reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-19. Bond Proceeds and Revenues

Sec. 19. (a) All money received by an authority or held by a trustee under section 15 of this chapter, whether as proceeds from the sale of bonds, from revenues, or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this chapter, but prior to the time when needed for use may be invested to the extent and in the manner determined by the authority. Such funds shall be deposited, held, and secured in accordance with the general laws of the state relating to the handling of public funds.
(b) The resolution authorizing the issuance of bonds or the trust agreement securing such bonds shall provide that any officer to whom, or any bank or trust company to which, such money shall be entrusted shall act as trustee of such money and shall hold and apply the same for the purposes of this chapter, subject to the provisions of this chapter and of the authorizing resolution or trust agreement.
(c) The handling and expenditure of funds coming into the possession of an authority shall be subject to audit and supervision by the state board of accounts. The cost of such audit may be treated as an expense of operation.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by P.L.43-1987, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-20. Enforcement of Rights and Duties

Sec. 20. Enforcement of Rights and Duties. Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee under any trust agreement, except to the extent the rights herein given may be restricted by the authorizing resolution or trust agreement, may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the state or granted hereunder or under such trust agreement, or the resolution authorizing the issuance of such bonds, and may enforce and compel the performance of all duties required by this chapter or by such trust agreement or resolution to be performed by an Authority or by any officer, employee or agent thereof, including the fixing, charging and collecting of rates, rents, fees and charges herein authorized and required by the provisions of such resolution or trust agreement to be fixed, established and collected.
Such rights include the right to compel the performance of all duties of an Authority required by this chapter or the bond resolution or trust agreement; to enjoin unlawful activities; and in the event of default with respect to the payment of any principal of, premium, if any, and interest on any bond or in the performance of any convenant or agreement on the part of an Authority in the bond resolution, to apply to a court having jurisdiction of the cause to appoint a receiver to administer and operate the project, the revenues of which are pledged to the payment of principal of, premium, if any, and interest on such bonds, (with full power to pay and to provide for payment of, principal of, premium, if any, and interest on such bonds), and with such powers, subject to the direction of the court, as are permitted by law and are accorded receivers in general equity cases, excluding any power to pledge additional revenues of an Authority to the payment of such principal, premium and interest; and to foreclose the mortgage on the project in the same manner as for real estate of private corporations.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-22. Interest in Contracts

Sec. 22. A member, agent, or employee of an Authority who knowingly is interested in any contract with the Authority or in the sale of any property to the Authority commits a Class A misdemeanor. Such contracts are void. This section does not apply to contracts for purchases of property between an Authority and other departments, municipalities, or subdivisions of state government.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by Acts 1978, P.L.2, SEC.501.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-23. Liberal Construction

Sec. 23. Liberal Construction. This chapter being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-24. Legal Investments

Sec. 24. Legal Investments. Revenue bonds issued by an Authority under the provisions of this chapter shall constitute legal investments for any private trust funds, and the funds of any banks, trust companies, insurance companies, building and loan associations, credit unions, banks of discount and deposit, savings banks, loan and trust and safe deposit companies, rural loan and savings associations, guaranty loan and savings associations, mortgage guaranty companies, small loan companies and industrial loan and investment companies, and any other financial institutions organized under the laws of the state of Indiana. Such bonds are hereby made securities in which all public officers and public agencies of the state and its political subdivisions may legally and properly invest funds and such bonds may be properly and legally deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by P.L.42-1993, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-26. Tax Exemption

Sec. 26. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of a project by an authority or its agent will constitute the performance of essential governmental functions, such authority shall not be required to pay any taxes or assessments upon or in respect of a project or any property acquired or used by such authority under the provisions of this chapter, or upon the income therefrom, and the bonds issued under the provisions of this chapter, the interest thereon, the proceeds received by a holder from the sale of such bonds to the extent of the holder's cost of acquisition, or proceeds received upon redemption prior to maturity or proceeds received at maturity, and the receipt of such interest and proceeds shall be exempt from taxation in the state of Indiana for all purposes except the financial institutions tax imposed under IC 6-5.5.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by P.L.21-1990, SEC.3; P.L.254-1997(ss), SEC.4; P.L.79-2017, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-27. Pledge by State to Bondholders and Contractors

