reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 5. Reserve Fund › 5-1.4-5-1. Establishment and Maintenance of Reserve Fund; Application of Funds; Required Debt Service Reserve; Excess Money

Sec. 1. (a) The board may establish and maintain a reserve fund for each issue of bonds or notes in which there shall be deposited or transferred:
(1) all proceeds of bonds or notes required to be deposited in the fund by terms of a contract between the bank and its holders or a resolution of the bank with respect to the proceeds of bonds or notes;
(2) all other money appropriated to the reserve fund; and
(3) any other money or funds of the bank that it decides to deposit in the fund.
(b) Subject to subsection (c) and section 4(b) of this chapter, money in any reserve fund shall be held and applied solely to the payment of the interest on and principal of bonds or notes of the bank as the interest and principal become due and payable and for the retirement of bonds or notes. The money may not be withdrawn if a withdrawal would reduce the amount in the reserve fund to an amount less than the required debt service reserve, except for payment of interest then due and payable on bonds or notes and the principal of bonds or notes then maturing and payable, whether by reason of maturity or mandatory redemption, for which payments other money of the bank is not then available. As used in this subsection, "required debt service reserve" means, as of the date of computation, the amount required to be on deposit in the reserve fund as provided by resolution or trust agreement of the bank. As used in this subsection, "interest" includes any payments so designated in any contract or agreement between the bank and, or for the benefit of, any holder.
(c) Money in any reserve fund in excess of the required debt service reserve as defined in subsection (b), whether by reason of investment or otherwise, may be withdrawn at any time by the bank and transferred to another fund or account of the bank, subject to the provisions of any agreement with the holders of any bonds or notes.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 5. Reserve Fund › 5-1.4-5-2. Investment of Funds

Sec. 2. Money in any reserve fund may be invested in the manner provided by IC 5-1.4-3-3.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.15.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 5. Reserve Fund › 5-1.4-5-3. Valuation of Investments

Sec. 3. For purposes of valuation, investments in the reserve fund shall be valued at par or, if purchased at less than par, at cost unless otherwise provided by resolution or trust agreement of the bank. Valuation on a particular date shall include the amount of interest then earned or accrued to that date on the money or investments in the reserve fund.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 5. Reserve Fund › 5-1.4-5-4. Required Debt Service Reserve; Appropriation to Assure Maintenance; Application of Funds; Excess Money

Sec. 4. (a) In order to assure the maintenance of the required debt service reserve in any reserve fund, the legislative body of the city may annually appropriate to the bank for deposit in one (1) or more of the funds the sum, certified by the chairman of the board to the legislative body, that is necessary to restore one (1) or more of the funds to an amount equal to the required debt service reserve. The chairman annually, before December 1, shall make and deliver to the legislative body a certificate stating the sum required to restore the funds to that amount. Nothing in this subsection creates a debt or liability of the city to make any appropriation.
(b) All amounts received on account of money appropriated by the legislative body of the city to any reserve fund shall be held and applied in accordance with section 1(b) of this chapter. However, at the end of each fiscal year, if the amount in any reserve fund exceeds the required debt service reserve, any amount representing earnings or income received on account of any money appropriated to the reserve fund that exceeds the expenses of the bank for that fiscal year may be transferred to the general fund of the city.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 5. Reserve Fund › 5-1.4-5-5. Combining Reserve Funds

Sec. 5. Subject to the provisions of any agreement with its holders, the bank may combine the reserve fund established for each issue of bonds or notes into one (1) or more reserve funds.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.17.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 6. Other Funds and Accounts › 5-1.4-6-1. General Fund; Establishment; Use; Creation of Subaccounts or Special Accounts

