reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 5. Leases › 5-1.3-5-10. Transfer of Rail Project Upon Payment of Obligation in Full

Sec. 10. The IFA shall certify to the NWIRDA and the NICTD that all bonds, notes issued, and leases or other obligations entered into with respect to the rail project or rail projects have been paid to their final maturity. At that time, the rail project or rail projects shall be transferred to the NICTD and neither the IFA or the NWIRDA shall have any further obligation with respect to the rail project or rail projects.
As added by P.L.189-2018, SEC.26. Amended by P.L.10-2019, SEC.29.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-1. Authorization to Issue and Sell Bonds and Notes

Sec. 1. (a) Except as provided in sections 2 and 6 of this chapter, the IFA may, by resolution, issue and sell bonds or notes of the IFA to provide funding to carry out the provisions of this article with respect to the construction of a rail project or rail projects or the refunding of any bonds or notes, together with any reasonable costs associated with a refunding.
(b) Except as provided in sections 2 and 6 of this chapter, the NWIRDA may, by resolution, issue and sell bonds or notes of the NWIRDA to provide funding to carry out the provisions of this article with respect to the construction of a rail project or rail projects or the refunding of any bonds or notes, together with any reasonable costs associated with a refunding.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-2. Requirements

Sec. 2. (a) Before the issuance of bonds or notes, the IFA must:
(1) receive the approval of the budget agency; and
(2) receive budget committee review of a financial plan if the bonds or notes are payable from lease rental payments to be made from:
(A) state appropriations; or
(B) money on deposit in the next generation trust fund established under IC 8-14-15.2.
(b) Before the issuance of bonds or notes, the IFA or the NWIRDA shall identify the rail project or rail projects to be financed from the proceeds of the bonds or notes.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-3. Notice; Action to Contest Validity

Sec. 3. (a) Before issuing a series of bonds or notes, the IFA or the NWIRDA shall publish a notice of its determination to issue the bonds or notes. The notice shall be published one (1) time in two (2) newspapers published and of general circulation in the area where the rail project is located.
(b) An action to contest the validity of:
(1) any contract related to the bonds or notes entered into by or among the IFA, the NWIRDA, or the NICTD before the bonds or notes are issued;
(2) any lease related to the bonds or notes entered into by or among the IFA, the NWIRDA, or the NICTD before the bonds or notes are issued to secure a series of bonds or notes;
(3) a series of bonds or notes issued by the IFA or the NWIRDA; or
(4) any pledge of financial support for the bonds or notes;
may not be brought after the fifteenth day following publication of the notice required by subsection (a).
(c) If a lease or contract is entered into under this chapter after bonds or notes relating to the lease or contract are issued, the IFA may publish notice of execution of the lease or contract as set forth in subsection (a). An action to contest the validity of such a lease or contract, or any pledge of financial support for such a lease or contract, may not be brought after the fifteenth day following publication of the notice.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-4. Execution

Sec. 4. (a) The bonds or notes of the IFA:
(1) shall be executed by the manual or facsimile signature of the chairperson or vice chairperson of the IFA;
(2) shall be attested by the manual or facsimile signature of the public finance director for the IFA;
(3) shall be imprinted or impressed with the seal of the IFA by any means;
(4) may be authenticated by a trustee, registrar, or paying agent; and
(5) constitute valid and binding obligations of the IFA, even if the chairperson, vice chairperson, or public finance director whose manual or facsimile signature appears on the bonds or notes no longer holds that office.
(b) The bonds or notes of the NWIRDA:
(1) shall be executed by the manual or facsimile signature of the chairperson or vice chairperson of the NWIRDA;
(2) shall be attested by the manual or facsimile signature of the secretary-treasurer of the NWIRDA;
(3) may be authenticated by a trustee, registrar, or paying agent; and
(4) constitute valid and binding obligations of the NWIRDA, even if the chairperson, vice chairperson, or secretary-treasurer whose manual or facsimile signature appears on the bonds or notes no longer holds that office.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-5. Attributes of Bonds and Notes

Sec. 5. The bonds or notes, when issued, have all the qualities of negotiable instruments, subject to provisions for registration, under IC 26 and are incontestable in the hands of a bona fide purchaser or owner of the bonds or notes for value.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-6. Sale

