reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 3. Building Facilities, Equipment, Land › 21-34-3-6. Approval of Plans and Specifications; Bids; Contracts

Sec. 6. (a) A lessor leasing fifty percent (50%) or more of a building facility or building facilities:
(1) to a state educational institution or to more than one (1) state educational institution jointly pursuant to sections 4 and 5 of this chapter for a term of five (5) years or more; and
(2) that are to be acquired or constructed and erected by the lessor;
shall, before commencing the acquisition or construction and erection, obtain approval of the plans and specifications for the building facility or building facilities by the lessee or lessees and also by any other public agencies that are required to approve plans and specifications for similar building facilities acquired or constructed and erected by the lessee or lessees.
(b) The lessor shall take bids and enter into a contract or contracts for the construction and erection of the building facility or building facilities in accordance with the same procedures required by law to be followed by the lessee or lessees in the acquisition or construction and erection of similar building facilities.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-2(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 3. Building Facilities, Equipment, Land › 21-34-3-7. Approval of Governor; Conveyance of Deed

Sec. 7. (a) If the board of trustees of a state educational institution determines to locate a building facility upon real estate, the title to which is in the name of the state of Indiana for the use and benefit of:
(1) the board of trustees of the state educational institution; or
(2) the state educational institution under its control;
the parcel of real estate reasonably required for the building facility may, upon request in writing by the board of trustees of the state educational institution to the governor and with the approval of the governor, be conveyed by deed from the state of Indiana to the board of trustees of the state educational institution.
(b) The governor may execute and deliver a deed:
(1) in the name of the state of Indiana;
(2) signed on behalf of the state by the governor;
(3) attested by the auditor of state; and
(4) with the seal of the state affixed to the deed.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-3.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 4. Joint Use Agreements › 21-34-4-1. Joint Use Agreements; Use

Sec. 1. (a) It is the policy of the state to encourage the joint use of building facilities by any two (2) or more state educational institutions under the jurisdiction of the board of trustees of each state educational institution whenever the boards of trustees of the respective state educational institutions find that the joint use would:
(1) benefit their respective state educational institutions; and
(2) be to the advantage of the state.
(b) When the findings described in subsection (a) are made by the boards of trustees of the respective state educational institutions, the board of trustees of each state educational institution that makes the findings may enter into and perform a joint use agreement providing for the joint use of building facilities.
(c) A joint use agreement may contain the provisions, terms, and conditions pertaining to the acquisition, construction, financing, and use of building facilities, not inconsistent with this article, as may be approved by the boards of trustees of each state educational institution that is a party to the joint use agreement.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(a).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 4. Joint Use Agreements › 21-34-4-2. Joint Use Agreements; Contents

Sec. 2. A joint use agreement may provide, among other things, that any board of trustees of a state educational institution that is a party to the joint use agreement may lease or sublease for any term not exceeding forty (40) years any building facility acquired by the board of trustees of the state educational institution or the use of which is or may be available to the board of trustees of the state educational institution or any part of the building facilities to one (1) or more other boards of trustees of a state educational institution that are parties to the joint use agreement.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(b)(1).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 4. Joint Use Agreements › 21-34-4-3. Joint Use Agreements; Power to Acquire Property by Condemnation

Sec. 3. A joint use agreement may provide, among other things, that the board of trustees of each state educational institution that is a party to the joint use agreement may for the purpose of performing the joint use agreement, exercise jointly any and all of the powers that are severally conferred on the board of trustees of each state educational institution that is a party to the joint use agreement by this article, including the power to acquire property by condemnation.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(b)(2).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 4. Joint Use Agreements › 21-34-4-4. Joint Use Agreements; Title to Real and Personal Property

