CHAPTER 4. INDIANA STATE UNIVERSITY; DORMITORIES
IC 21-35-4
Chapter 4. Indiana State University; Dormitories
IC 21-35-4-1
Applicability of chapter
Sec. 1. This chapter applies to Indiana State University.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-2
Application of chapter; student housing
Sec. 2. This chapter applies to a project for a dormitory for thehousing of students.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-3
Issuance of bonds for the erection and construction of dormitories
Sec. 3. Whenever the board of trustees of Indiana State Universityfinds that:
(1) a necessity exists for the building of a dormitory for thehousing of students; and
(2) sufficient funds for the erection and construction of thedormitory for the housing of students will not be available outof the revenues and funds of Indiana State University in theyear in which the necessity exists;
the board of trustees may issue and sell the bonds of the board oftrustees.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-4
Bonds for a project; maximum amount
Sec. 4. Bonds for a project:
(1) may be in any amount that the board of trustees finds is notavailable out of the revenues and funds of Indiana StateUniversity for the year; and
(2) may not exceed the total estimated cost of the erection andconstruction of the dormitory.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-5
Estimations and findings of costs
Sec. 5. The board of trustees shall first estimate and make afinding specifying the costs of erecting and constructing the projectbefore issuing bonds.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-6
Bonds for a project; denomination, maturation, and interest rates
Sec. 6. Bonds for a project:
(1) may be issued by the board of trustees in the denominationand with the maturities; and (2) must bear the rate of interest, payable semiannually;
as the board of trustees may fix and determine. However, the bondsmay not be sold for less than par.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-7
Bonds for a project; sale
Sec. 7. Bonds for a project may be sold either privately, or atpublic letting, as the board of trustees may determine.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-8
Bonds for a project; principal and interest
Sec. 8. The principal and interest of the bonds for a project, whensold, are a primary, fixed charge against the net income of the projectbeing constructed and erected. The net income must be applied bythe board of trustees in payment of the principal and interest of thebonds as the principal and interest become due until full and finalpayment of all of the bonds and interest is made.
As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008,SEC.141.
IC 21-35-4-9
Net income of project; principal and interest on bond
Sec. 9. If the net income of a project in any year is not sufficientto meet the total amount of the principal and interest on the bondsthat fall due in the year, the board of trustees may pay the balance ofthe principal and interest falling due in the year out of any otherrevenues and funds of Indiana State University that are available topay the principal and interest.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-10
Bonds for a project; criteria
Sec. 10. Bonds for a project shall be:
(1) executed by the name;
(2) signed by the president and treasurer; and
(3) attested by the secretary;
of the board of trustees.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-11
Proceeds of sale of bonds
Sec. 11. The proceeds of sale of any bonds for a project shall beapplied solely to:
(1) the building of the project; and
(2) the payment of principal and interest of the bonds if asurplus should exist after completion and full payment for theerection and construction of the project.
As added by P.L.2-2007, SEC.276.