Sec. 27. The state of Indiana does hereby pledge to and agree with the holders of any obligations issued under this chapter, and with those parties who may enter into contracts with an authority pursuant to the provisions of this chapter, that the state will not limit or alter the rights hereby vested in such authority until such obligations, together with the interest thereon, are fully met and discharged and such contracts are fully performed on the part of such authority. However, nothing in this section shall preclude such limitation or alteration if and when adequate provisions shall be made by law for the protection of the holders of such obligations of such authority or those entering into such contracts with such authority. An authority as agent for the state is authorized to include this pledge and undertaking for the state in such obligations or contracts.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by P.L.2-1995, SEC.12; P.L.136-2018, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-28. Supplemental Effect

Sec. 28. (a) This chapter provides a complete, additional, and alternative method for the doing of the things authorized in this chapter and is supplemental and additional to powers conferred by other laws.
(b) The issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds. In the construction and acquisition of a project under this chapter, an authority need not comply with:
(1) IC 5-17-1; or
(2) any competitive bidding law or other restrictions imposed on the procedure for award of contracts for the construction and equipment of a project or the lease, sale, or disposition of property of an authority.
(c) If the prospective lessee requests in writing, an authority shall call for construction bids in the manner as determined by the authority with the approval of the lessee.
(d) Except as otherwise expressly provided in this chapter, none of the powers granted to an authority under this chapter shall be subject to the supervision or regulation or require the approval or consent of any political subdivision, commission, board, body, bureau, official, or agency of a political subdivision or the state.
(e) This subsection applies if the authority disposes of real property or awards a contract for the procurement of property by acceptance of bids, proposals, or quotations. A bid, proposal, or quotation submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each:
(1) beneficiary of the trust; and
(2) settlor empowered to revoke or modify the trust.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1. As amended by P.L.3-1989, SEC.26; P.L.336-1989(ss), SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 4. Hospital Bonding Authorities › 5-1-4-29. Conflicting Laws

Sec. 29. Act Controlling Over Inconsistent Law. To the extent that the provisions of this chapter are inconsistent with the provisions of any general statute or special act or parts thereof, the provisions of this chapter shall be deemed controlling.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-2. Issuance of Bonds to Refund Outstanding Bonds

Sec. 2. (a) The governing body of any issuing body may by ordinance provide for the issuance of bonds to refund outstanding bonds issued at any time by such issuing body or its predecessor, and to pay redemption premiums and costs of refunding to effect a saving to the issuing body. Issuance of bonds to refund outstanding bonds may also be made in order to pay or discharge all or any part of such outstanding series or issue of bond, including any interest thereon, in arrears or about to become due and for which sufficient funds are not available or to modify restrictive covenants in outstanding bonds impeding additional financing. To determine whether or not a savings will be effected, consideration shall be given to the estimated or known interest payable to the fixed maturities of the refunding bonds, the interest payable on the bonds to be refunded, the costs of issuance of the refunding bonds, including any sale discount, the redemption premiums, if any, to be paid, and the probable earned income from the investment of the refunding bond proceeds pending redemption of the bonds to be refunded.
(b) The provisions of subsection (a) requiring a savings to be effected do not apply to:
(1) the issuance of bonds to refund previously issued refunding bonds, if the statute under which the refunding bonds are issued expressly exempts such an issue from this savings requirement; or
(2) the issuance of refunding bonds by a school corporation that is an eligible school corporation under section 2.5 of this chapter.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by Acts 1982, P.L.28, SEC.2; P.L.23-1984, SEC.1; P.L.229-2011, SEC.62.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-3. Exchange for Outstanding Bonds

Sec. 3. Any bonds issued for refunding purposes may be delivered in exchange for the outstanding bonds being refunded or may be sold in the manner provided in this chapter.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.136-2018, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-4. Refunding Procedure