Sec. 4. A joint use agreement may provide, among other things, that:
(1) title to the real and personal property acquired or to be acquired for the joint use of the board of trustees of each state educational institution that is a party to the joint use agreement may be taken and held in the name of the board of trustees of any one (1) of the state educational institutions, subject to the provisions of the joint use agreement respecting the joint use of the property; or
(2) title to some or all of the real or personal property acquired or to be acquired for the joint use of the board of trustees of each state educational institution that is a party to the joint use agreement may be taken and held jointly in the names of all the boards of trustees of the state educational institutions that are parties to the joint use agreement, as tenants in common, with the divisions of ownership interests that are provided in the joint use agreement and in the documents evidencing the title to the property.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(b)(3).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-1. Authority to Collect Building Facilities Fees

Sec. 1. In order to:
(1) provide funds with which to pay part or all of the cost of any building facility, work, act, or undertaking authorized by IC 21-34-2, IC 21-34-3-1, or IC 21-34-3-3;
(2) pay part or all of the cost of acquiring real or personal property by purchase, lease, sublease, condemnation, trade or exchange, or otherwise as provided in section IC 21-34-3-4;
(3) pay part or all of the cost of improving any of the property;
(4) pay the principal of and interest on bonds issued under this article; or
(5) perform the obligations of any joint-use agreements made under IC 21-34-4;
the board of trustees of a state educational institution may, as necessary, fix, charge, and collect a building facilities fee or fees.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-4 part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-2. Collection of Building Facilities Fees

Sec. 2. A building facilities fee may be collected from:
(1) the students attending the state educational institution and the various divisions of the state educational institution; and
(2) other persons enjoying the use of the facilities of the state educational institution and the divisions of the state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-4 part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-3. Building Facilities Fund

Sec. 3. The board of trustees of each state educational institution shall deposit to the credit of a special fund to be established and designated as the building facilities fund of the board of trustees of the state educational institution or the state educational institution under its control:
(1) all building facilities fees collected by the state educational institution; and
(2) to the extent provided or required by any resolution or trust indenture that is adopted or approved by the board of trustees of the issuing state educational institution, all other fees, income, or funds pledged to secure the payment of bonds, and the interest on the bonds issued under this article.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(a) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-4. Building Facilities Fund; Use

Sec. 4. Each building facilities fund may be used only:
(1) for the purposes stated in section 1 of this chapter; and
(2) in connection with the issuance of bonds under this article.
The uses may be further limited by the provisions stated in a resolution or a trust indenture that is adopted or approved by the board of trustees of the issuing state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(a) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-5. Building Facilities Fund; Deposits

Sec. 5. (a) The board of trustees of a state educational institution may:
(1) deposit to the credit of the building facilities funds of the state educational institution; or
(2) use for any of the purposes of this article without making a deposit in the building facilities funds;
any other funds from any source that may be available for any of the purposes of the building facilities funds from whatever source derived.
(b) The funds subject to subsection (a) include the following:
(1) Student tuition and other fees, earnings, charges, rentals, interest on permanent endowment funds or other interest, or other income.
(2) Gifts or grants from the federal government or any federal agency or instrumentality or any public or private corporation, association, or person.
(3) State appropriations made specifically for any of the purposes of this article.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(b).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-6. Building Facilities Fees

Sec. 6. The building facilities fees and any other funds that are deposited to the credit of the respective building facilities funds are appropriated to the state educational institution for the uses provided in this article without the necessity for any future appropriations.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-7. Investments

Sec. 7. The money in the building facilities funds may be accumulated and held by a state educational institution for purposes of this article and invested by a state educational institution pending the use of the money. Interest, dividends, or gains resulting from investments must be credited to the building facilities funds.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(d).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-8. Issuance of Bonds

Sec. 8. If bonds are issued in anticipation of the collection of building facilities fees, the issuing board of trustees of a state educational institution shall fix, charge, and collect the building facilities fees in amounts sufficient, together with other available funds, to pay the interest on and the principal of the bonds, in accordance with the terms of the bonds, so long as any of the bonds are outstanding.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-5(e).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 5. Building Facilities Fees; Building Facilities Fund › 21-34-5-9. Board; Powers and Duties