Sec. 6. The bonds or notes may be sold by the IFA or the NWIRDA at a public or a negotiated sale at a time or times determined by the IFA or the NWIRDA and at a premium or discount as determined by the IFA or NWIRDA. In determining the amount of bonds or notes to be issued and sold, the IFA or the NWIRDA may include the costs of construction or of refunding bonds or notes, including reasonable debt service reserves, and all other expenses necessary or incident to the construction of the rail project, a refunding, or the issuance of the bonds or notes.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-7. Proceeds; Appropriation

Sec. 7. The proceeds of the bonds or notes are appropriated for the purpose for which the bonds or notes may be issued and the proceeds shall be deposited and disbursed in accordance with any provisions and restrictions that the IFA or the NWIRDA may provide in the resolution or trust agreement authorizing the issuance of the bonds or notes. The maturities of the bonds or notes, the rights of the owners, and the rights, duties, and obligations of the IFA and the NWIRDA, as applicable, are governed in all respects by this article and the resolution or trust agreement.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-8. Declaration Concerning Liability; Sources or Repayment

Sec. 8. The bonds or notes:
(1) constitute the corporate obligations of the IFA or the NWIRDA;
(2) do not constitute an indebtedness of the state within the meaning or application of any constitutional provision, prohibition, or limitation; and
(3) are payable solely as to both principal and interest from:
(A) the revenues from a lease to the NWIRDA, if any;
(B) other available revenues, if any;
(C) proceeds of bonds or notes, if any; or
(D) investment earnings on proceeds of bonds or notes.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-9. Enforcement

Sec. 9. The provisions of this article and the covenants and undertakings of the IFA or the NWIRDA as expressed in any proceedings preliminary to or in connection with the issuance of the bonds or notes may be enforced, subject to the provisions of any resolution or trust agreement, by a bond or note owner by action for injunction or mandamus against the IFA or the NWIRDA or any officer, agent, or employee of the IFA or the NWIRDA. However, no action for monetary judgment may be brought against the state for any violations of this article or for payment of the bonds or notes of the IFA or the NWIRDA.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-10. Exemption From Taxation

Sec. 10. (a) All bonds or notes issued under this article by the IFA are issued by a body corporate and politic of this state, but not a state agency, and for an essential public and governmental purpose. The bonds and notes, the interest on the bonds and notes, the proceeds received by an owner from the sale of the bonds or notes to the extent of the owner's cost of acquisition, proceeds received upon redemption for maturity, proceeds received at maturity, and the receipt of the interest and proceeds are exempt from taxation for all purposes except the financial institutions tax imposed under IC 6-5.5.
(b) All bonds or notes issued under this article by the NWIRDA are issued by a body corporate and politic. The bonds and notes, the interest on the bonds and notes, the proceeds received by an owner from the sale of the bonds or notes to the extent of the owner's cost of acquisition, proceeds received upon redemption for maturity, proceeds received at maturity, and the receipt of the interest and proceeds are exempt from taxation for all purposes except the financial institutions tax imposed under IC 6-5.5.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-11. Authorization to Invest

Sec. 11. Notwithstanding any other law, all financial institutions, investment companies, insurance companies, insurance associations, executors, administrators, guardians, trustees, and other fiduciaries may legally invest sinking funds or other money belonging to them or within their control in bonds or notes issued under this chapter.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-12. Exemption From Registration Requirements

Sec. 12. Bonds or notes issued under this chapter are exempt from the registration requirements of IC 23-19 and any other state securities registration statutes.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-13. Pledges

Sec. 13. A pledge of lease rentals, proceeds of bonds or notes, investment earnings on those proceeds, or other money pledged by the IFA or the NWIRDA is binding from the time the pledge is made. Lease rentals, proceeds of bonds or notes, investment earnings on those proceeds, or other money pledged by the IFA or the NWIRDA and received after the pledge by the IFA or the NWIRDA or its trustee or fiduciary is immediately subject to the lien of the pledge without any further act, and the lien of the pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the IFA, regardless of whether the parties have notice of the lien. A resolution, trust agreement, or any other instrument by which a pledge is created is required to be filed or recorded only in the records of the IFA.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-14. Insurance; Guaranty

