IC 21-34-10
Chapter 10. Bonds; Review and Approval
IC 21-34-10-1 Bonds; approval of budget committee, budget agency, and
governor
Sec. 1. (a) Bonds may not be issued by the board of trustees of a
state educational institution under this article without the specific
approval of the:
(1) budget committee;
(2) budget agency; and
(3) governor.
(b) The budget agency may request and consider the
recommendation of the staff of the Indiana finance authority with
respect to the approval of a bond issue under this section. As added by P.L.2-2007, SEC.275.
IC 21-34-10-2 Actions of general assembly
Sec. 2. (a) Except:
(1) for grant anticipation notes; and
(2) as provided in this chapter;
no bonds shall be issued for a project by the board of trustees of a
state educational institution under this article unless the general
assembly has taken the actions described in subsection (b).
(b) As a condition of issuing bonds, the general assembly must
have:
(1) specifically approved the project to be financed through the
issuance and sale of these bonds; and
(2) provided the amount of bonds that may be issued to fund the
costs of acquiring, constructing, remodeling, renovating,
furnishing, or equipping the specific project approved. As added by P.L.2-2007, SEC.275.
IC 21-34-10-3 Issuance of bonds; debt service reserves; bond or reserve
insurance; other costs
Sec. 3. In addition to and in connection with the amount of bonds
that may be issued by a state educational institution for a specific
project as provided in section 2(b)(2) of this chapter, the board of
trustees of a state educational institution may also issue bonds in
amounts necessary to provide funds for:
(1) debt service reserves;
(2) bond or reserve insurance; and
(3) other costs;
without additional approval by the general assembly, if these costs
are incidental to the issuance of bonds for the project. As added by P.L.2-2007, SEC.275.
IC 21-34-10-4 Maximum amount of bonds
Sec. 4. Bonds, regardless of when the amount of bonds is
approved by the general assembly, may be issued in an amount not
exceeding the sum of the following:
(1) The amount of bonds approved by the general assembly.
(2) The amounts described in section 3 of this chapter.
(3) The amount of the discount below par value, if bonds are
sold at a price below par value under IC 21-32-3-2. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.140.
IC 21-34-10-5 Power to issue bonds
Sec. 5. A power granted under this chapter to issue bonds without
the specific approval of the general assembly shall not be construed
to permit the issuance of the bonds without the specific approvals
required under section 1 of this chapter. Bonds issued without the
specific approval of the general assembly are not eligible for fee
replacement. As added by P.L.2-2007, SEC.275.
IC 21-34-10-6 Issuance of bonds without approval of the general assembly;
maximum amount
Sec. 6. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
if, after the issuance, the total amount of outstanding bonds issued by
the board of trustees of a state educational institution without
approval will not exceed two million dollars ($2,000,000). However,
the bonds must be approved as provided in section 1 of this chapter. As added by P.L.2-2007, SEC.275.
IC 21-34-10-7 Issuance of bonds without approval of the general assembly;
purpose
Sec. 7. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
to finance a qualified energy savings project if annual operating
savings to the state educational institution arising from the
implementation of a qualified energy savings project are reasonably
expected to be at least equal to annual debt service requirements on
bonds issued for this purpose in each fiscal year. However, the
amount of bonds outstanding for the state educational institution
other than Ivy Tech Community College at any time for qualified
energy savings projects, other than refunding bonds and exclusive of
costs described in sections 3 and 4 of this chapter, may not exceed
fifteen million dollars ($15,000,000) for each campus of the state
educational institution. Any annual operating savings realized by
Purdue University and Indiana University in excess of the annual
debt service requirements on bonds issued shall be used to fund basic
research for the Indiana Innovation Alliance. The amount of bonds
outstanding for Ivy Tech Community College at any time for
qualified energy savings projects, other than refunding bonds and
exclusive of costs described in sections 3 and 4 of this chapter, may
not exceed forty-five million dollars ($45,000,000). Bonds issued
under this section are not eligible for fee replacement. As added by P.L.2-2007, SEC.275. Amended by P.L.182-2009(ss),
SEC.366.
IC 21-34-10-8 Issuance of bonds without approval of the general assembly for
deferred expenditures
Sec. 8. Bonds may be issued by the board of trustees of Purdue
University without the approval of the general assembly for deferred
expenditures, as determined under accounting principles approved by
the state board of accounts, to:
(1) repair, rehabilitate, remodel, renovate, or reconstruct
existing facilities or buildings;
(2) improve or replace utilities or fixed equipment; or
(3) perform related site improvement work.
However, the total amount of bonds issued for Purdue University
under this section without the approval of the general assembly, other
than refunding bonds and exclusive of costs described in sections 3
and 4 of this chapter, may not exceed sixty million dollars
($60,000,000). As added by P.L.2-2007, SEC.275.
