IC 4-4-11.2
Chapter 11.2. Additional Authority: Underground Petroleum
Storage Tank Excess Liability Fund
IC 4-4-11.2-1 "Authority" defined
Sec. 1. As used in this chapter, "authority" refers to the Indiana
finance authority. As added by P.L.13-1990, SEC.1. Amended by P.L.235-2005,
SEC.33.
IC 4-4-11.2-2 "Bonds" defined
Sec. 2. As used in this chapter, "bonds" means any bonds, notes,
debentures, interim certificates, revenue anticipation notes, warrants,
or any other evidences of indebtedness of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-3 "Financial institution" defined
Sec. 3. As used in this chapter, "financial institution" means a
financial institution (as defined in IC 28-1-1). As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-4 "Holder" defined
Sec. 4. As used in this chapter, "holder" means a person who is:
(1) the bearer of any outstanding bond or note registered to
bearer or not registered; or
(2) the registered owner of any outstanding bond or note that is
registered other than to bearer. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-5 "Person" defined
Sec. 5. As used in this chapter, "person" means any individual,
partnership, firm, association, joint venture, limited liability
company, or corporation. As added by P.L.13-1990, SEC.1. Amended by P.L.8-1993, SEC.16.
IC 4-4-11.2-6 "Reserve fund" defined
Sec. 6. As used in this chapter, "reserve fund" means a reserve
fund established under section 15 of this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-7 Bonds; issuance; purposes; liability of authority; pledges as
additional security
Sec. 7. (a) The authority may issue its bonds in principal amounts
that it considers necessary to provide funds for any purposes under
this chapter, including the following:
(1) Providing a source of money for the underground petroleum
storage tank excess liability trust fund established by
IC 13-23-7-1.
(2) Payment, funding, or refunding of the principal of, or
interest or redemption premiums on, bonds issued by it under
this chapter whether the bonds or interest to be paid, funded, or
refunded have or have not become due.
(3) Establishment or increase of reserves to secure or to pay
bonds or interest on bonds and all other costs or expenses of the
authority incident to and necessary or convenient to carry out
the authority's corporate purposes and powers.
(b) Every issue of bonds shall be obligations of the authority
payable solely out of the revenues or funds of the authority under
section 15 of this chapter, subject to agreements with the holders of
a particular series of bonds pledging a particular revenue or fund.
Bonds may be additionally secured by a pledge of a grant or
contributions from the United States, a political subdivision, or a
person, or by a pledge of income or revenues, funds, or money of the
authority from any source. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.21;
P.L.9-1996, SEC.1.
IC 4-4-11.2-8 Bonds; state exemption; statement; pledge of state
Sec. 8. (a) A bond of the authority:
(1) is not a debt, liability, loan of the credit, or pledge of the
faith and credit of the state or of any political subdivision;
(2) is payable solely from the money pledged or available for its
payment under this chapter, unless funded or refunded by bonds
of the authority; and
(3) must contain on its face a statement that the authority is
obligated to pay principal and interest, and redemption
premiums if any, and that the faith, credit, and taxing power of
the state are not pledged to the payment of the bond.
(b) The state pledges to and agrees with the holders of the bonds
issued under this chapter that the state will not:
(1) limit or restrict the rights vested in the authority to fulfill the
terms of any agreement made with the holders of its bonds; or
(2) in any way impair the rights or remedies of the holders of
the bonds;
until the bonds, together with the interest on the bonds, and interest
on unpaid installments of interest, and all costs and expenses in
connection with an action or proceeding by or on behalf of the
holders, are fully met, paid, and discharged. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-9 Bonds; negotiability
Sec. 9. The bonds of the authority are negotiable instruments for
all purposes of the Uniform Commercial Code (IC 26-1), subject
only to the provisions of the bonds for registration. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-10 Bonds; issuance; terms; proceedings; interest; redemption
Sec. 10. (a) Bonds of the authority must be authorized by
resolution of the authority, may be issued in one (1) or more series,
and must:
(1) bear the date;
(2) mature at the time or times;
(3) be in the denomination;
(4) be in the form;
(5) carry the conversion or registration privileges;
(6) have the rank or priority;
(7) be executed in the manner;
(8) be payable from the sources in the medium of payment at
the place inside or outside the state; and
(9) be subject to the terms of redemption;
as the resolution of the authority or the trust agreement securing the
bonds provides.
