IC 21-35-5
    Chapter 5. Revenue Producing Property; Supplemental Proceduresfor Financing Revenue Producing Properties With RevenueObligations

IC 21-35-5-1
Applicability of chapter
    Sec. 1. This chapter applies to the following state educationalinstitutions:
        (1) Ball State University.
        (2) Indiana University.
        (3) Indiana State University.
        (4) Purdue University.
        (5) University of Southern Indiana.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-2
Applicable property
    Sec. 2. This chapter applies to the following property:
        (1) Property described in IC 21-35-2.
        (2) Property described in IC 21-35-3.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-3
Construction of chapter
    Sec. 3. This chapter may not be construed to repeal, modify, oramend any law of Indiana in force on March 9, 1959.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-4
Supplemental effect of chapter
    Sec. 4. This chapter may be construed as supplemental toIC 21-35-2 and IC 21-35-3.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-5
Issuance of revenue obligations; use
    Sec. 5. The board of trustees of a state educational institution mayissue revenue obligations under IC 21-35-2 or IC 21-35-3 for any one(1) or more of the following:
        (1) For any purpose or purposes for which IC 21-35-2 orIC 21-35-3 authorizes the borrowing of money.
        (2) To reimburse the state educational institution for fundsexpended or advanced for interim financing of the cost of anyrevenue producing property before the issuance of revenueobligations on account of revenue producing property.
        (3) Subject to applicable covenants and agreements with theholders of outstanding obligations, to fund or refund revenueobligations.
If the board of trustees determines that it would be advantageous to

the state educational institution to exchange funding or refundingobligations for the revenue obligations being funded or refunded, theexchange may be made, if the actual interest cost is not increased.
As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008,SEC.142.

IC 21-35-5-6
Security of revenue obligations
    Sec. 6. Revenue obligations:
        (1) must be secured in the manner provided in IC 21-35-2 andIC 21-35-3; and
        (2) in addition, may be secured by the pledge or mortgage of theunobligated net revenues of any one (1) or more other revenueproducing properties of the issuing state educational institutionand by any other available income or funds.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-7
Board; power to limit amount of obligations or issue additionalobligations
    Sec. 7. In authorizing the issuance of revenue obligations for anyparticular property or properties, the board of trustees may:
        (1) limit the amount of the obligations that may be issued as afirst lien and charge against the property or properties and thenet income from the property or properties; or
        (2) authorize the issuance periodically thereafter of additionalobligations secured by the same lien to provide funds:
            (A) for the completion of the property or properties onaccount of which the original obligations were issued;
            (B) to pay the cost of additional revenue producingproperties under IC 21-35-2 or IC 21-35-3; or
            (C) for the purposes described in clauses (A) and (B).
The additional obligations shall be issued on the terms andconditions as the board may determine, and may be secured equallyand ratably, without preference, priority, or distinction, with theoriginal issue of obligations or may be made junior to the originalissue of bonds.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-8
Revenue obligations authorized by resolution; terms; conditions
    Sec. 8. Revenue obligations must be authorized by resolutionadopted by the board of trustees. The terms, conditions, and form ofthe revenue obligations must be set out in the resolution or in a formof trust indenture between the state educational institution and adesignated corporate trustee, or both.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-9
Revenue obligations; contents    Sec. 9. The resolution or the indenture for revenue obligationsmay include:
        (1) provisions for protecting and enforcing the rights andremedies of the holders of the revenue obligations being issued;
        (2) covenants setting forth the duties of the state educationalinstitution and its officers in relation to:
            (A) the:
                (i) acquisition, construction, operation, and maintenanceof; and
                (ii) insurance to be carried on;
            the property or properties on account of which the revenueobligations are being issued; and
            (B) the maintenance of fees and charges to be collected onaccount of the properties;
        (3) provisions for:
            (A) the custody, safeguarding, and application of all money;
            (B) the rights and remedies of the trustee and the holders ofthe obligations being issued; and
            (C) the issuance of additional parity obligations or juniorlien obligations secured by pledge or mortgage of therevenues and property described in the resolution orindenture; and
        (4) the other terms, conditions, limitations, and covenants thatthe board of trustees determines proper.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-10
Revenue obligations and interest coupons
    Sec. 10. Revenue obligations and any interest couponsappertaining to revenue obligations are negotiable instruments withinthe meaning and for all purposes under the laws of Indiana, subjectonly to the provisions of the obligations for registration.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-11
Authority to furnish heat, light, power, and other like services withor without charge
    Sec. 11. In connection with the issuance of revenue obligations,a board of trustees of a state educational institution may covenant toand furnish or supply heat, light, power, and other like services toany building, structure, or improvement with or without charge solong as any of the revenue obligations are outstanding.
As added by P.L.2-2007, SEC.276.

IC 21-35-5-12
Revenue obligations; eligible investments
    Sec. 12. Any revenue obligations issued under IC 21-35-2 orIC 21-35-3 are eligible investments for the funds of any kind orcharacter of every financial institution, insurance company, orprivate trust. The revenue obligations are eligible for deposit by any

financial institution, insurance company, or trustee under any law ofIndiana providing for the deposit of securities or funds.
As added by P.L.2-2007, SEC.276.