Sec. 9. The board of trustees of each state educational institution that is a party to a joint use agreement shall:
(1) fix, charge, and collect its own building facilities fees; and
(2) establish, hold, invest, and use its own building facilities fund.
The board of trustees may use the building facilities fees and the money in the building facilities fund and any other available funds to pay its portion of the cost of the joint building facility as provided in the joint use agreement. The board of trustees of a state educational institution may not have any authority or responsibility with respect to the building facilities fees or fund of any other state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-1. Issuance and Sale of Bonds

Sec. 1. The board of trustees of a state educational institution may borrow money and evidence the loans by the issuance and sale of bonds of the board of trustees of the state educational institution to provide funds with which to:
(1) pay part or all of the cost of any building facility, work, act, or undertaking authorized by IC 21-34-2, IC 21-34-3-1, or IC 21-34-3-3;
(2) pay part or all of the cost of acquiring (by purchase, lease, sublease, condemnation, trade, or otherwise) or improving real or personal property under IC 21-34-3-4; or
(3) perform the obligations of any joint-use agreements under IC 21-34-4.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(a) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-2. Security of Bonds

Sec. 2. Bonds and the interest on bonds may be secured by the following:
(1) A pledge or mortgage of:
(A) any property, real or personal, used, acquired, or to be acquired and used for the purposes of this article; and
(B) the improvements made or to be made on the property.
However, no real estate, the title to which is on or after March 10, 1965, in the name of the state for the use and benefit of the board of trustees of a state educational institution or the state educational institution under its control, may not be pledged or mortgaged until the title to the real estate has been conveyed to the board of trustees of the state educational institution under this article.
(2) A pledge of the building facilities fees to be collected and deposited in the building facilities fund.
(3) Subject to outstanding liens and encumbrances, and any covenants, agreements, or encumbrances on the funds existing at the time of a pledge, a pledge of general student tuition fees or any other available funds from whatever source derived that under IC 21-34-5-5 may be used for any of the purposes of this article.
(4) A pledge of any other money deposited in a building facilities fund.
(5) A pledge of the proceeds of bonds issued under this article.
(6) Any one (1) or more of the ways described in this section that the board of trustees of the issuing state educational institution determines.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(a) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-3. Liens

Sec. 3. The lien of the pledges or mortgages, to the extent of the lien, unless otherwise determined by the board of trustees of the state educational institution, is a first and primary lien for the payment of the bonds secured and the interest on the bonds.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(b).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-4. Issuance of Bonds; Limitations on Amount

Sec. 4. In authorizing the issuance of bonds for any building facility or facilities, the board of the issuing state educational institution may:
(1) limit the amount of bonds that may be issued as a first lien and charge against the property, fees, income, and funds; and
(2) provide, after the original issuance of bonds, for the issuance of additional bonds secured by the same lien to provide funds to:
(A) pay the cost of acquiring, erecting, constructing, reconstructing, improving, rehabilitating, remodeling, repairing, completing, extending, enlarging, equipping, or furnishing the building facility or facilities for which the original bonds were issued;
(B) provide funds to pay the cost of additional building facilities under this article; or
(C) perform actions under both clauses (A) and (B).
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-5. Additional Bonds; Terms and Conditions of Issuance

Sec. 5. Additional bonds:
(1) shall be issued on the terms and conditions that the board of trustees of the issuing state educational institution determines; and
(2) may be:
(A) secured equally and ratably, without preference, priority, or distinction, with the original issue of bonds; or
(B) made junior to the original issue of bonds.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(d).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-6. Issuance of Bonds; Refunding and Advance Refunding Bonds; Purpose