Sec. 4. (a) Bonds may be refunded under this chapter when the holders thereof voluntarily surrender them for exchange or payment, or, if they mature, or are subject to redemption prior to maturity within twenty (20) years from the date of the refunding bonds. In any advance refunding plan under this chapter the governing body shall provide in the ordinance authorizing the issuance of the advance refunding bonds for the redemption of the bonds to be refunded on any redemption date prior to maturity or at maturity.
(b) The ordinance authorizing the issuance of advance refunding bonds pursuant to this chapter may provide for a maximum interest rate, payable annually or at shorter intervals, and shall provide for the maturities at such time or times as may be determined by the ordinance. The bonds may be made redeemable before maturity at the option of the issuing body at such times and with such premiums, and under such terms and conditions as may be fixed in the ordinance.
(c) The principal and interest of the bonds may be made payable in any lawful medium. The ordinance shall determine the form of the bonds, including the interest coupons if any to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of the principal and interest thereof, which may be at any bank or trust company within or without the state.
(d) Subject to registration provisions, all such bonds shall have all the qualities and the incidents of negotiable instruments under the negotiable instruments law of the state. The bonds shall be exempt from all taxation, state, county, and municipal, as provided in IC 6-8-5. Provision may be made for the registration of any of the bonds in the name of the owner as to principal alone, or as to both principal and interest, but fully registered bonds shall be made convertible to coupon bonds at the option of the registered owner. The bonds shall be executed in the same manner as other bonds issued by the issuing body are executed.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.23-1984, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-5. Principal Amount; Reserves to Secure Bonds

Sec. 5. Refunding bonds may be issued in a principal amount in excess of the principal amount of the bonds to be refunded. The principal amount of the refunding bonds may be less than or the same as the principal amount of the bonds being refunded so long as provision is duly and sufficiently made for the retirement or redemption of such bonds to be refunded. Any reserves held to secure the bonds to be refunded may be applied at the time the bonds to be refunded are paid to the redemption or retirement of such bonds, or if other available funds are sufficient and are used to retire and redeem such bonds, such reserves may be pledged as security for the refunding bonds.
Formerly: Acts 1973, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-6. Proceeds of Refunding Bonds; Disposition

Sec. 6. The proceeds of the refunding bonds issued pursuant to this chapter shall be placed in escrow and applied, with any other available funds, to the payment on the date selected for redemption of the principal, accrued interest and any redemption premiums of the bonds being refunded, and, if so provided or permitted in the ordinance authorizing the issuance of such refunding bonds or in the trust indenture securing the same, may also be applied to the payment of any interest on such refunding bonds, and any costs of refunding. Pending such application, such 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 of America, which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended. In lieu of such investments, all or part of such proceeds may be placed in interest bearing time certificates of deposits with such eligible financial institutions in the state of Indiana as the governing body shall determine or other similar arrangements may be made with such eligible financial institutions with regard thereto which will assure that such proceeds, together with the interest accruing thereon, will be available when required for the purposes intended, provided that, if required by the governing body, such time certificates of deposits or other similar arrangements shall be secured to the full amount thereof by direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America of the type permitted for direct investment of the escrow fund. All interest or other income earned on such investments shall first be used to pay the interest on the refunding bonds as it becomes due. Any excess shall become a part of and 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.
Formerly: Acts 1973, P.L.28, SEC.1; Acts 1974, P.L.12, SEC.1. As amended by P.L.27-2012, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-7. Safekeeping and Application of Bond Proceeds

Sec. 7. The governing body may contract with respect to the safekeeping and application of the advance refunding bond proceeds and other funds included therewith and the income therefrom. The governing body may provide in the refunding plan that until such moneys are required to redeem or retire revenue bonds to be refunded, the refunding bond proceeds and other available funds, and the income therefrom shall be used to pay and secure the payment of the principal of and interest on the advance refunding bonds. The governing body may additionally pledge for the payment of such refunding bonds any revenues which might legally be pledged for the payment of revenue bonds of the issuer of the type being refunded. Provisions must be made by the governing body for moneys sufficient in amount to accomplish the refunding as scheduled.
Formerly: Acts 1973, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-8. Trust Indenture to Secure Bonds

Sec. 8. (a) The governing body may secure the bonds by a trust indenture by and between the issuing body and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state of Indiana, and may convey or mortgage property to the same extent as is authorized by statutes applicable to:
(1) the bonds being refunded; or
(2) the bonds that the bonds being refunded had previously refunded.
(b) The ordinance authorizing the bonds and fixing the details thereof may provide that the trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper, not in violation of law, including covenants setting forth the duties of the issuing body.
(c) The trust indenture may set forth the rights and remedies of the bondholders or trustee, restricting the individual right of action of bondholders as is customary in trust indenture securing bonds and debentures of corporations. Except as is in this chapter otherwise provided, the governing body may provide by ordinance or in the trust indenture for any other terms or conditions pertaining to the refunding bonds as is authorized by statutes applicable to:
(1) the bonds being refunded; or
(2) the bonds that the bonds being refunded had previously refunded.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by Acts 1982, P.L.28, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-9. Payment of Bonds; Sources of Revenue