Sec. 1. (a) The bank shall establish and maintain a fund called the general fund into which there shall be deposited all money received by the bank, unless otherwise provided by resolution or trust agreement of the bank, and any money that the bank shall transfer to the fund from any reserve fund under IC 5-1.4-5-1(c). Money in the general fund shall be used for operating expenses of the bank and, subject to any contract between the bank and its holders, may be:
(1) used to pay principal of or interest on bonds or notes of the bank to prevent a default;
(2) transferred to any reserve fund to prevent a default or to make up any deficiency in that reserve fund;
(3) used to purchase securities; and
(4) used to purchase or redeem the bank's bonds or notes.
(b) No amount shall be paid or expended out of the general fund, or from any account established by the bank in the general fund for the purpose of paying operating expenses, for the payment of operating expenses of the bank in any year in excess of the amount provided for operating expenses in the annual budget then in effect for that year or any amendment of the annual budget in effect at the time of the payment or expenditure.
(c) The bank is authorized and empowered to create and establish in the general fund accounts, subaccounts, or special accounts that in the opinion of the board are necessary, desirable, or convenient for the purposes of the bank under this chapter.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.18; P.L.136-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 6. Other Funds and Accounts › 5-1.4-6-2. Additional Reserves; Other Funds or Accounts

Sec. 2. The board may establish additional reserves or other funds or accounts as may be necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 6. Other Funds and Accounts › 5-1.4-6-3. Money or Investments Held for Payment of Bonds or Notes; Application

Sec. 3. Unless the resolution or trust agreement authorizing the bonds or notes provides otherwise, money or investments in a fund or account of the bank established or held for the payment of bonds or notes shall be applied to the payment or retirement of the bonds or notes, and to no other purpose.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 7. Default of the Bank › 5-1.4-7-1. Achievement of Purpose of Article Without Jeopardizing Holders of Bonds or Notes

Sec. 1. In order to:
(1) carry out its purpose under this article by purchasing securities of qualified entities and by receipt of its income from service charges and from payments of interest on and the maturing principal of securities purchased and held by it; and
(2) produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this article and to pay the principal of and interest on its outstanding bonds and notes when due;
the bank must at all times, and to the greatest extent possible, plan to issue its bonds and notes and purchase securities of qualified entities so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bank or adversely affecting other matters under this article.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 7. Default of the Bank › 5-1.4-7-2. Default; Appointment of Trustee to Represent Holders of Bonds or Notes

Sec. 2. If the bank:
(1) defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption; or
(2) fails or refuses to comply with this article or defaults in an agreement made with the holders of an issue of notes or bonds;
and there is no trustee under a trust agreement, then the holders of twenty-five percent (25%) in the aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the clerk of the county and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this article.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 7. Default of the Bank › 5-1.4-7-3. Trustee; Duties; Powers; Venue; Notice

Sec. 3. (a) A trustee appointed under section 2 of this chapter shall, in the trustee's name, upon written request of the holders of twenty-five percent (25%) in principal amount of the outstanding notes or bonds:
(1) by civil action enforce all rights of the holders, including the right to require the bank to:
(A) collect rates, charges, and other fees and to collect interest and principal payments on securities held by it adequate to carry out an agreement as to, or pledge of, the rates, charges, and other fees and of the interest and principal payments; and
(B) carry out any other agreements with the holders of the notes or bonds and to perform its duties under this article;
(2) bring a civil action upon the notes or bonds;
(3) by civil action require the bank to account as if it were the trustee of an express trust for the holders of the notes or bonds;
(4) by civil action enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds; and
(5) declare all the notes or bonds due and payable, and if all defaults are made good, then with the consent of the holders of twenty-five percent (25%) of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences.
(b) The trustee also has all the powers necessary for the exercise of functions specifically set out or incident to the general representation of holders in the enforcement and protection of their rights.
(c) The venue of any suit, action, or proceeding brought by the trustee on behalf of the holders shall be laid in the county in which the bank is located.
(d) Before declaring the principal of notes or bonds due and payable, the trustee must first give not less than thirty (30) days notice in writing to the chairman of the board and the board's attorney.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 8. Purchase of Securities of Qualified Entities › 5-1.4-8-1. Purchase of Securities Offered by Qualified Entity; Private Sale; Issuance of Bonds or Notes for Purpose of Purchase

