.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.10.
IN Code § 5-1.4-4-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-2. Nature of Bonds or Notes; 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 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 any qualified entity is 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.42-1985, SEC.1. Amended by P.L.29-1986, SEC.11.
IN Code § 5-1.4-4-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-3. 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.42-1985, SEC.1.
IN Code § 5-1.4-4-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-4. Authorization; Issuance in Series; Requirements; Consent of City or State Agency

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) bear interest at the rate or rates of interest or within a maximum rate or specify the method by which the interest rate or rates may be determined;(4) be in the denomination;(5) be in the form;(6) carry the conversion or registration privileges;(7) have the rank or priority;(8) be executed in the manner;(9) be payable from the sources in the medium of payment at the place inside or outside the state; and(10) be subject to the terms of redemption;as the resolution of the board or the trust agreement securing the bonds or notes provides.(b) Bonds or notes may be issued under this article without obtaining the consent of any agency of the state or city and without any other proceeding or condition other than the proceedings or conditions specified in this article.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-4-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-5. Resolution Authorizing Issuance; Adoption; Action to Set Aside Resolution

Sec. 5. Upon the adoption of a resolution authorizing the issuance of bonds or notes, 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 fifteen (15) days following the adoption of the resolution. After the expiration of this fifteen (15) 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.42-1985, SEC.1. Amended by P.L.2-1989, SEC.12.
IN Code § 5-1.4-4-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-6. 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 IC 5-1-11 and shall publish notice of the sale as required by IC 5-3-1 for the sale of bonds or notes of the city.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.12.
IN Code § 5-1.4-4-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-7. Issuance of Notes; Payment of Principal or Interest

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.42-1985, SEC.1.
IN Code § 5-1.4-4-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-8. Trust Agreement as Security; Provisions of Trust Agreement or Resolution; Expenses

Sec. 8. (a) Any bonds or notes issued under this chapter may be secured by the board 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 subsections (a), (b), and (c), any trust agreement or resolution may contain other provisions that the board considers 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 bank.As added by P.L.42-1985, SEC.1.
IN Code § 5-1.4-4-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-9. Purchase of Bonds or Notes of Bank; Disposition

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.42-1985, SEC.1. Amended by P.L.29-1986, SEC.13.
IN Code § 5-1.4-4-10 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 4. Issuance of Obligations|5-1.4-4-10. Purchase of Securities; Documentation

Sec. 10. 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.42-1985, SEC.1.
IN Code § 5-1.4-5-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 5. Reserve Fund|5-1.4-5-1. Establishment and Maintenance of Reserve Fund; 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 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;(2) all other money appropriated to the reserve fund; and(3) any other money or funds of the bank that it decides to deposit in the fund.(b) Subject to subsection (c) and 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 subsection, "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. As used in this subsection, "interest" includes any payments so designated in any contract or agreement between the bank and, or for the benefit of, any holder.(c) Money in any reserve fund in excess of the required debt service reserve as defined in subsection (b), 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.42-1985, SEC.1. Amended by P.L.29-1986, SEC.14.
IN Code § 5-1.4-5-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 5. Reserve Fund|5-1.4-5-2. Investment of Funds

Sec. 2. Money in any reserve fund may be invested in the manner provided by IC 5-1.4-3-3.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.15.
IN Code § 5-1.4-5-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 5. Reserve Fund|5-1.4-5-3. 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.42-1985, SEC.1.
IN Code § 5-1.4-5-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 5. Reserve Fund|5-1.4-5-4. Required Debt Service Reserve; Appropriation to Assure Maintenance; Application of Funds; Excess Money

Sec. 4. (a) In order to assure the maintenance of the required debt service reserve in any reserve fund, the legislative body of the city may annually appropriate to the bank for deposit in one (1) or more of the funds the sum, certified by the chairman of the board to the legislative body, that is necessary to restore one (1) or more of the funds to an amount equal to the required debt service reserve. The chairman annually, before December 1, shall make and deliver to the legislative body a certificate stating the sum required to restore the funds to that amount. Nothing in this subsection creates a debt or liability of the city to make any appropriation.(b) All amounts received on account of money appropriated by the legislative body of the city to any reserve fund shall be held and applied in accordance with section 1(b) of this chapter. However, at the end of each fiscal year, if the amount in any reserve fund exceeds the required debt service reserve, any amount representing earnings or income received on account of any money appropriated to the reserve fund that exceeds the expenses of the bank for that fiscal year may be transferred to the general fund of the city.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.16.
IN Code § 5-1.4-5-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 5. Reserve Fund|5-1.4-5-5. Combining Reserve Funds

Sec. 5. Subject to the provisions of any agreement with its holders, the bank may combine the reserve fund established for each issue of bonds or notes into one (1) or more reserve funds.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.17.
IN Code § 5-1.4-6-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 6. Other Funds and Accounts|5-1.4-6-1. 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, unless otherwise provided by resolution or trust agreement of the bank, and any money that the bank shall transfer to the fund from any reserve fund under IC 5-1.4-5-1(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.42-1985, SEC.1. Amended by P.L.29-1986, SEC.18; P.L.136-2018, SEC.25.
IN Code § 5-1.4-6-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 6. Other Funds and Accounts|5-1.4-6-2. Additional Reserves; Other Funds or Accounts

Sec. 2. The board may establish additional reserves or other funds or accounts as may be 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.42-1985, SEC.1.
IN Code § 5-1.4-6-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 6. Other Funds and Accounts|5-1.4-6-3. Money or Investments Held for Payment of Bonds or Notes; 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.42-1985, SEC.1.
IN Code § 5-1.4-7-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 7. Default of the Bank|5-1.4-7-1. Achievement of Purpose of Article Without Jeopardizing Holders of Bonds or Notes

Sec. 1. In order to:(1) carry out its purpose under this article by purchasing securities of qualified entities 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 purchase securities of 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.42-1985, SEC.1. Amended by P.L.29-1986, SEC.19.
IN Code § 5-1.4-7-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 7. Default of the Bank|5-1.4-7-2. Default; Appointment of Trustee to Represent Holders of Bonds or Notes

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; 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 the 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.42-1985, SEC.1.
IN Code § 5-1.4-7-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 7. Default of the Bank|5-1.4-7-3. Trustee; Duties; Powers; Venue; Notice

Sec. 3. (a) A trustee appointed under section 2 of this chapter shall, in the trustee's 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 the county in which the bank is located.(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 board's attorney.As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.20.
IN Code § 5-1.4-8-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 1.4. Local Public Improvement Bond Banks|Chapter 8. Purchase of Securities of Qualified Entities|5-1.4-8-1. Purchase of Securities Offered by Qualified Entity; Private Sale; Issuance of Bonds or Notes for Purpose of Purchase

Sec. 1. The bank, to carry out the purposes and policies of this article, may purchase securities offered by a qualified entity. 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.42-1985, SEC.1.