CHAPTER 11. FINANCING: BORROWING EVIDENCED BY NOTES

IC 13-21-11
    Chapter 11. Financing: Borrowing Evidenced by Notes

IC 13-21-11-1
Anticipation notes
    Sec. 1. A district:
        (1) pending receipt of a grant; or
        (2) in anticipation of the issuance of bonds under this article;
may borrow money from any person and evidence the debt by a noteor notes executed by the chairperson of the board and the controllerof the district and containing the terms and provisions prescribed bythe board.
As added by P.L.1-1996, SEC.11.

IC 13-21-11-2
Sale of notes
    Sec. 2. An issuance of a note or notes or evidence of indebtednessunder this chapter or IC 13-9.5-9-7 (before its repeal) may be sold ata public or private negotiated sale.
As added by P.L.1-1996, SEC.11.

IC 13-21-11-3
Term
    Sec. 3. A note or notes issued or renewed under this chapter must:
        (1) mature not more than five (5) years from the date ofissuance of the original note; and
        (2) pledge for the payment of the principal and interest theproceeds of the grant or bonds.
As added by P.L.1-1996, SEC.11.

IC 13-21-11-4
Application of proceeds
    Sec. 4. The board shall apply the proceeds of a note issued underthis chapter or IC 13-9.5-9-7 (before its repeal) to the cost of thefacility for which the grant is to be made or bonds issued, althougha purchaser of any obligations is not liable for the proper applicationof the proceeds.
As added by P.L.1-1996, SEC.11.

IC 13-21-11-5
Board approval
    Sec. 5. Notes issued under this chapter must be approved by aresolution of the board.
As added by P.L.1-1996, SEC.11.