Sec. 1. The bank, to carry out the purposes and policies of this article, may purchase securities offered by a qualified entity. Notwithstanding any law to the contrary, a qualified entity may sell its securities to the bank at a negotiated, private sale. The bank, for this purpose, may issue its bonds and notes payable solely from the revenues or funds available to the bank for such payment and may otherwise assist qualified entities as provided in this article.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 8. Purchase of Securities of Qualified Entities › 5-1.4-8-2. Securities to Be Purchased and Held in Name of Bank; Required Documentation

Sec. 2. (a) All securities at any time purchased, held, or owned by the bank shall at all times be purchased and held in the name of the bank.
(b) All securities at any time purchased by the bank, upon delivery to the bank, shall be accompanied by all documentation required by the board. The documentation must include an approving opinion of recognized bond counsel, certification and guarantee of signatures, and certification as to no litigation pending as of the date of delivery of the securities challenging the validity or issuance of the securities.
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 8. Purchase of Securities of Qualified Entities › 5-1.4-8-3. Contracts With Bank for Purchase of Securities; Terms and Conditions; Fees and Charges; Denomination; Prices; Private Sale

Sec. 3. Every qualified entity is authorized and empowered to contract with the bank with respect to the purchase of its securities, and the contracts shall contain the terms and conditions of the purchase and may be in any form agreed to by the bank and the qualified entity, including a customary form of bond ordinance or resolution. Every qualified entity is authorized and empowered to pay fees and charges required to be paid to the bank for its services. Notwithstanding any statute applicable to or constituting any limitation on the sale of bonds or notes, any qualified entity may sell its securities to the bank, without limitation as to denomination, at a private sale at such price or prices as may be determined by the bank and the qualified entity.
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 8. Purchase of Securities of Qualified Entities › 5-1.4-8-4. Agreement With Bank; Waiver of Statutory Defenses to Nonpayment; Rights and Remedies of Bank

Sec. 4. Upon the sale and delivery by a qualified entity of any securities to the bank, the qualified entity shall be deemed to have agreed that upon its failure to pay interest or principal on the securities owned or held by the bank when payable, all statutory defenses to nonpayment are waived. Upon nonpayment and demand on the qualified entity for payment, if the securities are payable from property taxes and funds are not available in the treasury of the qualified entity to make payment, an action in mandamus for the levy of a tax to pay the interest and principal on the securities shall lie, and the bank shall be constituted a holder or owner of the securities as being in default. The bank may thereupon avail itself of all remedies, rights, and provisions of law applicable in the circumstances, and the failure to exercise or exert any rights or remedies within a time or period provided by law may not be raised as a defense by the qualified entity. The bank may carry out this section and exercise all the rights, remedies, and provisions of law provided or referred to in this section.
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 8. Purchase of Securities of Qualified Entities › 5-1.4-8-5. Bond Anticipation Notes of Qualified Entities; Purchase by Bank; Renewal or Extension; Maturity; Terms and Conditions

Sec. 5. (a) Notwithstanding any law applicable to a qualified entity concerning the issuance of bonds, a qualified entity that has complied with all statutory requirements for the issuance of its bonds may (in lieu of issuing bonds at that time and without complying with any other law applicable to the issuance of bonds, notes, or other evidences of indebtedness) issue to the bank the qualified entity's notes in anticipation of the issuance of bonds, and the bank may purchase these bond anticipation notes. The bond anticipation notes may be issued on terms set forth in a resolution authorizing their issuance and in any amount equal to or less than the amount of bonds authorized to be issued.
(b) The qualified entity may renew or extend the bond anticipation notes from time to time on terms agreed to with the bank, and the bank may purchase these renewals or extensions. The amount of the accrued interest on the date of renewal or extension may be paid or added to the principal amount of the note being renewed or extended so long as the aggregate principal amount of bond anticipation notes outstanding at any time does not exceed the maximum principal amount permitted by this section.
(c) The bond anticipation notes of the qualified entity, including any renewals or extensions, must mature in the amounts and at the times (not exceeding five (5) years from the date of the original issuance of the bond anticipation notes) as are agreed to by the qualified entity and the bank. The bond anticipation notes shall be, and interest thereon may be, finally paid with the proceeds of the bonds issued by the qualified entity. In connection with the issuance of bonds part or all of the proceeds of which shall be used to retire the bond anticipation notes, the qualified entity is not required to repeat the procedures for the issuance of bonds because the procedures followed before the issuance of the bond anticipation notes are for all purposes sufficient to authorize the issuance of such bonds.
(d) In connection with the purchase of bond anticipation notes, the bank may by agreement with the qualified entity impose any terms, conditions, and limitations as in its opinion are proper for the security of the bank and the holders of its bonds or notes. If the qualified entity fails to comply with the agreement or to issue its bonds to retire its bond anticipation notes, the bank may enforce all rights and remedies provided in the agreement or at law, including an action in mandamus to compel the issuance of bonds by the qualified entity.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 8. Purchase of Securities of Qualified Entities › 5-1.4-8-6. Notes of Qualified Entities; Purchase by Bank; Renewal or Extension; Maturity; Compliance With Other Laws; Terms and Conditions

