CHAPTER 9. ISSUANCE OF DEBT BY AUTHORITY

IC 8-15.7-9
    Chapter 9. Issuance of Debt by Authority

IC 8-15.7-9-1
Issuance of bonds or notes
    Sec. 1. (a) The authority may, by resolution, issue and sell bondsor notes of the authority for the purpose of providing funds to carryout the provisions of this article with respect to the development,financing, or operation of a project or projects or the refunding ofany bonds or notes, together with any costs associated with atransaction.
    (b) Bonds or notes issued under this chapter shall be issued inaccordance with IC 8-14.5-6 except that the bonds or notes are notrequired to comply with IC 8-14.5-6-2, IC 8-14.5-6-3, orIC 8-14.5-6-5(b).
As added by P.L.47-2006, SEC.40.

IC 8-15.7-9-2
Leases with the department or operator
    Sec. 2. (a) The authority may enter into a lease with thedepartment or the operator, or both, of a project or projects financedunder this chapter. The department may lease a project financedunder this chapter to the authority or an operator under apublic-private agreement.
    (b) A lease of a project to the department under this chapter mustcomply with IC 8-14.5-5 except that:
        (1) the lease is not required to comply with IC 8-14.5-5-3(a)(1);and
        (2) notwithstanding IC 8-14.5-5-2(a)(2), a lease under thischapter may be extended from biennium to biennium, with theextensions not to exceed a lease term of seventy-five (75) yearsunless the department gives notice of nonextension at least six(6) months before the end of the biennium, in which event thelease expires at the end of the biennium in which the notice isgiven.
As added by P.L.47-2006, SEC.40.

IC 8-15.7-9-3
Sources for payment of lease rentals by department
    Sec. 3. The department shall pay lease rentals for leases that thedepartment has entered into under this chapter that secure bondsissued under this chapter from any legally available revenues,including:
        (1) payments received from an operator;
        (2) federal highway revenues, subject to the limitations inIC 8-14.5-7;
        (3) distributions from the state highway fund; and
        (4) other funds available to the department for such purpose.
As added by P.L.47-2006, SEC.40.
IC 8-15.7-9-4
Bonds or notes not a debt of the state
    Sec. 4. The bonds or notes issued under this chapter:
        (1) constitute the corporate obligations of the authority;
        (2) do not constitute an indebtedness of the state within themeaning or application of any constitutional provision orlimitation; and
        (3) are payable solely as to both principal and interest from:
            (A) the revenues from a lease to the department, if any;
            (B) proceeds of bonds or notes, if any;
            (C) investment earnings on proceeds of bonds or notes; or
            (D) other funds available to the authority for such purpose.
As added by P.L.47-2006, SEC.40.