IC 13-21-12
    Chapter 12. Financing: Requirements for Issuance of BondsGenerally

IC 13-21-12-1
Terms and covenants of bonds; validity; sale
    Sec. 1. (a) All bonds issued under this article may:
        (1) be issued as serial or term bonds or as a combination ofboth;
        (2) be executed and delivered by the district at any time andfrom time to time;
        (3) bear the date or dates;
        (4) bear the maximum interest rates, if fixed rates are used, orspecify any manner in which the interest rate will bedetermined, if variable or adjustable rates are used;
        (5) be redeemable before the stated maturities of the bonds onthe terms and conditions and at premiums as necessary oradvisable;
        (6) be issued in any denomination of not less than five thousanddollars ($5,000);
        (7) be in a form, either book entry or registered, or both;
        (8) carry registration conversion privileges;
        (9) be payable in a medium of payment and at a place or places,which may be at any one (1) or more banks or trust companieswithin or outside Indiana;
        (10) provide for the replacement of mutilated, destroyed, stolen,or lost bonds;
        (11) be authenticated in a manner and upon compliance withconditions;
        (12) establish reserves from the proceeds of the sale of bonds orfrom other money, or both, to secure the payment of theprincipal and interest on the bonds issued under this article orIC 13-9.5-9 (before its repeal);
        (13) establish reserves from the proceeds of the sale of bonds orfrom other money, or both, for extensions, enlargements,additions, replacements, renovations, and improvements to orfor the facilities; and
        (14) contain other terms and covenants;
as provided in the resolution of the board authorizing the bonds.
    (b) The bonds issued under this article may mature at the time ortimes determined by the board, but not to exceed forty (40) years.
    (c) The bonds issued under this article:
        (1) may bear either the impressed or facsimile seal of thedistrict; and
        (2) shall be:
            (A) executed by the manual or facsimile signature of thechairperson of the board; and
            (B) attested by the manual or facsimile signature of thedistrict controller;
        as long as one (1) of these signatures is manual. However, any

signatures may be facsimiles if the bonds are to be manuallyauthenticated by a fiduciary.
    (d) The bonds and the interest coupons pertaining to the bonds, ifany, issued under this article and IC 13-9.5-9 (before its repeal) arevalid and binding obligations of the district for all purposes inaccordance with the terms of this article. If before delivery of thebonds and related interest coupons a person whose signature appearson the bonds and related interest coupons has ceased to be an officerof the district, the bonds shall be treated as if the person hadcontinued to be an officer of the district until after delivery.
    (e) The bonds issued under this article or IC 13-9.5-9 (before itsrepeal), other than waste management district bonds issued underIC 13-21-7 or IC 13-9.5-9-3 (before its repeal), may be sold at publicor private sale for the price or prices that is provided in the resolutionauthorizing the issuance of the bonds.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-2
Securement of bond by trust indenture; provisions allowable intrust indenture or resolution
    Sec. 2. The bonds issued under this article or IC 13-9.5-9 (beforeits repeal) may be secured by a trust indenture between the districtand a corporate trustee, which may be any national or state bankhaving its principal office in Indiana and having trust powers. Thetrust indenture or resolution under which the bonds are issued maydo the following:
        (1) Mortgage the land, interest in land, or the facilities forwhich the bonds are issued.
        (2) Pledge the revenues or any other money, or any part of therevenues or money, to be received by the district.
        (3) Contain the provisions for protecting and enforcing therights and remedies of the bondholders or lenders that may beconsidered reasonable, including covenants setting forth theduties of the district or board in relation to the construction ofthe facilities and the custody, safeguarding, application, andinvestment of all money received or to be received by thedistrict for the facilities financed by the issuance of the bonds.
        (4) Provide for the establishment of reserve funds from the bondproceeds or from other sources to the extent authorized.
        (5) Set forth the:
            (A) rights and remedies of the bondholders and trust; and
            (B) provisions restricting the individual rights or actions ofbondholders.
        (6) Contain provisions regarding the following:
            (A) The investment of money.
            (B) Sales, exchange, or disposal of property.
            (C) The manner of authorizing and making of paymentswithout regard to any general statute relating to thesematters.
        (7) Provide for the following:            (A) The payment of the proceeds of the sale of bonds to thetrustee, officer, bank, or depository that may be determinedunder the trust indenture or resolution for the custody of theproceeds.
            (B) The method of disbursement of the proceeds, with thesafeguards and restrictions that are determined.
        (8) Provide for the appointment of a receiver by the circuit orsuperior court of the county under terms and conditions that areconsidered reasonable.
        (9) Contain other provisions that the district considersreasonable and proper for the security of the bondholders.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-3
Security exempt from registration requirement of IC 23
    Sec. 3. A security issued in connection with a financing under thisarticle, the interest on which is excludable from adjusted grossincome tax, is exempt from the registration requirements of IC 23.
As added by P.L.1-1996, SEC.11. Amended by P.L.192-2002(ss),SEC.156.