Sec. 6. (a) Notwithstanding any other law applicable to a qualified entity as to borrowing money, a qualified entity may issue and sell its notes to the bank, and the bank may purchase these notes. The notes must be issued pursuant to a resolution of the qualified entity, and the proceeds must be applied to costs for which the qualified entity may issue bonds.
(b) The qualified entity may renew or extend the notes from time to time on terms agreed to with the bank, and the bank may purchase these renewals or extensions. The amount of accrued interest on the date of renewal or extension may be paid or added to the principal amount of the note being renewed or extended.
(c) The notes of the qualified entity, including any renewals or extensions, must mature in the amounts and at the times (not exceeding two (2) years from the date of original issuance) as are agreed to by the qualified entity and the bank. However, the legislative body of the city in the case of a qualified entity defined in IC 5-1.4-1-10(1) through (3) or the governing body of the qualified entity in the case of a qualified entity defined in IC 5-1.4-1-10(4) through (6), by resolution, may authorize an extension of the maturity beyond two (2) years for an additional period of no more than three (3) years. Any such extension may be authorized in the resolution originally authorizing issuance of the notes. The notes of the qualified entity and accrued interest thereon shall be paid with proceeds from the issuance of its bonds, when and if the bonds are issued, or other money available to the qualified entity, which money the qualified entity may pledge to the payment of its notes.
(d) Compliance with this section constitutes full authority for a qualified entity to issue its notes and sell them to the bank, and the qualified entity is not required to comply with any other law applicable to the authorization, approval, issuance, and sale of bonds, notes, or other evidences of indebtedness. However, if the qualified entity decides to issue bonds, neither the provisions of this section nor the actual issuance by a qualified entity of its notes shall relieve the qualified entity of completing the requirements for the issuance of its bonds all or part of the proceeds of which will be used to retire the notes.
(e) In connection with the purchase of notes, the bank may by agreement with the qualified entity impose any terms, conditions, and limitations as in its opinion are proper for the security of the bank and the holders of its bonds or notes. If the qualified entity fails to comply with the agreement or to retire its notes, the bank may enforce all rights and remedies provided in the agreement or at law.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.22; P.L.46-1987, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 9. Miscellaneous Provisions › 5-1.4-9-1. Limitation of Actions

Sec. 1. (a) No action to contest the validity of any bonds or notes of the bank may be brought after the fifteenth day following the adoption of the resolution authorizing the sale of the bonds or notes. No action to contest the validity of any bond sale under this chapter may be brought after the fifth day following the bond sale.
(b) If an action challenging the bonds or notes of the bank is not brought within the time prescribed by subsection (a), all bonds or notes of the bank shall be conclusively presumed to be fully authorized and issued under the laws of Indiana, and a person or a qualified entity is estopped from questioning their authorization, sale, issuance, execution, or delivery by the bank.
(c) Insofar as this article is inconsistent with the provisions of any other law, general, special, or local, this article shall be controlling.
As added by P.L.42-1985, SEC.1. Amended by P.L.2-1989, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 9. Miscellaneous Provisions › 5-1.4-9-2. Bank Property Exempt From Levy and Sale; Judgment Against Bank Not Charge or Lien on Property; Rights of Holders of Bonds or Notes