Sec. 14. (a) The IFA may obtain from the NWIRDA or an agency of the state or of the United States, or from a nongovernmental insurer, available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part of interest or principal, or any debt service reserve funds, on bonds or notes issued by the IFA, or on securities purchased or held by the IFA.
(b) The NWIRDA may obtain from the IFA or an agency of the state or of the United States, or from a nongovernmental insurer, available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part of interest or principal, or any debt service reserve funds, on bonds or notes issued by the NWIRDA, or on securities purchased or held by the NWIRDA.
As added by P.L.189-2018, SEC.26. Amended by P.L.10-2019, SEC.30.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-15. Agreements for Credit Enhancement or Liquidity Support

Sec. 15. The IFA or the NWIRDA may enter into agreements with an entity to provide credit enhancement or liquidity support for any bonds or notes issued by the IFA or the NWIRDA, or for any debt service reserves securing any bonds or notes, with terms that are reasonable and proper, in the discretion of the IFA or the NWIRDA, and not in violation of law. The IFA or the NWIRDA may execute and deliver notes to evidence its obligation to make payments under such an agreement, but these notes must conform to this article in all respects.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-16. Contracts for Handling Securities and Money

Sec. 16. The IFA or the NWIRDA may enter into agreements or contracts with any financial institution as may be necessary, desirable, or convenient in the opinion of the IFA or the NWIRDA for rendering services in connection with:
(1) the care, custody, or safekeeping of securities or other investments held or owned by the IFA or the NWIRDA;
(2) the payment or collection of amounts payable as to principal or interest; and
(3) the delivery to the IFA or the NWIRDA of securities or other investments purchased or sold by it.
The IFA or the NWIRDA may also, in connection with any of the services rendered by a financial institution as to custody and safekeeping of its securities or investments, require security in the form of collateral bonds, surety agreements, or security agreements as, in the opinion of the IFA or the NWIRDA, is necessary or desirable.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-17. Trust Agreement

Sec. 17. (a) In the discretion of the IFA or the NWIRDA, any bonds and notes issued under this chapter may be secured by a trust agreement by and between the IFA or the NWIRDA and a corporate trustee, which may be any trust company or bank having the powers of a trust company in Indiana. Such a trust agreement may also provide for a co-trustee, which may be any trust company or bank in the United States.
(b) The trust agreement or the resolution providing for the issuance of the bonds or notes may contain provisions for protecting and enforcing the rights and remedies of the owners of bonds or notes as may be reasonable and proper, in the discretion of the IFA or the NWIRDA, and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and remedies of the owners of any bonds or notes of the trustee and may restrict the individual right of action by the owners.
(d) Any trust agreement or resolution may contain other provisions that the IFA or the NWIRDA considers reasonable and proper for the security of the owners of bonds or notes.
(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from money pledged or assigned to the payment of the principal of and interest on bonds or notes or from funds available to the IFA or the NWIRDA.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-18. Bonds and Notes; Purchasing; Holding; Canceling; Reselling

Sec. 18. (a) The IFA may purchase bonds or notes of the IFA or the NWIRDA out of its funds or money available for the purchase of its own bonds or notes. The IFA may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with owners of its bonds or notes. Unless canceled, bonds or notes so held shall be considered to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be considered to be extinguished.
(b) The NWIRDA may purchase bonds or notes of the IFA or the NWIRDA out of its funds or money available for the purchase of its own bonds or notes. The NWIRDA may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with owners of its bonds or notes. Unless canceled, bonds or notes so held shall be considered to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be considered to be extinguished.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.3. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District › Chapter 6. Bonds and Notes › 5-1.3-6-19. Investment; Authorization

Sec. 19. Funds or money held by the IFA, the NWIRDA, or the NICTD under any trust agreement or resolution may be invested pending disbursement as provided in the trust agreement or the resolution. Such an investment is not restricted by or subject to the provisions of any other law.
As added by P.L.189-2018, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 1. Definitions › 5-1.4-1-5. "City"

Sec. 5. "City" refers to any of the following:
(1) A consolidated city.
(2) A second class city.
(3) A city having a population of more than five thousand (5,000) and less than five thousand one hundred thirty (5,130).
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.1; P.L.255-1997(ss), SEC.1; P.L.170-2002, SEC.13; P.L.119-2012, SEC.12; P.L.104-2022, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 1. Definitions › 5-1.4-1-8. "Holder"