(b) Bonds may be issued under this chapter without obtaining the
consent of any agency of the state and without any other proceeding
or condition other than the proceedings or conditions specified in this
chapter.
(c) The rate or rates of interest on the bonds may be fixed or
variable. Variable rates shall be determined in the manner and in
accordance with the procedures set forth in the resolution authorizing
the issuance of the bonds. Bonds bearing a variable rate of interest
may be converted to bonds bearing a fixed rate or rates of interest,
and bonds bearing a fixed rate or rates of interest may be converted
to bonds bearing a variable rate of interest, to the extent and in the
manner set forth in the resolution pursuant to which the bonds are
issued. The interest on bonds may be payable semiannually or
annually or at any other interval or intervals as may be provided in
the resolution, or the interest may be compounded and paid at
maturity or at any other times as may be specified in the resolution.
(d) The bonds may be made subject to mandatory redemption by
the authority at the times and under the circumstances set forth in the
authorizing resolution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-11 Bonds; sale; notice
Sec. 11. Bonds of the authority may be sold at public or private
sale at the price the authority determines. If bonds of the authority
are to be sold at public sale, the authority shall publish notice of the
sale for two (2) weeks in two (2) newspapers published and of
general circulation in the city of Indianapolis.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-12 Bonds; use of proceeds and funds in accordance with contract
Sec. 12. The authority may periodically issue its bonds under this
chapter and pay and retire the principal of the bonds or pay the
interest due thereon or fund or refund the bonds from proceeds of
bonds, or from other funds or money of the authority available for
that purpose in accordance with a contract between the authority and
the holders of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-13 Bonds; trust agreement or resolution; contents; expenses
Sec. 13. (a) In the discretion of the authority, any bonds issued
under this chapter may be secured by a trust agreement by and
between the authority and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or
outside the state.
(b) The trust agreement or the resolution providing for the
issuance of the bonds may contain provisions for protecting and
enforcing the rights and remedies of the holders of any such bonds
as are reasonable and proper and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and
remedies of the holders of any bonds and of the trustee and may
restrict the individual right of action by the holders.
(d) In addition to the provisions of subsections (a), (b), and (c),
any trust agreement or resolution may contain other provisions the
authority considers reasonable and proper for the security of the
holders of any bonds.
(e) All expenses incurred in carrying out the trust agreement or
resolution may be paid from revenues or assets pledged or assigned
to the payment of the principal of and the interest on bonds or from
any other funds available to the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-14 Bonds; purchase by authority; presumption of holding for resale
or transfer
Sec. 14. The authority may purchase bonds of the authority out of
its funds or money available for the purchase of its own bonds. The
authority may hold, cancel, or resell the bonds subject to, and in
accordance with, agreements with holders of its bonds. Unless
cancelled, bonds so held are considered to be held for resale or
transfer and the obligation evidenced by the bonds shall not be
considered to be extinguished. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-15 Debt service fund; reserve fund; deposits or transfers; reserve fund
disbursements and transfers
Sec. 15. (a) The authority may establish and maintain a debt
service fund, and if necessary, a reserve fund, for each issue of bonds
in which there shall be deposited or transferred:
(1) all money appropriated by the general assembly for the
purpose of the fund in accordance with section 18(a) of this
chapter;
(2) all proceeds of bonds required to be deposited in the fund by
terms of a contract between the authority and its holders or a
resolution of the authority with respect to the proceeds of
bonds;
(3) all other money appropriated by the general assembly to the
funds; and
(4) any other money or funds of the authority that it decides to
deposit in either fund.
(b) Subject to section 18(b) of this chapter, money in any reserve
fund shall be held and applied solely to the payment of the interest
on and principal of bonds of the authority as the interest and
principal become due and payable and for the retirement of bonds.