Sec. 6. (a) The board of trustees of a state educational institution may issue bonds for the purpose of:
(1) reimbursing the state educational institution for funds expended or advanced for interim financing of the cost of any building facility or facilities before the issuance of bonds for the facility or facilities; or
(2) subject to subsection (b) and to existing covenants and agreements with the holders of the outstanding obligations:
(A) funding outstanding obligations incurred or refunding outstanding bonds issued either under:
(i) this article; or
(ii) other applicable law;
for building facilities approved by the governor and the budget agency or its predecessor; or
(B) in part for funding or refunding purposes and in part for any other purpose authorized by this article; and
may secure the payment of the bonds as provided in this article.
(b) Bonds for refunding or advance refunding of any outstanding bonds approved under this article for which the general assembly has made a fee replacement appropriation may not be issued by a state educational institution under this chapter without the specific approval of the budget agency and before the board of trustees of the issuing state educational institution finds that the refunding or advance refunding will benefit the state educational institution because:
(1) a net savings to the state educational institution will be effected; or
(2) the net present value of principal and interest payments on the bonds is less than the net present value of the principal and interest payments on the outstanding bonds to be refunded.
The length of the term may not be extended for refunding or advance refunding bonds that are approved under this subsection compared to the term of the outstanding bonds being refunded.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(e).]
As added by P.L.2-2007, SEC.275. Amended by P.L.143-2014, SEC.10.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-7. Refunding Bonds

Sec. 7. Refunding bonds may be exchanged for the bonds being funded or refunded or may be sold and the proceeds applied to the funding or refunding.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(f).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-8. Maximum Amount of Bonds

Sec. 8. Subject to any approval required under IC 21-34-10, bonds may be issued in an amount or amounts that do not exceed the maximum amount determined by the board of trustees of the issuing state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(a).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-9. Form; Terms; Conditions of Bonds

Sec. 9. Bonds may be issued in the form and upon the terms and conditions, at the rate or rates of interest, and in the denominations that may be made convertible into different denominations as the governing board of the board of trustees of the state educational institution determines by:
(1) the adoption of a resolution;
(2) approval of a form of trust indenture between the board of trustees of the state educational institution and a designated corporate trustee; or
(3) both subdivisions (1) and (2).
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(b).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-10. Resolutions and Indenture for Bonds

Sec. 10. A resolution or indenture for bonds may include provisions for:
(1) protecting and enforcing the rights and remedies of the holders of the bonds being issued;
(2) covenants setting forth the duties of the state educational institution and its officers in relation to:
(A) the acquisition, construction, operation, maintenance, use, and abandonment of the building facility; and
(B) insurance of the building facility;
(3) the custody, safeguarding, application, and investment of all money;
(4) the rights and remedies of the trustee and the holders of the bonds being issued;
(5) the issuance of additional bonds as provided in the resolution or indenture; and
(6) other terms, conditions, and covenants as the board of trustees of the state educational institution determine are proper, including provision for the establishment of a debt service reserve by:
(A) the use of bond proceeds or other sources;
(B) the furnishing of an insurance policy, surety bond, or letter of credit; or
(C) any combination of clause (A) or (B).
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-11. Public Sale of Bonds

Sec. 11. Bonds must be sold at public or negotiated sale as provided by IC 21-32-3.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(d).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-12. Bonds and Interest Coupons

Sec. 12. All bonds and the interest coupons appertaining to bonds issued under this article must be negotiable instruments within the meaning and for all purposes under Indiana laws, subject only to the provisions of the bonds for registration as to principal or as to principal and interest. Any bonds registered as to principal and interest may be made convertible to bearer bonds with coupons.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(e).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-13. Actions to Contest the Validity of Bonds

Sec. 13. (a) An action to contest the validity of any bonds issued under this article may not be brought after the fifteenth day following:
(1) the first publication of notice of the sale or intent to sell the bonds under IC 21-32-3 if the bonds are sold at public sale; or
(2) the publication one (1) time in newspapers described in IC 21-32-3-3 of notice of execution and delivery of the contract of sale for the bonds if the bonds are sold at negotiated sale.
(b) The board of trustees of a state educational institution shall publish notice under subsection (a)(2) if it sells bonds at negotiated sale within thirty (30) days of execution of the contract of sale for the bonds.
[Pre-2007 Higher Education Recodification Citations: 20-12-6-7(f); 20-12-6-7(g).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-14. Rates of Interest of Bonds

Sec. 14. The rate or rates of interest of bonds may be fixed or variable. Variable rates shall be determined in the manner and in accordance with the procedures set forth in the resolution or indenture authorizing the issuance of the bonds. Bonds bearing a variable rate of interest may be converted to bonds bearing a fixed rate or rates of interest to the extent and in the manner set forth in the resolution or indenture under which the bonds are issued.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(h) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-15. Payment of Interest