Sec. 9. When an issuing body has irrevocably set aside for and pledged to the payment of revenue bonds to be refunded, advance refunding bond proceeds and other moneys in amounts which together with known earned income from the investment thereof are sufficient in amount to pay the principal of and interest and any redemption premiums on such revenue bonds as the same become due and to accomplish the refunding as scheduled, the governing body may provide that the advance refunding revenue bonds shall be payable from any source which, either at the time of the issuance of the advance refunding bonds or the revenue bonds to be refunded, might legally be or have been pledged for the payment of the revenue bonds refunded to the extent it may legally do so, notwithstanding the pledge of such revenues for the payment of the outstanding revenue bonds being refunded.
Formerly: Acts 1973, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-10. Irrevocable Pledge to General Obligation Bond; Effect

Sec. 10. When funds and investments and the known earned income therefrom in amounts sufficient to pay the principal of and interest and any premium on bonds to be refunded as they become due at their respective maturities or at the date fixed for redemption have been irrevocably pledged to the bonds to be refunded, such bonds shall not constitute an indebtedness of the issuing body within the meaning of any constitutional or statutory debt limitation.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.44-1987, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-11. Issuance; Separate or in Combination

Sec. 11. Bonds for refunding and bonds for any other purpose or purposes authorized may be issued separately or issued in combination in one (1) or more series or issues by the same issuer.
Formerly: Acts 1973, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-12. Law Governing Issuance

Sec. 12. Except as specifically provided in this chapter, refunding bonds issued under this chapter shall be issued in accordance with the provisions of law applicable, either at the time of the issuance of the refunding bonds or at the time of issuance of the bonds to be refunded, to:
(1) the type of bonds being refunded; or
(2) the type of bonds that the bonds being refunded had previously refunded.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by Acts 1982, P.L.28, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-13. Sale of Bonds

Sec. 13. Refunding bonds issued under the provisions of this chapter may be sold in such manner and upon such terms and conditions as the issuer of such refunding bonds shall deem to be in the best interests of the issuing body, notwithstanding the provisions of IC 21-32-3, nor the provisions of IC 5-1-11, nor the provisions of any other law to the contrary. However, if such refunding bonds are sold to any person, limited liability company, firm, or corporation that has been rendering financial advisory services to the issuing body in connection with the proceedings and necessary fiscal arrangements related to such refunding bonds, then and in that event the issuing body shall not pay to such purchaser of the refunding bonds any fee or compensation for services rendered or as reimbursement for expenses incurred in connection therewith.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by Acts 1981, P.L.11, SEC.15; P.L.8-1993, SEC.45; P.L.2-2007, SEC.67.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-14. Cumulative Effect of Chapter

Sec. 14. The authority of an issuing body to issue refunding bonds pursuant to this chapter is additional to any existing authority to issue such bonds and nothing in this chapter shall prevent the issuance of such bonds pursuant to any other law, and this chapter shall not be construed to amend any existing law authorizing the issuance of refunding bonds by an issuing body.
Formerly: Acts 1973, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-15. Lease Modifications

Sec. 15. In connection with the issuance of refunding bonds, an issuing body and the lessee, or lessees, of any building, or buildings, financed from the proceeds of the bonds being refunded may enter into an amendment to the lease modifying or amending the provisions of such lease in any one (1) or more of the following respects:
(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; or the happening of the events set forth in section 9 of this chapter if permitted by law and the covenants on the bonds to be refunded.
(2) To provide for extensions or reductions of the times set forth in the lease before the options of the lessee or lessees to purchase may be exercised to such times as may be agreed upon between the issuing body and the lessee or lessees.
(3) To provide that the lease rental payable by the lessee or lessees, after the redemption of all the bonds being refunded may be payable to the trustee under a trust indenture securing such refunding bonds.
The refunding authorized under this section shall in no way 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 such lease rental may be reduced by any amendment as authorized under this section.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.136-2018, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-16. Advance Refunding Bonds; Issuance