IC 21-34-10
Chapter 10. Bonds; Review and Approval
IC 21-34-10-1 Bonds; approval of budget committee, budget agency, and
governor
Sec. 1. (a) Bonds may not be issued by the board of trustees of a
state educational institution under this article without the specific
approval of the:
(1) budget committee;
(2) budget agency; and
(3) governor.
(b) The budget agency may request and consider the
recommendation of the staff of the Indiana finance authority with
respect to the approval of a bond issue under this section. As added by P.L.2-2007, SEC.275.
IC 21-34-10-2 Actions of general assembly
Sec. 2. (a) Except:
(1) for grant anticipation notes; and
(2) as provided in this chapter;
no bonds shall be issued for a project by the board of trustees of a
state educational institution under this article unless the general
assembly has taken the actions described in subsection (b).
(b) As a condition of issuing bonds, the general assembly must
have:
(1) specifically approved the project to be financed through the
issuance and sale of these bonds; and
(2) provided the amount of bonds that may be issued to fund the
costs of acquiring, constructing, remodeling, renovating,
furnishing, or equipping the specific project approved. As added by P.L.2-2007, SEC.275.
IC 21-34-10-3 Issuance of bonds; debt service reserves; bond or reserve
insurance; other costs
Sec. 3. In addition to and in connection with the amount of bonds
that may be issued by a state educational institution for a specific
project as provided in section 2(b)(2) of this chapter, the board of
trustees of a state educational institution may also issue bonds in
amounts necessary to provide funds for:
(1) debt service reserves;
(2) bond or reserve insurance; and
(3) other costs;
without additional approval by the general assembly, if these costs
are incidental to the issuance of bonds for the project. As added by P.L.2-2007, SEC.275.
IC 21-34-10-4 Maximum amount of bonds
Sec. 4. Bonds, regardless of when the amount of bonds is
approved by the general assembly, may be issued in an amount not
exceeding the sum of the following:
(1) The amount of bonds approved by the general assembly.
(2) The amounts described in section 3 of this chapter.
(3) The amount of the discount below par value, if bonds are
sold at a price below par value under IC 21-32-3-2. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.140.
IC 21-34-10-5 Power to issue bonds
Sec. 5. A power granted under this chapter to issue bonds without
the specific approval of the general assembly shall not be construed
to permit the issuance of the bonds without the specific approvals
required under section 1 of this chapter. Bonds issued without the
specific approval of the general assembly are not eligible for fee
replacement. As added by P.L.2-2007, SEC.275.
IC 21-34-10-6 Issuance of bonds without approval of the general assembly;
maximum amount
Sec. 6. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
if, after the issuance, the total amount of outstanding bonds issued by
the board of trustees of a state educational institution without
approval will not exceed two million dollars ($2,000,000). However,
the bonds must be approved as provided in section 1 of this chapter. As added by P.L.2-2007, SEC.275.
IC 21-34-10-7 Issuance of bonds without approval of the general assembly;
purpose
Sec. 7. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
to finance a qualified energy savings project if annual operating
savings to the state educational institution arising from the
implementation of a qualified energy savings project are reasonably
expected to be at least equal to annual debt service requirements on
bonds issued for this purpose in each fiscal year. However, the
amount of bonds outstanding for the state educational institution
other than Ivy Tech Community College at any time for qualified
energy savings projects, other than refunding bonds and exclusive of
costs described in sections 3 and 4 of this chapter, may not exceed
fifteen million dollars ($15,000,000) for each campus of the state
educational institution. Any annual operating savings realized by
Purdue University and Indiana University in excess of the annual
debt service requirements on bonds issued shall be used to fund basic
research for the Indiana Innovation Alliance. The amount of bonds
outstanding for Ivy Tech Community College at any time for
qualified energy savings projects, other than refunding bonds and
exclusive of costs described in sections 3 and 4 of this chapter, may
not exceed forty-five million dollars ($45,000,000). Bonds issued
under this section are not eligible for fee replacement. As added by P.L.2-2007, SEC.275. Amended by P.L.182-2009(ss),
SEC.366.
IC 21-34-10-8 Issuance of bonds without approval of the general assembly for
deferred expenditures
Sec. 8. Bonds may be issued by the board of trustees of Purdue
University without the approval of the general assembly for deferred
expenditures, as determined under accounting principles approved by
the state board of accounts, to:
(1) repair, rehabilitate, remodel, renovate, or reconstruct
existing facilities or buildings;
(2) improve or replace utilities or fixed equipment; or
(3) perform related site improvement work.
However, the total amount of bonds issued for Purdue University
under this section without the approval of the general assembly, other
than refunding bonds and exclusive of costs described in sections 3
and 4 of this chapter, may not exceed sixty million dollars
($60,000,000). As added by P.L.2-2007, SEC.275.