Sec. 8. "Holder" means a person who is:
(1) the bearer of any outstanding bond or note registered to bearer or not registered; or
(2) the registered owner of any outstanding bond or note that is registered other than to bearer.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 1. Definitions › 5-1.4-1-10. "Qualified Entity"

Sec. 10. "Qualified entity" means the following:
(1) A city.
(2) A county.
(3) A special taxing district located wholly within a county.
(4) Any entity whose tax levies are subject to review and modification by a city-county legislative body under IC 36-3-6-9.
(5) A political subdivision (as defined in IC 36-1-2-13) that is located wholly within any of the following counties:
(A) A county that has a population of more than four hundred thousand (400,000) and less than seven hundred thousand (700,000).
(B) A county having a population of more than two hundred fifty thousand (250,000) and less than three hundred thousand (300,000).
(C) A county containing a city that:
(i) is described in section 5(3) of this chapter; and
(ii) has a public improvement bond bank under this article.
(6) A charter school established under IC 20-24 that is sponsored by the mayor of the consolidated city.
(7) Any authority created under IC 36 that leases land or facilities to any qualified entity listed in subdivisions (1) through (6).
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.2; P.L.46-1987, SEC.1; P.L.12-1992, SEC.15; P.L.255-1997(ss), SEC.2; P.L.127-2002, SEC.1 and P.L.179-2002, SEC.1; P.L.1-2005, SEC.71; P.L.119-2012, SEC.13; P.L.104-2022, SEC.15.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 1. Definitions › 5-1.4-1-12. "Security"

Sec. 12. "Security" means a bond, note, or evidence of indebtedness issued by a qualified entity and payable from taxes, revenues, rates, charges, assessments, proceeds of funding or refunding bonds or notes, or any combination of the foregoing.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-1. Local Public Improvement Bond Bank; Establishment; Nature; Purpose

Sec. 1. (a) In a city there is established a local public improvement bond bank, to be known as "The ____________ (name of city) __________ Local Public Improvement Bond Bank", for:
(1) the public purposes set out in this article; and
(2) in the case of a city described in IC 5-1.4-1-5(3), the additional public purposes of:
(A) developing infrastructure;
(B) promoting education and tourism; and
(C) assisting economic development.
(b) The bank is a body corporate and politic separate from the city in its corporate capacity.
(c) The purpose of the bank is to buy and sell securities of qualified entities.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.3; P.L.11-1987, SEC.9; P.L.255-1997(ss), SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-1.5. Public Purpose

Sec. 1.5. The general assembly finds that the establishment of a local public improvement bond bank in a city described in IC 5-1.4-1-5(3):
(1) is necessary as a result of:
(A) unique sources of revenues available to the city in relation to its budget;
(B) extraordinary needs for infrastructure improvements in the city and in the county in which the city is located;
(C) unprecedented opportunities for economic development, including tourism development; and
(D) unique demands for education and workforce development, including facilities for providing education and training;
(2) will afford the city the necessary flexibility to address the extraordinary demands and opportunities in a manner that will best serve the interests of the city and the state; and
(3) constitutes an important public purpose and will protect and improve the health, safety, and welfare of the people of the city and the state.
As added by P.L.255-1997(ss), SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-2. Board of Directors; Establishment; Membership; Appointment; Vacancy

Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board.
(b) The board is composed of five (5) directors appointed by the mayor of the city.
(c) Each of the five (5) directors appointed by the mayor:
(1) must be a resident of the county;
(2) serves for a term of three (3) years and until a successor is appointed and qualified;
(3) is eligible for reappointment;
(4) shall serve without compensation, but is entitled to reimbursement for traveling expenses and other expenses, actually incurred in connection with the director's duties;
(5) may be removed for cause by the mayor; and
(6) may not be an officer or employee of:
(A) the city;
(B) the county; or
(C) any qualified entity.
(d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the mayor for the unexpired term only.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-3. Duties of Board

Sec. 3. The board shall do the following:
(1) Elect from its membership a chairman and a vice chairman.
(2) Appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer. The executive director may be the fiscal officer of the city, in which case the executive director will receive no compensation for services performed as the executive director.
(3) Establish and maintain the office of the bank in the city.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-5. Action by Affirmative Vote of Three Directors; Effect of Vacancy

Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least three (3) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-6. Surety Bonds; Issuer; Cost

Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the legislative body of the city. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.
(b) The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.
(c) The cost of the surety bonds required by this section shall be paid by the bank.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-7. Disclosure of Interest in Contract; Abstention; Validity of Contract

Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if the director:
(1) has, or to the director's knowledge may have or may later acquire, a direct or indirect pecuniary interest in a contract with the bank; or
(2) is an officer, member, manager, director, or employee of, or has an ownership interest in, any firm, limited liability company, or corporation that is or may be a party to the contract;
if the director discloses in writing to the bank the nature and extent of the interest as soon as the director has knowledge of the interest and abstains from discussion, deliberation, action, and voting with respect to the contract.
(b) Notwithstanding any provision of this article or any other law, a contract or transaction is not void or voidable because of the existence of an interest described in subsection (a), if the provisions of subsection (a) have been satisfied.
As added by P.L.42-1985, SEC.1. Amended by P.L.8-1993, SEC.50.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-8. Liability of Director or Issuer of Bonds or Notes

Sec. 8. Neither a director nor a person executing bonds or notes issued under this article is liable personally on the bonds or notes.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 2. Establishment and Organization › 5-1.4-2-9. Executive Director; Duties

Sec. 9. (a) The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors:
(1) administer, manage, and direct the employees of the bank;
(2) approve all amounts for salaries, allowable expenses of the bank or of any employee or consultant of the bank, and expenses incidental to the operation of the bank; and
(3) attend the meetings of the board, keep a record of the proceedings of the board, and maintain all books, documents, and papers filed with the bank, the minutes of the board, and the bank's official seal.
(b) The executive director may:
(1) cause copies to be made of all minutes and other records and documents of the bank; and
(2) give certificates under seal of the bank to the effect that those copies are true copies, and all persons dealing with the bank may rely upon those certificates.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-1. Powers

Sec. 1. The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including the following:
(1) Have a perpetual existence as a body politic and corporate and an independent instrumentality, but not a city or county agency, exercising essential public functions.
(2) Sue and be sued.
(3) Adopt and alter an official seal.
(4) Make and enforce bylaws and rules for the conduct of its business and for the use of its services and facilities.
(5) Acquire, hold, use, and dispose of its income, revenues, funds, and money.
(6) Acquire, rent, lease, hold, use, and dispose of other personal property for its purposes.
(7) Make contracts and incur liabilities, borrow money, issue its negotiable bonds or notes, subject to provisions for registration of negotiable bonds and notes, and provide for and secure their payment and provide for the rights of their holders, and purchase, hold, and dispose of any of its bonds or notes.
(8) Fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities.
(9) Accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States, the state, any governmental unit, or any person, carry out the terms or provisions of or make agreements with respect to the gifts or grants, and do all things necessary, useful, desirable, or convenient in connection with procuring, accepting, or disposing of the gifts or grants.
(10) Do anything authorized by this article, through its officers, agents, or employees or by contracts with a person.
(11) Procure insurance against any losses in connection with its property, operations, or assets in amounts and from insurers as it considers desirable.
(12) Cooperate with and exchange services, personnel, and information with any federal, state, or local government agency.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-2. Additional Powers

Sec. 2. The bank may:
(1) make, enter into, and enforce all contracts necessary, convenient, or desirable for the purposes of the bank or pertaining to:
(A) a purchase or sale of securities or other investments; or
(B) the performance of its duties and execution of any of its powers under this article;
(2) purchase or hold securities at prices and in a manner the bank considers advisable and sell securities acquired or held by it at prices without relation to cost and in a manner the bank considers advisable;
(3) prescribe the form of application or procedure required of a qualified entity for a purchase of its securities, fix the terms and conditions of the purchase, and enter into agreements with qualified entities with respect to purchases;
(4) render services to a qualified entity in connection with a public or private sale of its securities, including advisory and other services, and charge for services rendered;
(5) charge for its costs and services in review or consideration of a proposed purchase by the bank of securities, whether the securities are purchased;
(6) fix and establish terms and provisions with respect to:
(A) a purchase of securities by the bank, including date and maturities of the securities;
(B) redemption or payment before maturity; and
(C) any other matters that in connection with the purchase are necessary, desirable, or advisable in the judgment of the bank;
(7) to the extent permitted under its contracts with the holders of bonds or notes of the bank, consent to modification of the rate of interest, time for payment of any installment of principal or interest, security, or any other term of a bond or note, contract, or agreement of any kind to which the bank is a party; and
(8) appoint and employ general or special counsel, accountants, financial advisors or experts, and all such other or different officers, agents, and employees as it requires and determine their qualifications, duties, and compensation, all in order to effectuate the purposes of this article.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-3. Investments