Sec. 2. All property of the bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the property. A judgment against the bank may not be a charge or lien upon its property. However, nothing in this section applies to or limits the rights of the holder of bonds or notes to pursue a remedy for the enforcement of a pledge or lien given by the bank on its revenues or other money.
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 9. Miscellaneous Provisions › 5-1.4-9-3. Pledge of Revenues or Money

Sec. 3. A pledge of revenues or other money made by the bank is binding from the time the pledge is made. Revenues or other money pledged and thereafter received by the bank are immediately subject to the lien of the pledge without any further act, and the lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the bank, regardless of whether the parties have notice of the lien. Neither the resolution nor any other instrument by which a pledge is created needs to be filed or recorded except in the records of 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 9. Miscellaneous Provisions › 5-1.4-9-4. Insurance or Guaranty for Payment

Sec. 4. The bank may obtain from a department or agency of the United States or 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, on bonds or notes issued by the bank or on securities purchased or held by 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 9. Miscellaneous Provisions › 5-1.4-9-5. Authority to Receive Appropriations or Grants From Federal Government; Disposition

Sec. 5. The chairman of the board of the bank is authorized to receive from the United States or any department or agency thereof any amount of money as and when appropriated, allocated, granted, turned over, or in any way provided for the purposes of the bank or this article. Those amounts shall, unless otherwise directed by the federal authority, be credited to and deposited in the general fund and be 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 9. Miscellaneous Provisions › 5-1.4-9-6. Undertaking by Financial Institution to Keep and Pay Over Funds Deposited With It

Sec. 6. (a) A financial institution may give to the bank a good and sufficient undertaking, with such sureties as are approved by the bank, to the effect that the financial institution shall faithfully keep and pay over to the order of or upon the warrant of the bank or its authorized agent all those funds deposited with it by the bank and agreed interest, at such times or upon such demands as may be agreed with the bank. However, in lieu of these sureties, the financial institution may deposit with the bank or its authorized agent or a trustee for the holders of bonds, as collateral, those securities as the board may approve.
(b) The deposits of the bank may be evidenced by an agreement in the form and upon the terms and conditions that may be agreed upon by the bank and the financial institution.
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 9. Miscellaneous Provisions › 5-1.4-9-7. Agreements With Financial Institutions; Care and Custody of Securities or Other Investments

Sec. 7. The board may enter into agreements or contracts with a financial institution inside or outside the state as may be necessary, desirable, or convenient in the opinion of the board for rendering services in connection with the care, custody, or safekeeping of securities or other investments held or owned by the bank, for rendering services in connection with the payment or collection of amounts payable as to principal or interest, and for rendering services in connection with the delivery to the bank of securities or other investments purchased by it or sold by it and to pay the cost of those services. The board may also, in connection with any of the services to be rendered by a financial institution as to the custody and safekeeping of its securities or investments, require security in the form of collateral bonds, surety agreements, or security agreements in such form and amount as, in the opinion of the board, is necessary or desirable.
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 9. Miscellaneous Provisions › 5-1.4-9-8. Financial Institutions and Fiduciaries; Investment in Bonds or Notes

Sec. 8. Notwithstanding the restrictions of any other law, all financial institutions, investment companies, insurance companies, insurance associations, executors, administrators, guardians, trustees, and other fiduciaries may legally invest sinking funds, money, or other funds belonging to them or within their control in bonds or notes issued under 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 9. Miscellaneous Provisions › 5-1.4-9-9. Nature of Bank Property; Bonds and Notes; Exemption From Taxation