(c) Money in any reserve fund in excess of the required debt
service reserve, whether by reason of investment or otherwise, may
be withdrawn at any time by the authority and transferred to another
fund or account of the authority, subject to the provisions of any
agreement with the holders of any bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-16 Reserve fund; investments authorized
Sec. 16. Money in any reserve fund may be invested in the manner
provided in the trust agreement or the resolution authorizing issuance
of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-17 Reserve fund investments; valuation
Sec. 17. For purposes of valuation, investments in the reserve
fund shall be valued at par, or if purchased at less than par, at cost
unless otherwise provided by resolution or trust agreement of the
authority. Valuation on a particular date shall include the amount of
interest then earned or accrued to that date on the money or
investments in the reserve fund. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-18 Debt service appropriation; deposits; nonliability of state; holding
and application of funds; transfer of excess funds
Sec. 18. (a) In order to assure the payment of debt service on
bonds of the authority issued under this chapter or maintenance of
the required debt service reserve in any reserve fund, the general
assembly may annually or biannually appropriate to the authority for
deposit in one (1) or more of the funds the sum including particularly
sums from the underground petroleum storage tank excess liability
trust fund established by IC 13-23-7-1, that is necessary to pay the
debt service on the bonds or to restore one (1) or more of the funds
to an amount equal to the required debt service reserve. This
subsection does not create a debt or liability of the state to make any
appropriation.
(b) All amounts received on account of money appropriated by the
state to any fund shall be held and applied in accordance with section
15(b) of this chapter. However, at the end of each fiscal year, if the
amount in any fund exceeds the debt service or required debt service
reserve, any amount representing earnings or income received on
account of any money appropriated to the funds that exceeds the
expenses of the authority for that fiscal year may be transferred to the
underground petroleum storage tank excess liability trust fund. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.22;
P.L.9-1996, SEC.2.
IC 4-4-11.2-19 Reserve funds; combining
Sec. 19. Subject to any agreement with its holders, the authority
may combine a reserve fund established for an issue of bonds into
one (1) or more reserve funds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-20 Funds, reserves, and accounts; establishment
Sec. 20. The authority may establish additional reserves or other
funds or accounts as the authority considers necessary, desirable, or
convenient to further the accomplishment of its purposes or to
comply with any of its agreements or resolutions. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-21 Payment or retirement of bonds; use of funds or accounts
Sec. 21. Unless the resolution or trust agreement authorizing the
bonds provides otherwise, money or investments in a fund or account
of the authority established or held for the payment of bonds shall be
applied to the payment or retirement of the bonds, and to no other
purpose. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-22 Limitation of actions; contesting validity of bonds; presumption;
applicability of chapter
Sec. 22. (a) No action to contest the validity of any bonds of the
authority to be sold at public sale may be brought after the fifteenth
day following the first publication of notice of the sale of the bonds.
No action to contest the validity of any bond sale under this chapter
may be brought after the fifth day following the bond sale.
(b) If bonds are sold at private sale, no action to contest the
validity of such bonds may be brought after the fifteenth day
following the adoption of the resolution authorizing the issuance of
the bonds.
(c) If an action challenging the bonds of the authority is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds of the authority are conclusively
presumed to be fully authorized and issued under the laws of the
state, and a person or a qualified entity is estopped from questioning
their authorization, sale, issuance, execution, or delivery by the
authority.
