CHAPTER 8. BONDS: LIABILITY FOR DEBT; TAX EXEMPT STATUS; ELIGIBILITY AS INVESTMENTS

IC 21-34-8
    Chapter 8. Bonds: Liability for Debt; Tax Exempt Status;Eligibility as Investments

IC 21-34-8-1
Liability of trustees for indebtedness limited
    Sec. 1. IC 21-34-4 or another provision of this article may not beconstrued to make any board of trustees of a state educationalinstitution liable for any indebtedness, bonds, or obligations incurred,created, or issued under the authority of this article by any other stateeducational institution.
As added by P.L.2-2007, SEC.275.

IC 21-34-8-2
Liability of state or institutions for indebtedness limited
    Sec. 2. All indebtedness, bonds, or obligations incurred, created,or issued under the authority of this article:
        (1) are payable solely out of the building facilities fund and theproperty, fees, income, and funds pledged or mortgaged asauthorized; and
        (2) may not be or become an indebtedness of or liability againstthe state of Indiana or a state educational institution, except tothe extent of the property, fees, income, and funds pledged ormortgaged as authorized.
As added by P.L.2-2007, SEC.275.

IC 21-34-8-3
Tax exemption
    Sec. 3. All:
        (1) the:
            (A) property acquired under authority of this article or usedfor the purposes provided for in this article; and
            (B) income from property described in clause (A);
        are exempt from all taxation in Indiana; and
        (2) bonds issued under the authority of this article, the intereston the bonds, and the proceeds of the bonds are exempt fromtaxation to the extent provided in IC 6-8-5.
As added by P.L.2-2007, SEC.275.

IC 21-34-8-4
Investments; deposits
    Sec. 4. Any bonds issued under the provisions of this article are:
        (1) eligible investments for the funds of any kind or characterof every financial institution, insurance company, or privatetrust; and
        (2) eligible for deposit by any financial institution, insurancecompany, or trustee under any Indiana law providing for thedeposit of securities or funds.
As added by P.L.2-2007, SEC.275.