Sec. 9. All property of the bank is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes and special assessments of the state or a political subdivision of the state. All bonds or notes issued under this article are issued by a body corporate and public of this state, but not a state, city, or county agency, and for an essential public and governmental purpose. The bonds and notes, the interest thereon, the proceeds received by a holder from the sale of the bonds or notes to the extent of the holder's cost of acquisition, proceeds received upon redemption before maturity, proceeds received at maturity, and the receipt of the interest and proceeds shall be exempt from taxation in the state for all purposes except the financial institutions tax imposed under IC 6-5.5.
As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5; P.L.254-1997(ss), SEC.5; P.L.79-2017, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.4. Local Public Improvement Bond Banks › Chapter 9. Miscellaneous Provisions › 5-1.4-9-10. Officers and Departments of State; Rendering of Services to Bank; Costs and Expenses

Sec. 10. All officers, departments, boards, agencies, divisions, and commissions of the city shall render services to the bank that are within the area of their respective governmental functions and that may be requested by the board and must comply promptly with any reasonable request by the board relating to the making of a study or review as to desirability, need, cost, expense, or financial feasibility with respect to a public project, purpose, or improvement, or the financial or fiscal responsibility or ability of a qualified entity making application for the purchase by the bank of securities to be issued by that qualified entity. The cost and expense of a service requested by the board, at the request of the officer, department, board, agency, division, or commission rendering the service, shall be paid by 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 9. Miscellaneous Provisions › 5-1.4-9-11. Dissolution of Bank; Assets and Property of Bank

Sec. 11. Upon the dissolution of the bank, all interest in the assets and property of the bank reverts to the city.
As added by P.L.42-1985, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 1. Definitions › 5-1.5-1-6. "Holder"

Sec. 6. "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.25-1984, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 1. Definitions › 5-1.5-1-8. "Qualified Entity"

Sec. 8. "Qualified entity" means:
(1) a political subdivision (as defined in IC 36-1-2-13);
(2) a state educational institution;
(3) a leasing body (as defined in IC 5-1-1-1(a));
(4) a not-for-profit utility (as defined in IC 8-1-2-125);
(5) any rural electric membership corporation organized under IC 8-1-13;
(6) any corporation that was organized in 1963 under Acts 1935, c. 157 and that engages in the generation and transmission of electric energy;
(7) any communications cooperative corporation formed under IC 8-1-17;
(8) any commission, authority, or authorized body of any qualified entity;
(9) any organization, association, or trust with members, participants, or beneficiaries that are all individually qualified entities;
(10) any commission, authority, or instrumentality of the state;
(11) any other participant (as defined in IC 5-1.2-2-54);
(12) a charter school established under IC 20-5.5 (before its repeal) or IC 20-24;
(13) a volunteer fire department (as defined in IC 36-8-12-2); or
(14) a development authority (as defined in IC 36-7.6-1-8).
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.1; P.L.46-1987, SEC.3; P.L.48-1989, SEC.1; P.L.37-1991, SEC.1; P.L.132-1999, SEC.1; P.L.179-2002, SEC.2; P.L.50-2003, SEC.1; P.L.2-2007, SEC.70; P.L.232-2007, SEC.1; P.L.189-2018, SEC.27; P.L.81-2020, SEC.1; P.L.189-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 1. Definitions › 5-1.5-1-9. "Reserve Fund"

Sec. 9. "Reserve fund" means a reserve fund established under IC 5-1.5-5-1.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 1. Definitions › 5-1.5-1-10. "Security"

Sec. 10. "Security" means:
(1) a bond, note, or evidence of indebtedness issued by a qualified entity;
(2) a lease or certificate or other evidence of participation in the lessor's interest in and rights under a lease with a qualified entity;
(3) an obligation of a qualified entity under an agreement between the qualified entity and the bank;
(4) an agreement executed by a qualified entity under IC 20-49-4 or IC 20-49-10; or
(5) an assignment agreement executed by a qualified entity under IC 5-1.5-8-5.1(b)(1).
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.3; P.L.30-1986, SEC.1; P.L.46-1987, SEC.4; P.L.28-1992, SEC.1; P.L.2-2006, SEC.9; P.L.259-2019, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-1. Indiana Bond Bank; Establishment; Nature; Purpose