IC 21-34-10
Chapter 10. Bonds; Review and Approval
IC 21-34-10-1 Bonds; approval of budget committee, budget agency, and
governor
Sec. 1. (a) Bonds may not be issued by the board of trustees of a
state educational institution under this article without the specific
approval of the:
(1) budget committee;
(2) budget agency; and
(3) governor.
(b) The budget agency may request and consider the
recommendation of the staff of the Indiana finance authority with
respect to the approval of a bond issue under this section. As added by P.L.2-2007, SEC.275.
IC 21-34-10-2 Actions of general assembly
Sec. 2. (a) Except:
(1) for grant anticipation notes; and
(2) as provided in this chapter;
no bonds shall be issued for a project by the board of trustees of a
state educational institution under this article unless the general
assembly has taken the actions described in subsection (b).
(b) As a condition of issuing bonds, the general assembly must
have:
(1) specifically approved the project to be financed through the
issuance and sale of these bonds; and
(2) provided the amount of bonds that may be issued to fund the
costs of acquiring, constructing, remodeling, renovating,
furnishing, or equipping the specific project approved. As added by P.L.2-2007, SEC.275.
IC 21-34-10-3 Issuance of bonds; debt service reserves; bond or reserve
insurance; other costs
Sec. 3. In addition to and in connection with the amount of bonds
that may be issued by a state educational institution for a specific
project as provided in section 2(b)(2) of this chapter, the board of
trustees of a state educational institution may also issue bonds in
amounts necessary to provide funds for:
(1) debt service reserves;
(2) bond or reserve insurance; and
(3) other costs;
without additional approval by the general assembly, if these costs
are incidental to the issuance of bonds for the project. As added by P.L.2-2007, SEC.275.
IC 21-34-10-4 Maximum amount of bonds
Sec. 4. Bonds, regardless of when the amount of bonds is
approved by the general assembly, may be issued in an amount not
exceeding the sum of the following:
(1) The amount of bonds approved by the general assembly.
(2) The amounts described in section 3 of this chapter.
(3) The amount of the discount below par value, if bonds are
sold at a price below par value under IC 21-32-3-2. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.140.
IC 21-34-10-5 Power to issue bonds
Sec. 5. A power granted under this chapter to issue bonds without
the specific approval of the general assembly shall not be construed
to permit the issuance of the bonds without the specific approvals
required under section 1 of this chapter. Bonds issued without the
specific approval of the general assembly are not eligible for fee
replacement. As added by P.L.2-2007, SEC.275.
IC 21-34-10-6 Issuance of bonds without approval of the general assembly;
maximum amount
Sec. 6. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
if, after the issuance, the total amount of outstanding bonds issued by
the board of trustees of a state educational institution without
approval will not exceed two million dollars ($2,000,000). However,
the bonds must be approved as provided in section 1 of this chapter. As added by P.L.2-2007, SEC.275.
IC 21-34-10-7 Issuance of bonds without approval of the general assembly;
purpose
Sec. 7. Bonds may be issued by the board of trustees of a state
educational institution without the approval of the general assembly
to finance a qualified energy savings project if annual operating
savings to the state educational institution arising from the
implementation of a qualified energy savings project are reasonably
expected to be at least equal to annual debt service requirements on
bonds issued for this purpose in each fiscal year. However, the
amount of bonds outstanding for the state educational institution
other than Ivy Tech Community College at any time for qualified
energy savings projects, other than refunding bonds and exclusive of
costs described in sections 3 and 4 of this chapter, may not exceed
fifteen million dollars ($15,000,000) for each campus of the state
educational institution. Any annual operating savings realized by
Purdue University and Indiana University in excess of the annual
debt service requirements on bonds issued shall be used to fund basic
research for the Indiana Innovation Alliance. The amount of bonds
outstanding for Ivy Tech Community College at any time for
qualified energy savings projects, other than refunding bonds and
exclusive of costs described in sections 3 and 4 of this chapter, may
not exceed forty-five million dollars ($45,000,000). Bonds issued
under this section are not eligible for fee replacement. As added by P.L.2-2007, SEC.275. Amended by P.L.182-2009(ss),
SEC.366.
IC 21-34-10-8 Issuance of bonds without approval of the general assembly for
deferred expenditures
Sec. 8. Bonds may be issued by the board of trustees of Purdue
University without the approval of the general assembly for deferred
expenditures, as determined under accounting principles approved by
the state board of accounts, to:
(1) repair, rehabilitate, remodel, renovate, or reconstruct
existing facilities or buildings;
(2) improve or replace utilities or fixed equipment; or
(3) perform related site improvement work.
However, the total amount of bonds issued for Purdue University
under this section without the approval of the general assembly, other
than refunding bonds and exclusive of costs described in sections 3
and 4 of this chapter, may not exceed sixty million dollars
($60,000,000). As added by P.L.2-2007, SEC.275.