Sec. 3. Money not being used to purchase securities may be invested as provided in a resolution, agreement, or trust agreement of the bank.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-4. Prohibited Acts

Sec. 4. The bank may not:
(1) purchase securities other than from a qualified entity or other than for investment under section 3 of this chapter;
(2) deal in securities within the meaning of or subject to any securities law, securities exchange law, or securities dealers law of the United States, of the state, or of any other state or jurisdiction, domestic or foreign, except as authorized in this article;
(3) emit bills of credit, accept deposits of money for time or demand deposit, administer trusts, engage in any form or manner, or in the conduct of, any private or commercial banking business, or act as a savings bank, savings association, or any other kind of financial institution;
(4) engage in any form of private or commercial banking business; or
(5) purchase securities from a qualified entity located in a county other than the county in which the bank is located.
As added by P.L.42-1985, SEC.1. Amended by P.L.79-1998, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-5. Audit of Books and Accounts; Annual Report to Mayor

Sec. 5. (a) The bank shall have an audit of its books and accounts made at least once each year by either the state board of accounts or by an auditor or auditing firm to be appointed by the board upon review of the firm's proposal by the state board of accounts. The cost of the audit shall be considered an expense of the bank, and a copy of the audit shall be made available to the public.
(b) The bank shall submit a report of its activities for each fiscal year to the mayor not more than forty-five (45) days after the end of each fiscal year. Each report shall set forth a complete operating and financial statement covering its operations during that fiscal year.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-6. Annual Budget; Amendment

Sec. 6. The board shall adopt an annual budget on either a calendar or fiscal year basis. The annual budget may be amended from time to time during the year.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-7. Expenses

Sec. 7. All expenses incurred in carrying out this article are payable solely from revenues of the bank or funds appropriated under this chapter, and nothing in this article authorizes the bank to incur an indebtedness or liability on behalf of or payable by the city or county.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 3. Powers and Duties › 5-1.4-3-8. Open Meetings; Records

Sec. 8. All meetings of the bank shall be open to the public in accordance with and subject to IC 5-14-1.5. All records of the bank shall be subject to the requirements of IC 5-14-3.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-1. Bonds or Notes; Purposes; General Obligation of Bank; Additional Security

Sec. 1. (a) The bank may issue its bonds or notes in principal amounts that it considers necessary to provide funds for any purposes under this article, including:
(1) the purchase of securities;
(2) the payment, funding, or refunding of the principal of, or interest or redemption premiums on, bonds or notes issued by it whether the bonds or notes or interest to be paid, funded, or refunded have or have not become due; and
(3) the establishment or increase of reserves to secure or to pay bonds or notes or interest on bonds or notes and all other costs or expenses of the bank incident to and necessary or convenient to carry out its corporate purposes and powers.
(b) Except as otherwise provided in this article or by the board, every issue of bonds or notes shall be general obligations of the bank payable out of the revenues or funds of the bank, subject only to agreements with the holders of a particular series of bonds or notes pledging a particular revenue or fund. Bonds or notes may be additionally secured by a pledge of a grant or contributions from the United States, the state, a qualified entity, or a person or a pledge of income or revenues, funds, or money of the bank from any source.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-2. Nature of Bonds or Notes; State Pledge and Agreement

Sec. 2. (a) A bond or note of the bank:
(1) is not a debt, liability, loan of the credit, or pledge of the faith and credit of any qualified entity;
(2) is payable solely from the money pledged or available for its payment under this article, unless funded or refunded by bonds or notes of the bank; and
(3) must contain on its face a statement that the bank is obligated to pay principal and interest, and redemption premiums if any, and that the faith, credit, and taxing power of any qualified entity is not pledged to the payment of the bond or note.
(b) The state pledges to and agrees with the holders of the bonds or notes issued under this article that the state will not:
(1) limit or restrict the rights vested in the bank to fulfill the terms of any agreement made with the holders of its bonds or notes; or
(2) in any way impair the rights or remedies of the holders of the bonds or notes;
until the bonds or notes, together with the interest on the bonds or notes and interest on unpaid installments of interest and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met, paid, and discharged.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-3. Negotiability of Bonds and Notes