Sec. 1. There is established the Indiana bond bank, a separate body corporate and politic, constituting an instrumentality of the state for the public purposes set out in this article, but not a state agency. The bank is separate from the state in its corporate and sovereign capacity. The purpose of the bank as described in IC 5-1.5-4 is to buy and sell securities and to make loans to qualified entities.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-2. Board of Directors; Establishment; Powers; Membership; Appointment; Vacancy

Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board.
(b) The board is composed of:
(1) the treasurer of state, who shall be the chairman ex officio, or the treasurer of state's designee;
(2) the public finance director appointed under IC 5-1.2-3-6, who shall be the director ex officio, or the public finance director's designee; and
(3) five (5) directors appointed by the governor.
(c) Each of the five (5) directors appointed by the governor:
(1) must be a resident of Indiana;
(2) must have substantial expertise in the buying, selling, and trading of municipal securities, in municipal administration or in public facilities management;
(3) serves for a term of three (3) years and until the director's successor is appointed and qualified;
(4) is eligible for reappointment;
(5) is entitled to receive the same minimum salary per diem as is provided in IC 4-10-11-2.1(b) while performing the director's duties. Such a director is also entitled to the same reimbursement for traveling expenses and other expenses, actually incurred in connection with the director's duties as is provided in the state travel policies and procedures, established by the department of administration and approved by the budget agency; and
(6) may be removed by the governor for cause.
(d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the governor for the unexpired term only.
As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.5; P.L.235-2005, SEC.75; P.L.189-2018, SEC.28; P.L.259-2019, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-3. Duties of Board

Sec. 3. The board shall:
(1) elect one (1) of its members vice chairman;
(2) appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer; and
(3) establish and maintain the office of the bank in Indianapolis.
As added by P.L.25-1984, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-4. Quorum

Sec. 4. Four (4) directors constitute a quorum at any meeting of the board.
As added by P.L.25-1984, SEC.1. Amended by P.L.38-1988, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-5. Action by Affirmative Vote of Four Directors; Effect of Vacancy

Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least four (4) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board.
As added by P.L.25-1984, SEC.1. Amended by P.L.38-1988, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-6. Surety Bonds; Issuer; Cost

Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the treasurer of state. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.
(b) The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.
(c) The cost of the surety bonds required by this section shall be paid by the bank.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-7. Disclosure of Interest in Contracts; Abstention With Respect to Contract; Validity of Contract

Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if he:
(1) has, or to his knowledge, may have or may later acquire a direct or indirect pecuniary interest in a contract with the bank; or
(2) is an officer, member, manager, director, or employee of or has an ownership interest in any firm, limited liability company, or corporation that is or may be a party to the contract;
if he discloses in writing to the bank the nature and extent of his interest as soon as he has knowledge of the interest and abstains from discussion, deliberation, action, and voting with respect to the contract.
(b) Notwithstanding any provision of this article or any other law, a contract or transaction shall not be void or voidable because of the existence of an interest described in subsection (a), if the provisions of subsection (a) have been satisfied.
As added by P.L.25-1984, SEC.1. Amended by P.L.8-1993, SEC.51.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 2. Establishment and Organization › 5-1.5-2-9. Executive Director; Duties

Sec. 9. The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors, administer, manage, and direct the employees of the bank. The executive director shall approve all amounts for salaries, allowable expenses of the bank or of any employee or consultant of the bank, and expenses incidental to the operation of the bank. The executive director shall attend the meetings of the board, keep a record of the proceedings of the board, and maintain all books, documents, and papers filed with the bank, the minutes of the board, and the bank's official seal. The executive director may cause copies to be made of all minutes and other records and documents of the bank and may give certificates under seal of the bank to the effect that those copies are true copies, and all persons dealing with the bank may rely upon those certificates.
As added by P.L.25-1984, SEC.1. Amended by P.L.1-2010, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-1. Powers