(d) If this chapter is inconsistent with any other law (general,
special, or local), this chapter controls. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-23 Property; exemption from execution and process; judgment lien;
bondholder remedy
Sec. 23. All property of the authority is exempt from levy and sale
by virtue of an execution and no execution or other judicial process
may issue against the property. A judgment against the authority may
not be a charge or lien upon its property. However, this section does
not apply to or limit the rights of the holder of bonds to pursue a
remedy for the enforcement of a pledge or lien given by the authority
on its revenues or other money. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-24 Pledge of revenues; liens; records
Sec. 24. A pledge of revenues or other money made by the
authority is binding from the time the pledge is made. Revenues or
other money so pledged and thereafter received by the authority are
immediately subject to the lien of the pledge without any further act,
and the lien of a pledge is binding against all parties having claims
of any kind in tort, contract, or otherwise against the authority,
regardless of whether the parties have notice of the lien. Neither the
resolution nor any other instrument by which a pledge is created
needs to be filed or recorded except in the records of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-25 Funds of federal or state authorities; receipt and credit
Sec. 25. The chairman of the authority may receive from the
United States of America or any department or agency thereof, or
any state agency, including the department of environmental
management, any amount of money as and when appropriated,
allocated, granted, turned over, or in any way provided for the
purposes of the authority or this chapter, and those amounts shall,
unless otherwise directed by the federal authority, be credited to and
be available to the authority.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-26 Financial institutions; deposits of funds; undertaking
Sec. 26. A financial institution may give to the authority a good
and sufficient undertaking with such sureties as are approved by the
authority to the effect that the financial institution shall faithfully
keep and pay over to the order of or upon the warrant of the authority
or its authorized agent all those funds deposited with it by the
authority and agreed interest under or by reason of this chapter, at
such times or upon such demands as may be agreed with the
authority or instead of these sureties, deposit with the authority or its
authorized agent or a trustee or for the holders of bonds, as collateral,
those securities as the authority may approve. The deposits of the
authority may be evidenced by an agreement in the form and upon
the terms and conditions that may be agreed upon by the authority
and the financial institution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-27 Financial institutions; agreements or contracts for services;
security
Sec. 27. The authority may enter into agreements or contracts with
a financial institution inside or outside the state as the authority
considers necessary, desirable, or convenient for rendering services
in connection with the care, custody, or safekeeping of securities or
other investments held or owned by the authority, for rendering
services in connection with the payment or collection of amounts
payable as to principal or interest, and for rendering services in
connection with the delivery to the authority of securities or other
investments purchased by or sold by the authority, and to pay the
cost of those services. The authority may also, in connection with
any of the services to be rendered by a financial institution as to the
custody and safekeeping of its securities or investments, require
security in the form of collateral bonds, surety agreements, or
security agreements in such form and amount as, the authority
considers necessary or desirable. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-28 Bonds; legal investments; fiduciaries
Sec. 28. Notwithstanding the restrictions of any other law, all
financial institutions, investment companies, insurance companies,
insurance associations, executors, administrators, guardians, trustees,
and other fiduciaries may legally invest sinking funds, money, or
other funds belonging to them or within their control in bonds issued
under this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-29 Tax exemption; bonds and property of authority
Sec. 29. All property of the authority is public property devoted
to an essential public and governmental function and purpose and is
exempt from all taxes and special assessments, direct or indirect, of
the state or a political subdivision of the state. All bonds issued under
this chapter are issued by a body corporate and public of the state,
but not a state agency, and for an essential public and governmental
purpose and the bonds, the interest thereon, the proceeds received by
a holder from the sale of the bonds to the extent of the holder's cost
of acquisition, proceeds received upon redemption prior to maturity,
and proceeds received at maturity and the receipt of the interest and
proceeds shall be exempt from taxation in the state for all purposes
except a state inheritance tax imposed under IC 6-4.1. As added by P.L.13-1990, SEC.1. Amended by P.L.254-1997(ss),
SEC.2.
IC 4-4-11.2-30 Bonds; exemption; securities registration laws
Sec. 30. Any bonds issued by the authority under this chapter are
exempt from the registration and other requirements of IC 23-19 and
any other securities registration laws. As added by P.L.13-1990, SEC.1. Amended by P.L.27-2007, SEC.2.
IC 4-4-11.2-31 Application of chapter
Sec. 31. This chapter is supplemental to all other statutes
governing the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2
Chapter 11.2. Additional Authority: Underground Petroleum
Storage Tank Excess Liability Fund
IC 4-4-11.2-1 "Authority" defined
Sec. 1. As used in this chapter, "authority" refers to the Indiana
finance authority. As added by P.L.13-1990, SEC.1. Amended by P.L.235-2005,
SEC.33.
IC 4-4-11.2-2 "Bonds" defined
Sec. 2. As used in this chapter, "bonds" means any bonds, notes,
debentures, interim certificates, revenue anticipation notes, warrants,
or any other evidences of indebtedness of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-3 "Financial institution" defined
Sec. 3. As used in this chapter, "financial institution" means a
financial institution (as defined in IC 28-1-1). As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-4 "Holder" defined
Sec. 4. As used in this chapter, "holder" means a person who is:
(1) the bearer of any outstanding bond or note registered to
bearer or not registered; or
(2) the registered owner of any outstanding bond or note that is
registered other than to bearer. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-5 "Person" defined
Sec. 5. As used in this chapter, "person" means any individual,
partnership, firm, association, joint venture, limited liability
company, or corporation. As added by P.L.13-1990, SEC.1. Amended by P.L.8-1993, SEC.16.