Sec. 16. Notwithstanding any other law, advance refunding bonds may be issued by an issuing body without obtaining the approval of the utility regulatory commission whether such advance refunding bonds are issued under this chapter or any other law.
As added by P.L.44-1987, SEC.2. Amended by P.L.23-1988, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-17. Last Date for Payment of Certain Refunding Bonds

Sec. 17. (a) This section applies to bonds that are:
(1) issued after June 30, 2008, by a local issuing body; and
(2) payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes;
including bonds that are issued under a statute that permits the bonds to be issued without complying with any other law or otherwise expressly exempts the bonds from the requirements of this section.
(b) Except as provided by section 2.5 of this chapter, the last date permitted under an agreement for the payment of principal and interest on bonds that are issued to retire or otherwise refund other revenue bonds or general obligation bonds may not extend beyond the maximum term of the bonds being refunded.
As added by P.L.146-2008, SEC.24. Amended by P.L.229-2011, SEC.64.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 5. Refunding Bonds Generally › 5-1-5-18. Use of Savings From Refunding of Bonds

Sec. 18. (a) This section applies to bonds that are:
(1) issued after June 30, 2008, by a local issuing body; and
(2) payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes;
including bonds that are issued under a statute that permits the bonds to be issued without complying with any other law or otherwise expressly exempts the bonds from the requirements of this section.
(b) Savings (as computed under section 2 of this chapter) that accrue from the issuance of bonds to retire or otherwise refund other bonds may be used only for the following purposes:
(1) To maintain a debt service reserve fund for the refunding bonds at the level required under the terms of the refunding bonds, if the local issuing body adopts an ordinance, resolution, or order authorizing that use of the proceeds or earnings.
(2) To pay the principal or interest, or both, on:
(A) the refunding bonds; or
(B) other bonds, if the issuing body approves an ordinance authorizing the use of the savings to pay principal or interest on other bonds.
(3) To reduce the rate or amount of ad valorem property taxes, special benefit taxes on property, or tax increment revenues imposed by or allocated to the local issuing body.
(c) An increment as computed under section 2.5 of this chapter that occurs from the issuance of bonds by an eligible school corporation to retire or otherwise refund other bonds as provided in section 2.5 of this chapter may be used only to make transfers permitted by IC 20-46-7-15 for the eligible school corporation.
As added by P.L.146-2008, SEC.25. Amended by P.L.229-2011, SEC.65.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-1. Short Title

Sec. 1. This chapter may be cited as "The Revenue Bond Refinancing Law of 1937."
[Pre-Local Government Recodification Citation: 19-8-7-1.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-3. Issuance of Refunding Bonds to Refinance and Improve Enterprise

Sec. 3. Any issuing body shall have power and is hereby authorized to refinance, or to refinance and improve, any enterprise, and for such purpose or purposes to borrow money and issue refunding bonds from time to time.
[Pre-Local Government Recodification Citation: 19-8-7-3.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-5. Terms and Covenants of Refunding Bonds; Negotiability

Sec. 5. The refunding bonds may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times not exceeding forty (40) years from their respective dates, may bear interest at any rate, payable annually or at shorter intervals, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without a premium, may be declared or become due before the maturity date, may provide for the replacement of mutilated, destroyed, stolen, or lost bonds, may be authenticated in such manner and upon compliance with such conditions, and may contain such other terms and covenants, as may be provided by ordinance or resolution of the governing body. Notwithstanding the form or tenor, and in the absence of an express recital on the face thereof that the bond is nonnegotiable, all refunding bonds shall at all times be, and shall be treated as, and have all the qualities and incidents of negotiable instruments for all purposes.
[Pre-Local Government Recodification Citation: 19-8-7-5.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-6. Validity of Authorization; Issuance and Obligations; Recitals in Bond