Sec. 1. (a) The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including, but not limited to, the following:
(1) Have a perpetual existence as a body politic and corporate, and an independent instrumentality, but not a state agency, exercising essential public functions.
(2) Sue and be sued.
(3) Adopt and alter an official seal.
(4) Make and enforce bylaws and rules for the conduct of its business and for the use of its services and facilities, which bylaws and rules may be adopted by the bank without complying with IC 4-22-2.
(5) Acquire, hold, use, and dispose of its income, revenues, funds, and money.
(6) Acquire, rent, lease, hold, use, and dispose of property for its purposes.
(7) Make contracts and incur liabilities, borrow money, issue its negotiable bonds or notes, subject to provisions for registration of negotiable bonds and notes, and provide for and secure their payment and provide for the rights of their holders, and purchase and hold and dispose of any of its bonds or notes.
(8) Fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities.
(9) Accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States, any governmental unit, or any person, carry out the terms or provisions or make agreements with respect to the gifts or grants, and do all things necessary, useful, desirable, or convenient in connection with procuring, accepting, or disposing of the gifts or grants.
(10) Do anything authorized by this article, through its officers, agents, or employees or by contracts with a person.
(11) Procure insurance against any losses in connection with its property, operations, or assets in amounts and from insurers as it considers desirable.
(12) Cooperate with and exchange services, personnel, and information with any federal, state, or local government agency.
(13) Do any act necessary or convenient to the exercise of the powers granted by the referenced statutes, or reasonably implied from those statutes, including compliance with requirements of federal law imposed from time to time for the issuance of bonds.
(b) The bank's powers under this article shall be interpreted broadly to effectuate the purposes of this article and may not be construed as a limitation of powers. The omission of a power from the list in subsection (a) does not imply that the bank lacks that power. The bank may exercise any power that is not listed in subsection (a) but is consistent with the powers listed in subsection (a) to the extent that the power is not expressly denied by the Constitution of the State of Indiana or by another statute.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.6; P.L.46-1987, SEC.6; P.L.259-2019, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-3. Investments

Sec. 3. Money not being used to purchase securities may be temporarily invested and reinvested pending the disbursements of that money as provided in a resolution of the bank or in a trust agreement entered into by the bank under IC 5-1.5-4-8.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-4. Prohibited Acts

Sec. 4. The bank may not:
(1) lend money other than to a qualified entity;
(2) purchase securities other than:
(A) a security to which a qualified entity is a party as issuer, borrower, or lessee; or
(B) an investment under section 3 of this chapter;
(3) deal in securities within the meaning of or subject to any securities law, securities exchange law, or securities dealers law of the United States of America or of the state or of any other state or jurisdiction, domestic or foreign, except as authorized in this article;
(4) emit bills of credit, or accept deposits of money for time or demand deposit, or administer trusts, or engage in any form or manner, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings association, or any other kind of financial institution; or
(5) engage in any form of private or commercial banking business.
As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.8; P.L.79-1998, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-5. Audit of Books and Accounts; Costs; Copy; Annual Report to Governor

Sec. 5. (a) The bank shall have an audit of its books and accounts made at least once in each year by a certified public accounting firm or the state board of accounts. If the audit is to be conducted by a certified public accounting firm, the firm may not be selected without a review of the firm's proposal and approval of the firm by the state board of accounts. The cost of the audit shall be considered an expense of the bank, and a copy of the audit shall be made available to the public.
(b) The bank shall submit a report of its activities for each fiscal year to the governor before November 1 of the calendar year in which the bank's fiscal year ends. Each report shall set forth a complete operating and financial statement covering its operations during that fiscal year.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.9; P.L.46-1987, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-6. Annual Budget

Sec. 6. The board shall adopt, on either a calendar or fiscal year basis, an annual budget, which may be amended from time to time during the year.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-7. Expenses

Sec. 7. All expenses incurred in carrying out this article are payable solely from revenues of the bank or funds appropriated under this article and nothing in this article authorizes the bank to incur an indebtedness or liability on behalf of or payable by the state.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.5. Indiana Bond Bank › Chapter 3. Powers and Duties › 5-1.5-3-8. Public Meetings; Records

Sec. 8. All meetings of the bank shall be open to the public in accordance with and subject to the limitations of IC 5-14-1.5. All records of the bank shall be subject to the requirements of IC 5-14-3.
As added by P.L.25-1984, SEC.1.