IC 4-4-11.2-6 "Reserve fund" defined
Sec. 6. As used in this chapter, "reserve fund" means a reserve
fund established under section 15 of this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-7 Bonds; issuance; purposes; liability of authority; pledges as
additional security
Sec. 7. (a) The authority may issue its bonds in principal amounts
that it considers necessary to provide funds for any purposes under
this chapter, including the following:
(1) Providing a source of money for the underground petroleum
storage tank excess liability trust fund established by
IC 13-23-7-1.
(2) Payment, funding, or refunding of the principal of, or
interest or redemption premiums on, bonds issued by it under
this chapter whether the bonds or interest to be paid, funded, or
refunded have or have not become due.
(3) Establishment or increase of reserves to secure or to pay
bonds or interest on bonds and all other costs or expenses of the
authority incident to and necessary or convenient to carry out
the authority's corporate purposes and powers.
(b) Every issue of bonds shall be obligations of the authority
payable solely out of the revenues or funds of the authority under
section 15 of this chapter, subject to agreements with the holders of
a particular series of bonds pledging a particular revenue or fund.
Bonds may be additionally secured by a pledge of a grant or
contributions from the United States, a political subdivision, or a
person, or by a pledge of income or revenues, funds, or money of the
authority from any source. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.21;
P.L.9-1996, SEC.1.
IC 4-4-11.2-8 Bonds; state exemption; statement; pledge of state
Sec. 8. (a) A bond of the authority:
(1) is not a debt, liability, loan of the credit, or pledge of the
faith and credit of the state or of any political subdivision;
(2) is payable solely from the money pledged or available for its
payment under this chapter, unless funded or refunded by bonds
of the authority; and
(3) must contain on its face a statement that the authority is
obligated to pay principal and interest, and redemption
premiums if any, and that the faith, credit, and taxing power of
the state are not pledged to the payment of the bond.
(b) The state pledges to and agrees with the holders of the bonds
issued under this chapter that the state will not:
(1) limit or restrict the rights vested in the authority to fulfill the
terms of any agreement made with the holders of its bonds; or
(2) in any way impair the rights or remedies of the holders of
the bonds;
until the bonds, together with the interest on the bonds, and interest
on unpaid installments of interest, and all costs and expenses in
connection with an action or proceeding by or on behalf of the
holders, are fully met, paid, and discharged. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-9 Bonds; negotiability
Sec. 9. The bonds of the authority are negotiable instruments for
all purposes of the Uniform Commercial Code (IC 26-1), subject
only to the provisions of the bonds for registration. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-10 Bonds; issuance; terms; proceedings; interest; redemption
Sec. 10. (a) Bonds of the authority must be authorized by
resolution of the authority, may be issued in one (1) or more series,
and must:
(1) bear the date;
(2) mature at the time or times;
(3) be in the denomination;
(4) be in the form;
(5) carry the conversion or registration privileges;
(6) have the rank or priority;
(7) be executed in the manner;
(8) be payable from the sources in the medium of payment at
the place inside or outside the state; and
(9) be subject to the terms of redemption;
as the resolution of the authority or the trust agreement securing the
bonds provides.
(b) Bonds may be issued under this chapter without obtaining the
consent of any agency of the state and without any other proceeding
or condition other than the proceedings or conditions specified in this
chapter.
(c) The rate or rates of interest on the bonds may be fixed or
variable. Variable rates shall be determined in the manner and in
accordance with the procedures set forth in the resolution authorizing
the issuance of the bonds. Bonds bearing a variable rate of interest
may be converted to bonds bearing a fixed rate or rates of interest,
and bonds bearing a fixed rate or rates of interest may be converted
to bonds bearing a variable rate of interest, to the extent and in the
manner set forth in the resolution pursuant to which the bonds are
issued. The interest on bonds may be payable semiannually or
annually or at any other interval or intervals as may be provided in
the resolution, or the interest may be compounded and paid at
maturity or at any other times as may be specified in the resolution.