Sec. 15. Interest may be:
(1) payable semiannually, annually, or at any other interval or intervals as may be provided in the resolution or indenture; or
(2) compounded and paid at maturity or at any other times as specified in the resolution or indenture.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(h) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-16. Mandatory Redemption

Sec. 16. Bonds may be made subject, at the option of the holders, to mandatory redemption by the board of trustees of the state educational institution at the times and under the circumstances set forth in the authorizing resolution or indenture.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(i).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-17. Resolutions and Indentures

Sec. 17. A resolution or indenture may contain provisions regarding:
(1) the investment of money, sale, exchange, or disposal of property; and
(2) the manner of authorizing and making payments, notwithstanding IC 5-13 or any general statute relating to these matters.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-7(j).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 6. Issuance of Bonds › 21-34-6-18. Execution of Bonds and Coupons

Sec. 18. (a) Bonds and coupons appertaining to bonds shall be executed in the name of the issuing state educational institution by the manual or facsimile signatures of the officer or officers of the state educational institution that the board of trustees of the state educational institution designates.
(b) One (1) signature on the obligation must be manual and may be either the signature of one (1) of the officers or of any trustee, fiscal agent, or other fiduciary charged with authenticating the bonds.
(c) The seal or a facsimile of the seal of the state educational institution shall be affixed, imprinted, engraved, or otherwise reproduced on each bond.
(d) If any officer whose manual or facsimile signature appears on any bond or coupon ceases to be an officer before the delivery of the bonds, the officer's signature is valid and sufficient for all purposes as if the officer had remained in office until delivery.
(e) The resolution or indenture under which the bonds are issued may provide for the authentication of the bonds by the trustee, fiscal agent, or other fiduciary designated in the resolution or indenture.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 7. Grant Anticipation Loans › 21-34-7-1. Written Contract for Grants

Sec. 1. (a) The board of trustees of a state educational institution that has entered into a written contract for a grant, pending the receipt of the grant, but within the limitations set forth in section 2 of this chapter, may:
(1) borrow from any person; and
(2) evidence the debt by a note or a series of notes of equal or unequal amounts containing the terms and conditions that the board of trustees of the state educational institution prescribes.
(b) Any note may pledge, for the payment of the principal and interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility being constructed, acquired, renovated, or improved by the proceeds of the note or notes.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(a).]
As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008, SEC.139.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 7. Grant Anticipation Loans › 21-34-7-2. Maximum Amount of Grant Anticipation Loan; Sources of Payment

Sec. 2. A grant anticipation loan may not exceed the estimated aggregate amount of the grant or grants in anticipation of which the loan is made. The grant anticipation note must be structured to amortize and to pay principal of and interest on the loan in accordance with anticipated receipts of the grant or grants. A grant anticipation note may also be payable from other revenues or amounts available for pledge under IC 21-34-6-2.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(b).]
As added by P.L.2-2007, SEC.275. Amended by P.L.79-2010, SEC.6.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 7. Grant Anticipation Loans › 21-34-7-3. Notes for a Grant Anticipation Loan

Sec. 3. The notes for a grant anticipation loan must be:
(1) executed in the same manner as provided for bonds in IC 21-34-6-18; and
(2) sold in the same manner as provided for bonds in IC 21-34-6-8 through IC 21-34-6-17.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(c).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 7. Grant Anticipation Loans › 21-34-7-4. Proceeds of a Grant Anticipation Loan

Sec. 4. The board of trustees of a state educational institution shall apply the proceeds of any grant anticipation notes to those items of cost for which the grant has been allocated by the granting agencies. The purchaser of any notes:
(1) is not liable for any improper use of the proceeds; and
(2) does not have to insure that the amount of the loan stays within the maximum limits specified in section 2 of this chapter as grant funds are received by the state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(d).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 8. Bonds: Liability for Debt; Tax Exempt Status; Eligibility as Investments › 21-34-8-1. Liability of Trustees for Indebtedness Limited

