CHAPTER 3. POWERS AND DUTIES
IC 5-1.4-3
Chapter 3. Powers and Duties
IC 5-1.4-3-1
Powers
Sec. 1. The bank is granted all powers necessary, convenient, orappropriate to carry out and effectuate its public and corporatepurposes, including the following:
(1) Have a perpetual existence as a body politic and corporateand an independent instrumentality, but not a city or countyagency, exercising essential public functions.
(2) Sue and be sued.
(3) Adopt and alter an official seal.
(4) Make and enforce bylaws and rules for the conduct of itsbusiness and for the use of its services and facilities.
(5) Acquire, hold, use, and dispose of its income, revenues,funds, and money.
(6) Acquire, rent, lease, hold, use, and dispose of other personalproperty for its purposes.
(7) Make contracts and incur liabilities, borrow money, issue itsnegotiable bonds or notes, subject to provisions for registrationof negotiable bonds and notes, and provide for and secure theirpayment and provide for the rights of their holders, andpurchase, hold, and dispose of any of its bonds or notes.
(8) Fix and revise from time to time and charge and collect feesand charges for the use of its services or facilities.
(9) Accept gifts or grants of property, funds, money, materials,labor, supplies, or services from the United States, the state, anygovernmental unit, or any person, carry out the terms orprovisions of or make agreements with respect to the gifts orgrants, and do all things necessary, useful, desirable, orconvenient in connection with procuring, accepting, ordisposing of the gifts or grants.
(10) Do anything authorized by this article, through its officers,agents, or employees or by contracts with a person.
(11) Procure insurance against any losses in connection with itsproperty, operations, or assets in amounts and from insurers asit considers desirable.
(12) Cooperate with and exchange services, personnel, andinformation with any federal, state, or local government agency.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.5.
IC 5-1.4-3-2
Additional powers
Sec. 2. The bank may:
(1) make, enter into, and enforce all contracts necessary,convenient, or desirable for the purposes of the bank orpertaining to:
(A) a purchase or sale of securities or other investments; or
(B) the performance of its duties and execution of any of its
powers under this article;
(2) purchase or hold securities at prices and in a manner thebank considers advisable and sell securities acquired or held byit at prices without relation to cost and in a manner the bankconsiders advisable;
(3) prescribe the form of application or procedure required ofa qualified entity for a purchase of its securities, fix the termsand conditions of the purchase, and enter into agreements withqualified entities with respect to purchases;
(4) render services to a qualified entity in connection with apublic or private sale of its securities, including advisory andother services, and charge for services rendered;
(5) charge for its costs and services in review or considerationof a proposed purchase by the bank of securities, whether thesecurities are purchased;
(6) fix and establish terms and provisions with respect to:
(A) a purchase of securities by the bank, including date andmaturities of the securities;
(B) redemption or payment before maturity; and
(C) any other matters that in connection with the purchaseare necessary, desirable, or advisable in the judgment of thebank;
(7) to the extent permitted under its contracts with the holdersof bonds or notes of the bank, consent to modification of therate of interest, time for payment of any installment of principalor interest, security, or any other term of a bond or note,contract, or agreement of any kind to which the bank is a party;and
(8) appoint and employ general or special counsel, accountants,financial advisors or experts, and all such other or differentofficers, agents, and employees as it requires and determinetheir qualifications, duties, and compensation, all in order toeffectuate the purposes of this article.
As added by P.L.42-1985, SEC.1.
IC 5-1.4-3-3
Investments
Sec. 3. Money not being used to purchase securities may beinvested as provided in a resolution, agreement, or trust agreementof the bank.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.6.
IC 5-1.4-3-4
Prohibited acts
Sec. 4. The bank may not:
(1) purchase securities other than from a qualified entity orother than for investment under section 3 of this chapter;
(2) deal in securities within the meaning of or subject to anysecurities law, securities exchange law, or securities dealers lawof the United States, of the state, or of any other state or
jurisdiction, domestic or foreign, except as authorized in thisarticle;
(3) emit bills of credit, accept deposits of money for time ordemand deposit, administer trusts, engage in any form ormanner, or in the conduct of, any private or commercial bankingbusiness, or act as a savings bank, savings association, or anyother kind of financial institution;
(4) engage in any form of private or commercial bankingbusiness; or
(5) purchase securities from a qualified entity located in acounty other than the county in which the bank is located.
As added by P.L.42-1985, SEC.1. Amended by P.L.79-1998, SEC.5.
IC 5-1.4-3-5
Audit of books and accounts; annual report to mayor
Sec. 5. (a) The bank shall have an audit of its books and accountsmade at least once each year by either the state board of accounts orby an auditor or auditing firm to be appointed by the board uponreview of the firm's proposal by the state board of accounts. The costof the audit shall be considered an expense of the bank, and a copyof the audit shall be made available to the public.
(b) The bank shall submit a report of its activities for each fiscalyear to the mayor not more than forty-five (45) days after the end ofeach fiscal year. Each report shall set forth a complete operating andfinancial statement covering its operations during that fiscal year.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.7.
IC 5-1.4-3-6
Annual budget; amendment
Sec. 6. The board shall adopt an annual budget on either acalendar or fiscal year basis. The annual budget may be amendedfrom time to time during the year.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.8.
IC 5-1.4-3-7
Expenses
Sec. 7. All expenses incurred in carrying out this article arepayable solely from revenues of the bank or funds appropriated underthis chapter, and nothing in this article authorizes the bank to incuran indebtedness or liability on behalf of or payable by the city orcounty.
As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.9.
IC 5-1.4-3-8
Open meetings; records
Sec. 8. All meetings of the bank shall be open to the public inaccordance with and subject to IC 5-14-1.5. All records of the bankshall be subject to the requirements of IC 5-14-3.
As added by P.L.42-1985, SEC.1.