(d) The bonds may be made subject to mandatory redemption by
the authority at the times and under the circumstances set forth in the
authorizing resolution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-11 Bonds; sale; notice
Sec. 11. Bonds of the authority may be sold at public or private
sale at the price the authority determines. If bonds of the authority
are to be sold at public sale, the authority shall publish notice of the
sale for two (2) weeks in two (2) newspapers published and of
general circulation in the city of Indianapolis.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-12 Bonds; use of proceeds and funds in accordance with contract
Sec. 12. The authority may periodically issue its bonds under this
chapter and pay and retire the principal of the bonds or pay the
interest due thereon or fund or refund the bonds from proceeds of
bonds, or from other funds or money of the authority available for
that purpose in accordance with a contract between the authority and
the holders of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-13 Bonds; trust agreement or resolution; contents; expenses
Sec. 13. (a) In the discretion of the authority, any bonds issued
under this chapter may be secured by a trust agreement by and
between the authority and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or
outside the state.
(b) The trust agreement or the resolution providing for the
issuance of the bonds may contain provisions for protecting and
enforcing the rights and remedies of the holders of any such bonds
as are reasonable and proper and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and
remedies of the holders of any bonds and of the trustee and may
restrict the individual right of action by the holders.
(d) In addition to the provisions of subsections (a), (b), and (c),
any trust agreement or resolution may contain other provisions the
authority considers reasonable and proper for the security of the
holders of any bonds.
(e) All expenses incurred in carrying out the trust agreement or
resolution may be paid from revenues or assets pledged or assigned
to the payment of the principal of and the interest on bonds or from
any other funds available to the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-14 Bonds; purchase by authority; presumption of holding for resale
or transfer
Sec. 14. The authority may purchase bonds of the authority out of
its funds or money available for the purchase of its own bonds. The
authority may hold, cancel, or resell the bonds subject to, and in
accordance with, agreements with holders of its bonds. Unless
cancelled, bonds so held are considered to be held for resale or
transfer and the obligation evidenced by the bonds shall not be
considered to be extinguished. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-15 Debt service fund; reserve fund; deposits or transfers; reserve fund
disbursements and transfers
Sec. 15. (a) The authority may establish and maintain a debt
service fund, and if necessary, a reserve fund, for each issue of bonds
in which there shall be deposited or transferred:
(1) all money appropriated by the general assembly for the
purpose of the fund in accordance with section 18(a) of this
chapter;
(2) all proceeds of bonds required to be deposited in the fund by
terms of a contract between the authority and its holders or a
resolution of the authority with respect to the proceeds of
bonds;
(3) all other money appropriated by the general assembly to the
funds; and
(4) any other money or funds of the authority that it decides to
deposit in either fund.
(b) Subject to section 18(b) of this chapter, money in any reserve
fund shall be held and applied solely to the payment of the interest
on and principal of bonds of the authority as the interest and
principal become due and payable and for the retirement of bonds.
(c) Money in any reserve fund in excess of the required debt
service reserve, whether by reason of investment or otherwise, may
be withdrawn at any time by the authority and transferred to another
fund or account of the authority, subject to the provisions of any
agreement with the holders of any bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-16 Reserve fund; investments authorized
Sec. 16. Money in any reserve fund may be invested in the manner
provided in the trust agreement or the resolution authorizing issuance
of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-17 Reserve fund investments; valuation
Sec. 17. For purposes of valuation, investments in the reserve
fund shall be valued at par, or if purchased at less than par, at cost
unless otherwise provided by resolution or trust agreement of the
authority. Valuation on a particular date shall include the amount of
interest then earned or accrued to that date on the money or
investments in the reserve fund. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-18 Debt service appropriation; deposits; nonliability of state; holding
and application of funds; transfer of excess funds
Sec. 18. (a) In order to assure the payment of debt service on
bonds of the authority issued under this chapter or maintenance of
the required debt service reserve in any reserve fund, the general
assembly may annually or biannually appropriate to the authority for
deposit in one (1) or more of the funds the sum including particularly
sums from the underground petroleum storage tank excess liability
trust fund established by IC 13-23-7-1, that is necessary to pay the
debt service on the bonds or to restore one (1) or more of the funds
to an amount equal to the required debt service reserve. This
subsection does not create a debt or liability of the state to make any
appropriation.