IC 13-21-12-4
Bonds and anticipation notes exempt from taxation
    Sec. 4. All:
        (1) bonds, including grant and bond anticipation notes, issuedunder this article or IC 13-9.5-9 (before its repeal); and
        (2) the interest on the bonds and notes;
are exempt from taxation in accordance with IC 6-8-5.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-5
Revenues received by board or district exempt from taxation
    Sec. 5. All revenues received by the board or district under thisarticle or IC 13-9.5-9 (before its repeal) are exempt from all taxation.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-6
Alternative financing methods
    Sec. 6. The facilities or any part of the facilities to be financedunder this article may be financed by any combination of one (1) ormore of the methods provided for in this article.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-7
Action to contest validity bonds or to prevent issuance; timelimitation
    Sec. 7. An action to:
        (1) contest the validity of the bonds; or
        (2) prevent the issuance of the bonds;
must be brought within thirty (30) days following the first

publication of public notice of the adoption of the resolutionauthorizing the bonds.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-8
Authority for issuance of bonds
    Sec. 8. (a) This article constitutes full authority for the issuanceof bonds. No procedure, proceedings, publications, notices, consents,approvals, orders, acts, or things by a board, officer, commission,department, agency, or instrumentality of the state is required toissue bonds or to do any act or perform anything under this articleexcept as prescribed by this article.
    (b) The:
        (1) powers conferred by this article are in addition to and not insubstitution for; and
        (2) limitations imposed by this article do not affect;
the powers conferred by any other statute.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-9
Facility and sale of byproducts exempt from regulation underIC 8-1-2 and IC 8-1.5
    Sec. 9. The following are exempt from regulation under IC 8-1-2and IC 8-1.5:
        (1) A facility owned, operated, or financed under this article.
        (2) The sale of byproducts from the facility.
As added by P.L.1-1996, SEC.11.

IC 13-21-12-10
Covenant and agreement with bondholders
    Sec. 10. The general assembly covenants and agrees with theholders of any bonds that as long as any bonds of a district issuedunder this article or IC 13-9.5-9 (before its repeal) are outstandingand unpaid, the state:
        (1) will not limit or alter the rights of the district to:
            (A) acquire, construct, reconstruct, improve, enlarge, extend,own, operate, and maintain any project or interest in anyproject;
            (B) establish, maintain, revise, charge, and collect the feesand taxes referred to in this article; and
            (C) fulfill the terms of any agreements made with the holdersof the bonds; and
        (2) will not in any way impair the rights and remedies of thebondholders;
until the bonds, together with interest on the bonds, interest on anyunpaid installment of interest, and all costs and expenses inconnection with any action or proceedings by or on behalf of thebondholders, are fully paid, met, and discharged.
As added by P.L.1-1996, SEC.11.
IC 13-21-12-11
Article supplemental to other statutes
    Sec. 11. This article is supplemental to all other statutes coveringthe acquisition, construction, modification, use, and maintenance offacilities for solid waste disposal by a district.
As added by P.L.1-1996, SEC.11.