Sec. 1. IC 21-34-4 or another provision of this article may not be construed to make any board of trustees of a state educational institution liable for any indebtedness, bonds, or obligations incurred, created, or issued under the authority of this article by any other state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-9(d).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 8. Bonds: Liability for Debt; Tax Exempt Status; Eligibility as Investments › 21-34-8-2. Liability of State or Institutions for Indebtedness Limited

Sec. 2. All indebtedness, bonds, or obligations incurred, created, or issued under the authority of this article:
(1) are payable solely out of the building facilities fund and the property, fees, income, and funds pledged or mortgaged as authorized; and
(2) may not be or become an indebtedness of or liability against the state of Indiana or a state educational institution, except to the extent of the property, fees, income, and funds pledged or mortgaged as authorized.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-10.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 8. Bonds: Liability for Debt; Tax Exempt Status; Eligibility as Investments › 21-34-8-3. Tax Exemption

Sec. 3. All:
(1) the:
(A) property acquired under authority of this article or used for the purposes provided for in this article; and
(B) income from property described in clause (A);
are exempt from all taxation in Indiana; and
(2) bonds issued under the authority of this article, the interest on the bonds, and the proceeds of the bonds are exempt from taxation to the extent provided in IC 6-8-5.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-11.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 8. Bonds: Liability for Debt; Tax Exempt Status; Eligibility as Investments › 21-34-8-4. Investments; Deposits

Sec. 4. Any bonds issued under the provisions of this article are:
(1) eligible investments for the funds of any kind or character of every financial institution, insurance company, or private trust; and
(2) eligible for deposit by any financial institution, insurance company, or trustee under any Indiana law providing for the deposit of securities or funds.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-12.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 9. Contracts; Approval by the Budget Agency › 21-34-9-1. Issuance of Bonds; Contracts; Fees; Approval of Budget Agency and Governor

Sec. 1. Except as provided by this chapter, contracts to:
(1) acquire land for or to construct, purchase, lease, sublease, or otherwise acquire; or
(2) engage architectural or engineering services in connection with;
any building facilities to be financed in whole or in part by the issuance of bonds under this article or by student building facilities fees charged and collected under this article, may not be made by a state educational institution without the specific approval of the budget agency and the governor.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-15(a).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 9. Contracts; Approval by the Budget Agency › 21-34-9-2. Applicability of Chapter

Sec. 2. This chapter does not apply to any contract:
(1) relating to a building facility the cost of which does not exceed three hundred fifty thousand dollars ($350,000); or
(2) for architectural or engineering services relating to the planning of a building facility.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-15(b).]
As added by P.L.2-2007, SEC.275. Amended by P.L.229-2011, SEC.241.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-1. Bonds; Approval of Budget Committee, Budget Agency, and Governor

Sec. 1. (a) Bonds may not be issued by the board of trustees of a state educational institution under this article without the specific approval of the:
(1) budget committee;
(2) budget agency; and
(3) governor.
(b) The budget agency may request and consider the recommendation of the staff of the Indiana finance authority with respect to the approval of a bond issue under this section.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-16.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-2. Actions of General Assembly

Sec. 2. (a) Except:
(1) for grant anticipation notes; and
(2) as provided in this chapter;
no bonds shall be issued for a project by the board of trustees of a state educational institution under this article unless the general assembly has taken the actions described in subsection (b).
(b) As a condition of issuing bonds, the general assembly must have:
(1) specifically approved the project to be financed through the issuance and sale of these bonds; and
(2) provided the amount of bonds that may be issued to fund the costs of acquiring, constructing, remodeling, renovating, furnishing, or equipping the specific project approved.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(a).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-3. Issuance of Bonds; Debt Service Reserves; Bond or Reserve Insurance; Other Costs