(b) All amounts received on account of money appropriated by the
state to any fund shall be held and applied in accordance with section
15(b) of this chapter. However, at the end of each fiscal year, if the
amount in any fund exceeds the debt service or required debt service
reserve, any amount representing earnings or income received on
account of any money appropriated to the funds that exceeds the
expenses of the authority for that fiscal year may be transferred to the
underground petroleum storage tank excess liability trust fund. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.22;
P.L.9-1996, SEC.2.
IC 4-4-11.2-19 Reserve funds; combining
Sec. 19. Subject to any agreement with its holders, the authority
may combine a reserve fund established for an issue of bonds into
one (1) or more reserve funds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-20 Funds, reserves, and accounts; establishment
Sec. 20. The authority may establish additional reserves or other
funds or accounts as the authority considers necessary, desirable, or
convenient to further the accomplishment of its purposes or to
comply with any of its agreements or resolutions. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-21 Payment or retirement of bonds; use of funds or accounts
Sec. 21. Unless the resolution or trust agreement authorizing the
bonds provides otherwise, money or investments in a fund or account
of the authority established or held for the payment of bonds shall be
applied to the payment or retirement of the bonds, and to no other
purpose. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-22 Limitation of actions; contesting validity of bonds; presumption;
applicability of chapter
Sec. 22. (a) No action to contest the validity of any bonds of the
authority to be sold at public sale may be brought after the fifteenth
day following the first publication of notice of the sale of the bonds.
No action to contest the validity of any bond sale under this chapter
may be brought after the fifth day following the bond sale.
(b) If bonds are sold at private sale, no action to contest the
validity of such bonds may be brought after the fifteenth day
following the adoption of the resolution authorizing the issuance of
the bonds.
(c) If an action challenging the bonds of the authority is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds of the authority are conclusively
presumed to be fully authorized and issued under the laws of the
state, and a person or a qualified entity is estopped from questioning
their authorization, sale, issuance, execution, or delivery by the
authority.
(d) If this chapter is inconsistent with any other law (general,
special, or local), this chapter controls. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-23 Property; exemption from execution and process; judgment lien;
bondholder remedy
Sec. 23. All property of the authority is exempt from levy and sale
by virtue of an execution and no execution or other judicial process
may issue against the property. A judgment against the authority may
not be a charge or lien upon its property. However, this section does
not apply to or limit the rights of the holder of bonds to pursue a
remedy for the enforcement of a pledge or lien given by the authority
on its revenues or other money. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-24 Pledge of revenues; liens; records
Sec. 24. A pledge of revenues or other money made by the
authority is binding from the time the pledge is made. Revenues or
other money so pledged and thereafter received by the authority are
immediately subject to the lien of the pledge without any further act,
and the lien of a pledge is binding against all parties having claims
of any kind in tort, contract, or otherwise against the authority,
regardless of whether the parties have notice of the lien. Neither the
resolution nor any other instrument by which a pledge is created
needs to be filed or recorded except in the records of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-25 Funds of federal or state authorities; receipt and credit
Sec. 25. The chairman of the authority may receive from the
United States of America or any department or agency thereof, or
any state agency, including the department of environmental
management, any amount of money as and when appropriated,
allocated, granted, turned over, or in any way provided for the
purposes of the authority or this chapter, and those amounts shall,
unless otherwise directed by the federal authority, be credited to and
be available to the authority.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-26 Financial institutions; deposits of funds; undertaking
Sec. 26. A financial institution may give to the authority a good
and sufficient undertaking with such sureties as are approved by the
authority to the effect that the financial institution shall faithfully
keep and pay over to the order of or upon the warrant of the authority
or its authorized agent all those funds deposited with it by the
authority and agreed interest under or by reason of this chapter, at
such times or upon such demands as may be agreed with the