Sec. 6. Refunding bonds bearing the signatures of officers of the issuing body in office on the date of the signing shall be valid and binding obligations of the issuing body for all purposes, notwithstanding that before the delivery thereof any or all of the persons whose signatures appear thereon shall have ceased to be officers of the issuing body, the same as if such persons had continued to be officers of the issuing body until after delivery. The validity of the authorization and issuance of the refunding bonds shall not be dependent on or affected in any way by proceedings taken for the improving of any enterprise for the refinancing and improving of which the refunding bonds are to be issued, or by contracts made in connection with the improving of any such enterprise. Any resolution or ordinance authorizing refunding bonds may provide that any such refunding bond may contain a recital that such refunding bond is issued pursuant to this chapter, and any refunding bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this chapter.
[Pre-Local Government Recodification Citation: 19-8-7-6.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-7. Sale and Exchange of Refunding Bonds

Sec. 7. (a) The refunding bonds may be sold or exchanged in installments at different times, or an entire issue or series may be sold or exchanged at one (1) time. Any issue or series of refunding bonds may be exchanged in part or sold in part in installments at different times or at one (1) time. The refunding bonds may be sold or exchanged at any time, on, before, or after the maturity of any of the outstanding notes, bonds, or other obligations to be refinanced thereby.
(b) If the governing body determines to exchange any refunding bonds, such refunding bonds may be exchanged privately for and in payment and discharge of any of the outstanding notes, bonds or other obligations of the issuing body issued to finance or to aid in financing the acquisition, the construction, the improving, the refinancing, or the improving and refinancing, of an enterprise. The refunding bonds may be exchanged for a like or greater principal amount of such notes, bonds or other obligations of the issuing body, except that the principal amount of the refunding bonds may exceed the principal amount of such outstanding notes, bonds, or other obligations to the extent necessary or advisable, in the discretion of the governing body, to fund interest in arrears or about to become due. The holder or holders of such outstanding notes, bonds, or other obligations need not pay accrued interest on the refunding bonds to be delivered in exchange therefor if and to the extent that interest is due or accrued and unpaid on such outstanding notes, bonds, or other obligations to be surrendered.
(c) If the governing body determines to sell any refunding bonds, such refunding bonds shall be sold at not less than par at public sale in such manner and upon such terms as the governing body shall deem best for the interests of the issuing body.
[Pre-Local Government Recodification Citation: 19-8-7-7.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-9. Liability of Issuing Body

Sec. 9. (a) No recourse shall be had for the payment of the refunding bonds, or interest thereon, or any part thereof, against the general fund of any issuing body, nor shall the credit or taxing power of any issuing body be deemed to be pledged thereto.
(b) The refunding bonds, and interest thereon, shall not be a debt of the issuing body, nor a charge, lien, or encumbrance, legal or equitable, upon any property of the issuing body, or upon any income, receipts, or revenues of the issuing body other than such of the revenues of the enterprise as shall have been pledged to the payment thereof, and every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the issuing body is under no obligation to pay the same, except from said revenues.
[Pre-Local Government Recodification Citation: 19-8-7-9.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-10. Exemption From Taxation; Exception

Sec. 10. The refunding bonds and the income therefrom shall be exempt from taxation, except the financial institutions tax and inheritance, estate and transfer taxes.
[Pre-Local Government Recodification Citation: 19-8-7-10.]
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.21-1990, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-11. Fiscal Agent

Sec. 11. Any issuing body shall have power in connection with the issuance of refunding bonds to appoint a fiscal agent, to provide for the powers, duties and functions and compensations of such fiscal agent, to limit the liabilities of such fiscal agent, to prescribe a method for the resignation, removal, merger or consolidation of such fiscal agent and the appointment of a successor fiscal agent and the transfer of rights and properties to such successor fiscal agent.
[Pre-Local Government Recodification Citation: 19-8-7-11.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-15. Remedy

Sec. 15. (a) Subject to any contractual limitations binding upon the holders of any issue of refunding bonds, or trustee therefor, including but not limited to the restrictions of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of refunding bonds, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of refunding bonds similarly situated:
(1) by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the issuing body and its governing body and any of its officers, agents and employees and to require and compel such issuing body or such governing body or any such officers, agents, or employees to perform and carry out its and their duties and obligations under this chapter and its and their covenants and agreements with bondholders;
(2) by action or suit in equity to require the issuing body and the governing body thereof to account as if they were the trustee of an express trust;
(3) by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders; and
(4) to bring suit upon the refunding bonds.
(b) No remedy conferred by this chapter upon any holder of refunding bonds, or any trustee therefor, is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this chapter or by any other law. No waiver of any default or breach of duty or contract, whether by any holder of refunding bonds, or any trustee therefor, shall extend to or shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies thereon. No delay or omission of any bondholder or any trustee therefor to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence in the default. Every substantive right and every remedy, conferred upon the holders of refunding bonds, may be enforced and exercised from time to time and as often as may be deemed expedient. In case any suit, action, or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holder of the refunding bonds, or any trustee therefor, then and in every such case the issuing body and such holder, or such trustee, shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken.
[Pre-Local Government Recodification Citation: 19-8-7-15.]
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.136-2018, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 6. Revenue Bond Refinancing › 5-1-6-16. Powers Conferred by Chapter

