IC 5
    TITLE 5. STATE AND LOCAL ADMINISTRATION

IC 5-1
    ARTICLE 1. BONDS AND OTHER OBLIGATIONS

IC 5-1-1
    Chapter 1. Bonds and Other Obligations Legalized

IC 5-1-1-1
Validation
    Sec. 1. (a) The following definitions apply throughout thissection:
        (1) "Agreement" means any agreement that includes terms,representations, or provisions relating to:
            (A) credit enhancement of, or rate covenants supporting, anybonds, notes, evidences of indebtedness, leases, swapagreements, or other written obligations described insubsection (b);
            (B) any indenture or provision regarding any indenturerelating to any bonds, notes, evidences of indebtedness,leases, swap agreements, or other written obligationsdescribed in subsection (b);
            (C) payment of any bonds, notes, evidences of indebtedness,leases, swap agreements, or other written obligationsdescribed in subsection (b) in the event of a termination ofthe agreement; or
            (D) public works, capital improvements, or economicdevelopment projects.
        (2) "Leasing body" means a not-for-profit corporation, limitedpurpose corporation, or authority that has leased land and abuilding or buildings to an entity named in subsection (b) otherthan another leasing body.
        (3) "Swap agreement" has the meaning set forth in IC 8-9.5-9-4.
    (b) All bonds, notes, evidences of indebtedness, swap agreements,agreements, leases, or other written obligations issued or executed byor in the name of any:
        (1) state agency, county, township, city, incorporated town,school corporation, state educational institution, politicalsubdivision, joint agency created under IC 8-1-2.2, leasingbody, separate body corporate and politic, or any other political,municipal, public or quasi-public corporation;
        (2) special assessment or taxing district; or
        (3) board, commission, authority, or authorized body of anysuch entity; and
any pledge, dedication or designation of revenues, conveyance, ormortgage securing these bonds, notes, evidences of indebtedness,leases, swap agreements, agreements, or other written obligations arehereby legalized and declared valid if these bonds, notes, evidences

of indebtedness, leases, swap agreements, agreements, or otherwritten obligations have been executed before March 15, 2006. Allgovernance, organizational, or other proceedings had and actionstaken under which the bonds, notes, evidences of indebtedness,leases, swap agreements, agreements, or other written obligationswere issued or executed or the pledge, dedication or designation ofrevenues, conveyance, or mortgage was granted, are hereby fullylegalized and declared valid.
    (c) All contracts for the purchase of electric power and energy orutility capacity or service:
        (1) entered into by a joint agency created under IC 8-1-2.2; and
        (2) used by the members of the joint agency for the purpose ofsecuring payment of principal and interest on bonds, notes,evidences of indebtedness, leases, or other written obligationsissued by or in the name of such joint agency;
are hereby legalized and declared valid if entered into before March15, 2006. All proceedings held and actions taken under whichcontracts for the purchase of electric power and energy or utilitycapacity or service were executed or entered into are hereby fullylegalized and declared valid.
    (d) All interlocal cooperation agreements entered into by politicalsubdivisions or governmental entities under IC 36-1-7 are herebylegalized and declared valid if entered into before March 15, 2006.All proceedings held and actions taken under which interlocalcooperation agreements were executed or entered into are herebyfully legalized and validated.
(Formerly: Acts 1967, c.90, s.1.) As amended by P.L.44-1983,SEC.1; P.L.17-1987, SEC.4; P.L.2-1989, SEC.2; P.L.19-1994,SEC.1; P.L.34-1997, SEC.1; P.L.47-1998, SEC.1; P.L.89-2000,SEC.1; P.L.184-2006, SEC.1; P.L.2-2007, SEC.64; P.L.3-2008,SEC.16.

IC 5-1-1-2
Repealed
    (Repealed by P.L.1-1989, SEC.75.)