Sec. 3. In addition to and in connection with the amount of bonds that may be issued by a state educational institution for a specific project as provided in section 2(b)(2) of this chapter, the board of trustees of a state educational institution may also issue bonds in amounts necessary to provide funds for:
(1) debt service reserves;
(2) bond or reserve insurance; and
(3) other costs;
without additional approval by the general assembly, if these costs are incidental to the issuance of bonds for the project.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(b).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-4. Maximum Amount of Bonds

Sec. 4. Bonds, regardless of when the amount of bonds is approved by the general assembly, may be issued in an amount not exceeding the sum of the following:
(1) The amount of bonds approved by the general assembly.
(2) The amounts described in section 3 of this chapter.
(3) The amount of the discount below par value, if bonds are sold at a price below par value under IC 21-32-3-2.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(c).]
As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008, SEC.140.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-5. Power to Issue Bonds

Sec. 5. A power granted under this chapter to issue bonds without the specific approval of the general assembly shall not be construed to permit the issuance of the bonds without the specific approvals required under section 1 of this chapter. Bonds issued without the specific approval of the general assembly are not eligible for fee replacement.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(d) part.]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-6. Issuance of Bonds Without Approval of the General Assembly; Maximum Amount

Sec. 6. Bonds may be issued by the board of trustees of a state educational institution without the approval of the general assembly if, after the issuance, the total amount of outstanding bonds issued by the board of trustees of a state educational institution without approval will not exceed two million dollars ($2,000,000). However, the bonds must be approved as provided in section 1 of this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(e).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-7. Issuance of Energy Savings Bonds; Limitations; General Assembly Approval

Sec. 7. (a) Bonds may be issued by the board of trustees of a state educational institution without the approval of the general assembly to finance a qualified energy savings project if annual operating savings to the state educational institution arising from the implementation of a qualified energy savings project are reasonably expected to be at least equal to annual debt service requirements on bonds issued for this purpose in each fiscal year. However, the amount of bonds outstanding for the state educational institution at any time for qualified energy savings projects, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, and except as provided in subsection (c), may not exceed the greater of:
(1) fifteen million dollars ($15,000,000) for each campus of the state educational institution; or
(2) the product of:
(A) the total replacement value of all structures located on each campus of the state educational institution; multiplied by
(B) two percent (2%).
(b) Bonds issued under this section are not eligible for fee replacement.
(c) If a particular qualified energy savings project for a state educational institution, other than Ivy Tech Community College, results in the amount of bonds outstanding at any time for all qualified energy savings projects for the state educational institution, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, to exceed fifteen million dollars ($15,000,000), the operating savings to the state educational institution arising from the implementation of that project must at least equal the original amount of bonds issued for that project in not more than ten (10) years.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(f).]
As added by P.L.2-2007, SEC.275. Amended by P.L.182-2009(ss), SEC.366; P.L.173-2011, SEC.11; P.L.143-2014, SEC.11.
2023 Indiana Code › Title 21. Higher Education › Article 34. State Educational Institutions: Acquisition and Improvement of Building Facilities and Equipment; Bonds › Chapter 10. Bonds; Review and Approval › 21-34-10-8. Issuance of Bonds Without Approval of the General Assembly for Deferred Expenditures

Sec. 8. Bonds may be issued by the board of trustees of Purdue University without the approval of the general assembly for deferred expenditures, as determined under accounting principles approved by the state board of accounts, to:
(1) repair, rehabilitate, remodel, renovate, or reconstruct existing facilities or buildings;
(2) improve or replace utilities or fixed equipment; or
(3) perform related site improvement work.
However, the total amount of bonds issued for Purdue University under this section without the approval of the general assembly, other than refunding bonds and exclusive of costs described in sections 3 and 4 of this chapter, may not exceed sixty million dollars ($60,000,000).
[Pre-2007 Higher Education Recodification Citation: 20-12-6-17(g).]
As added by P.L.2-2007, SEC.275.
2023 Indiana Code › Title 21. Higher Education › Article 35. State Educational Institutions: Revenue Bonds and Other Financing Arrangements › Chapter 1. General Provisions; Definitions › 21-35-1-1. Definitions

Sec. 1. The definitions in this chapter apply throughout this article.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.276.