Sec. 16. This chapter constitutes full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts or things by any governing body, or any board, officer, commission, department, agency, or instrumentality of the state or any issuing body shall be required to issue any refunding bonds or to do any act or perform any thing under this chapter, except as may be prescribed in this chapter. The powers conferred by this chapter shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this chapter shall not affect, the powers conferred by any other law. This chapter is remedial in nature and shall be liberally construed.
[Pre-Local Government Recodification Citation: 19-8-7-16.]
As added by Acts 1980, P.L.8, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-1. Contract With Bond Owner to Pay Matured Bond by Issuing Redemption Bond

Sec. 1. Whenever the bond fund of any county or of any township in this state is, for any reason, insufficient to pay the bonds of such county or township or any of them, at the date of the maturity thereof, together with the interest which shall have accrued thereon, the board of commissioners of such county is hereby authorized to represent and as representing the taxing district liable for the payment of any such bond to enter into a contract with the owner of any such bond to pay such matured bond by the issuance of a redemption bond, in the same amount and at any rate of interest and to pay such redemption bond and the accrued interest thereon, in not more than ten (10) annual installments, in the manner and subject to the conditions prescribed in this chapter.
[Pre-Local Government Recodification Citation: 17-3-82-1.]
As added by Acts 1980, P.L.8, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 7. Redemption Bonds of Counties and Townships › 5-1-7-2. Partial Payments of Principal With Interest Accrued; Form of Contract; Cancellation of Matured Bond

Sec. 2. The contract entered into by the board of commissioners of any county and any such bondholder shall be signed by the parties to such contract, shall be attested on behalf of the county by the county auditor, and shall stipulate and agree that the board of commissioners of the county will pay all interest on such matured bond to the date of the maturity thereof, and that a new bond (referred to in this chapter as a redemption bond) in the same amount as the matured bond, will be issued to pay and retire such matured bond, and that such redemption bond will be and continue to be a valid and binding obligation of the county and that during the period fixed in the contract not exceeding ten (10) years the board of commissioners will pay annually to the owner of such redemption bond, one-tenth (1/10) of the principal amount of such redemption bond and, in addition thereto, will pay semiannually all interest which shall have accrued thereon to the date when such payment is to be made. The date on which such partial payments of the principal of such bond will be made shall be fixed and prescribed in such contract and may be on June 1 or December 1 of the year next succeeding the year in which such contract is executed and signed and June 1 or December 1 of each and every year thereafter until paid. The interest accrued on such bond shall be paid semiannually on June 1 and December 1, beginning on the same date as the first partial payment on such bond. The board of commissioners shall further agree to levy a tax on the taxable property of such county in an amount sufficient to make the payments on such redemption bonds as they fall due, together with all interest which shall have accrued thereon. Any bondholder who elects to avail himself or herself of the provisions of this chapter shall agree that in consideration of the privilege hereby afforded the bondholder will not maintain or attempt to maintain a suit for the collection or the enforcement of the lien of any such bond, other than in accordance with the remedies afforded by the provisions of this chapter. The form of the contract herein contemplated shall be prescribed by the state board of accounts with the approval of the attorney general. At the time when the contract is executed and the redemption bond is issued, the matured bond shall be surrendered to the county auditor and shall be canceled by writing across the face of the matured bond the words "Canceled by issuing to ______ a redemption bond in the same principal sum as this bond, due and payable on the ______ day of ______, 20____.".
[Pre-Local Government Recodification Citation: 17-3-82-2.]
As added by Acts 1980, P.L.8, SEC.12. Amended by P.L.2-2005, SEC.11.