Sec. 3. The bonds and notes of the bank are negotiable instruments for all purposes of the Uniform Commercial Code (IC 26-1), subject only to the provisions of the bonds and notes for registration.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-4. Authorization; Issuance in Series; Requirements; Consent of City or State Agency

Sec. 4. (a) Bonds or notes of the bank must be authorized by resolution of the board, may be issued in one (1) or more series, and must:
(1) bear the date;
(2) mature at the time or times;
(3) bear interest at the rate or rates of interest or within a maximum rate or specify the method by which the interest rate or rates may be determined;
(4) be in the denomination;
(5) be in the form;
(6) carry the conversion or registration privileges;
(7) have the rank or priority;
(8) be executed in the manner;
(9) be payable from the sources in the medium of payment at the place inside or outside the state; and
(10) be subject to the terms of redemption;
as the resolution of the board or the trust agreement securing the bonds or notes provides.
(b) Bonds or notes may be issued under this article without obtaining the consent of any agency of the state or city and without any other proceeding or condition other than the proceedings or conditions specified in this article.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-5. Resolution Authorizing Issuance; Adoption; Action to Set Aside Resolution

Sec. 5. Upon the adoption of a resolution authorizing the issuance of bonds or notes, any action or proceeding in any court to set aside the resolution authorizing the issuance of bonds or notes of the bank under this article or to obtain any relief upon the ground that the resolution is invalid must be filed within fifteen (15) days following the adoption of the resolution. After the expiration of this fifteen (15) day period, no right of action shall be asserted nor shall the validity of the resolution or any of its provisions be open to question in any court or agency upon any grounds whatsoever.
As added by P.L.42-1985, SEC.1. Amended by P.L.2-1989, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-6. Public or Private Sale; Notice

Sec. 6. Bonds or notes of the bank may be sold at public or private sale at the price the board determines. If bonds or notes of the bank are to be sold at public sale, the bank shall follow IC 5-1-11 and shall publish notice of the sale as required by IC 5-3-1 for the sale of bonds or notes of the city.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-7. Issuance of Notes; Payment of Principal or Interest

Sec. 7. The bank may from time to time issue its notes under this article and pay and retire the principal of the notes or pay the interest due thereon or fund or refund the notes from proceeds of bonds or of other notes or from other funds or money of the bank available for that purpose in accordance with a contract between the bank and the holders of the notes.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-8. Trust Agreement as Security; Provisions of Trust Agreement or Resolution; Expenses

Sec. 8. (a) Any bonds or notes issued under this chapter may be secured by the board by a trust agreement by and between the board and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the state.
(b) The trust agreement or the resolution providing for the issuance of the bonds or notes may contain provisions for protecting and enforcing the rights and remedies of the holders of any such bonds or notes as may be reasonable and proper and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and remedies of the holders of any bonds or notes and of the trustee and may restrict the individual right of action by the holders.
(d) In addition to subsections (a), (b), and (c), any trust agreement or resolution may contain other provisions that the board considers reasonable and proper for the security of the holders of any bonds or notes.
(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from revenues or assets pledged or assigned to the payment of the principal of and the interest on bonds and notes or from any other funds available to the bank.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-9. Purchase of Bonds or Notes of Bank; Disposition

Sec. 9. The bank may purchase bonds or notes of the bank out of its funds or money available for the purchase of its own bonds and notes. The bank may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with holders of its bonds or notes. Unless cancelled, bonds or notes so held shall be deemed to be held for resale or transfer and the obligation evidenced by the bonds or notes shall not be deemed to be extinguished.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 4. Issuance of Obligations › 5-1.4-4-10. Purchase of Securities; Documentation

Sec. 10. All securities purchased, held, or owned by the bank, upon delivery to the bank, must be accompanied by all documentation required by the board.
As added by P.L.42-1985, SEC.1.