CHAPTER 9. MISCELLANEOUS PROVISIONS

IC 5-1.5-9
    Chapter 9. Miscellaneous Provisions

IC 5-1.5-9-1
Limitation of actions
    Sec. 1. (a) No action to contest the validity of any bonds or notesof the bank to be sold at public sale may be brought after thefifteenth day following the first publication of notice of the sale ofthe bonds or notes. No action to contest the validity of any bond saleunder this chapter may be brought after the fifth day following thebond sale.
    (b) If bonds or notes are sold at private sale, the bank may publishnotice of the execution of the contract of sale of the bonds or notesone (1) time in two (2) newspapers published and of generalcirculation in the city of Indianapolis. If notice is published aspermitted in this subsection, no action to contest the validity of suchbonds or notes sold at private sale may be brought after the fifteenthday following the publication of notice of the execution of thecontract of sale pertaining to the bonds or notes.
    (c) If an action challenging the bonds or notes of the bank is notbrought within the time prescribed by subsection (a) or (b),whichever is applicable, all bonds or notes of the bank shall beconclusively presumed to be fully authorized and issued under thelaws of the state, and a person or a qualified entity is estopped fromquestioning their authorization, sale, issuance, execution, or deliveryby the bank.
    (d) Insofar as the provisions of this article are inconsistent withthe provisions of any other law, general, special, or local, theprovisions of this article shall be controlling.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-2
Property of bank exempt from levy and sale; judgment againstbank not charge or lien on property; rights of holders of bonds ornotes
    Sec. 2. All property of the bank is exempt from levy and sale byvirtue of an execution and no execution or other judicial process mayissue against the property. A judgment against the bank may not bea charge or lien upon its property. However, nothing in this sectionapplies to or limits the rights of the holder of bonds or notes topursue a remedy for the enforcement of a pledge or lien given by thebank on its revenues or other money.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-3
Repealed
    (Repealed by P.L.1-1990, SEC.46.)

IC 5-1.5-9-4
Insurance or guaranty for payment or repayment of interest or

principal, or both
    Sec. 4. The bank may obtain from a department or agency of theUnited States, or a nongovernmental insurer, available insurance orguaranty for the payment or repayment of interest or principal, orboth, or any part of interest or principal, on bonds or notes issued bythe bank, or on securities purchased or held by the bank.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-5
Authority to receive money; disposition
    Sec. 5. The treasurer of the state, as chairman of the board of thebank, is authorized to receive from the United States of America orany department or agency thereof any amount of money as and whenappropriated, allocated, granted, turned over, or in any way providedfor the purposes of the bank or this article, and those amounts shall,unless otherwise directed by the federal authority, be credited to anddeposited in the general fund, and be available to the bank.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-6
Financial institution to keep and pay over funds deposited with it
    Sec. 6. A financial institution may give to the bank a good andsufficient undertaking with such sureties as are approved by the bankto the effect that the financial institution shall faithfully keep and payover to the order of or upon the warrant of the bank or its authorizedagent all those funds deposited with it by the bank and agreedinterest under or by reason of this article, at such times or upon suchdemands as may be agreed with the bank or in lieu of these sureties,deposit with the bank or its authorized agent or a trustee or for theholders of bonds, as collateral, those securities as the board mayapprove. The deposits of the bank may be evidenced by an agreementin the form and upon the terms and conditions that may be agreedupon by the bank and the financial institution.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-7
Contracts or agreements with financial institutions; care, custody,or safekeeping of securities; services connected with payment orcollection of interest or principal
    Sec. 7. The board may enter into agreements or contracts with afinancial institution inside or outside the state as may be necessary,desirable, or convenient in the opinion of the board for renderingservices in connection with the care, custody, or safekeeping ofsecurities or other investments held or owned by the bank, forrendering services in connection with the payment or collection ofamounts payable as to principal or interest, and for renderingservices in connection with the delivery to the bank of securities orother investments purchased by it or sold by it, and to pay the cost ofthose services. The board may also, in connection with any of theservices to be rendered by a financial institution as to the custody and

safekeeping of its securities or investments, require security in theform of collateral bonds, surety agreements, or security agreementsin such form and amount as, in the opinion of the board, is necessaryor desirable.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-8
Financial institutions and fiduciaries; investment in bonds andnotes
    Sec. 8. Notwithstanding the restrictions of any other law, allfinancial institutions, investment companies, insurance companies,insurance associations, executors, administrators, guardians, trustees,and other fiduciaries may legally invest sinking funds, money, orother funds belonging to them or within their control in bonds ornotes issued under this article.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-9
Nature of bank property; bonds or notes issued; interest andproceeds received; tax exemption
    Sec. 9. All property of the bank is public property devoted to anessential public and governmental function and purpose and isexempt from all taxes and special assessments, direct or indirect, ofthe state or a political subdivision of the state. All bonds or notesissued under this article are issued by a body corporate and public ofthis state, but not a state agency, and for an essential public andgovernmental purpose and the bonds and notes, the interest thereon,the proceeds received by a holder from the sale of the bonds or notesto the extent of the holder's cost of acquisition proceeds receivedupon redemption prior to maturity, and proceeds received at maturityand the receipt of the interest and proceeds shall be exempt fromtaxation in the state for all purposes except the financial institutionstax imposed under IC 6-5.5 or a state inheritance tax imposed underIC 6-4.1.
As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.17;P.L.21-1990, SEC.6; P.L.254-1997(ss), SEC.6.

IC 5-1.5-9-10
Officers, departments, etc., of the state to render services to bank;costs and expenses
    Sec. 10. All officers, departments, boards, agencies, divisions, andcommissions of the state shall render services to the bank that arewithin the area of their respective governmental functions and thatmay be requested by the board and must comply promptly with anyreasonable request by the board relating to the making of a study orreview as to desirability, need, cost, or expense, or financialfeasibility with respect to a public project, purpose, or improvement,or the financial or fiscal responsibility or ability of a qualified entitymaking application for loan to the bank and for the purchase by thebank of securities to be issued by that qualified entity. The cost and

expense of a service requested by the board, at the request of theofficer, department, board, agency, division, or commissionrendering the service, shall be paid by the bank.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-9-11
Pledges of revenues or other money
    Sec. 11. A pledge of revenues or other money made by the bankis binding from the time the pledge is made. Revenues or othermoney so pledged and thereafter received by the bank areimmediately subject to the lien of the pledge without any further act,and the lien of a pledge is binding against all parties having claimsof any kind in tort, contract, or otherwise against the bank, regardlessof whether the parties have notice of the lien. Neither the resolutionnor any other instrument by which a pledge is created needs to befiled or recorded except in the records of the bank.
As added by P.L.1-1990, SEC.47.

IC 5-1.5-9-12
Securities; registration requirements; exemption
    Sec. 12. All securities issued under this article are exempt fromthe registration requirements of IC 23-19 and other securitiesregistration statutes.
As added by P.L.1-1990, SEC.48. Amended by P.L.27-2007, SEC.4.