authority or instead of these sureties, deposit with the authority or its
authorized agent or a trustee or for the holders of bonds, as collateral,
those securities as the authority may approve. The deposits of the
authority may be evidenced by an agreement in the form and upon
the terms and conditions that may be agreed upon by the authority
and the financial institution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-27 Financial institutions; agreements or contracts for services;
security
Sec. 27. The authority may enter into agreements or contracts with
a financial institution inside or outside the state as the authority
considers necessary, desirable, or convenient for rendering services
in connection with the care, custody, or safekeeping of securities or
other investments held or owned by the authority, for rendering
services in connection with the payment or collection of amounts
payable as to principal or interest, and for rendering services in
connection with the delivery to the authority of securities or other
investments purchased by or sold by the authority, and to pay the
cost of those services. The authority may also, in connection with
any of the services to be rendered by a financial institution as to the
custody and safekeeping of its securities or investments, require
security in the form of collateral bonds, surety agreements, or
security agreements in such form and amount as, the authority
considers necessary or desirable. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-28 Bonds; legal investments; fiduciaries
Sec. 28. Notwithstanding the restrictions of any other law, all
financial institutions, investment companies, insurance companies,
insurance associations, executors, administrators, guardians, trustees,
and other fiduciaries may legally invest sinking funds, money, or
other funds belonging to them or within their control in bonds issued
under this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-29 Tax exemption; bonds and property of authority
Sec. 29. All property of the authority is public property devoted
to an essential public and governmental function and purpose and is
exempt from all taxes and special assessments, direct or indirect, of
the state or a political subdivision of the state. All bonds issued under
this chapter are issued by a body corporate and public of the state,
but not a state agency, and for an essential public and governmental
purpose and the bonds, the interest thereon, the proceeds received by
a holder from the sale of the bonds to the extent of the holder's cost
of acquisition, proceeds received upon redemption prior to maturity,
and proceeds received at maturity and the receipt of the interest and
proceeds shall be exempt from taxation in the state for all purposes
except a state inheritance tax imposed under IC 6-4.1. As added by P.L.13-1990, SEC.1. Amended by P.L.254-1997(ss),
SEC.2.
IC 4-4-11.2-30 Bonds; exemption; securities registration laws
Sec. 30. Any bonds issued by the authority under this chapter are
exempt from the registration and other requirements of IC 23-19 and
any other securities registration laws. As added by P.L.13-1990, SEC.1. Amended by P.L.27-2007, SEC.2.
IC 4-4-11.2-31 Application of chapter
Sec. 31. This chapter is supplemental to all other statutes
governing the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2
Chapter 11.2. Additional Authority: Underground Petroleum
Storage Tank Excess Liability Fund
IC 4-4-11.2-1 "Authority" defined
Sec. 1. As used in this chapter, "authority" refers to the Indiana
finance authority. As added by P.L.13-1990, SEC.1. Amended by P.L.235-2005,
SEC.33.
IC 4-4-11.2-2 "Bonds" defined
Sec. 2. As used in this chapter, "bonds" means any bonds, notes,
debentures, interim certificates, revenue anticipation notes, warrants,
or any other evidences of indebtedness of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-3 "Financial institution" defined
Sec. 3. As used in this chapter, "financial institution" means a
financial institution (as defined in IC 28-1-1). As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-4 "Holder" defined
Sec. 4. As used in this chapter, "holder" means a person who is:
(1) the bearer of any outstanding bond or note registered to
bearer or not registered; or
(2) the registered owner of any outstanding bond or note that is
registered other than to bearer. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-5 "Person" defined
Sec. 5. As used in this chapter, "person" means any individual,
partnership, firm, association, joint venture, limited liability
company, or corporation. As added by P.L.13-1990, SEC.1. Amended by P.L.8-1993, SEC.16.
IC 4-4-11.2-6 "Reserve fund" defined
Sec. 6. As used in this chapter, "reserve fund" means a reserve
fund established under section 15 of this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-7 Bonds; issuance; purposes; liability of authority; pledges as
additional security
Sec. 7. (a) The authority may issue its bonds in principal amounts
that it considers necessary to provide funds for any purposes under
this chapter, including the following:
(1) Providing a source of money for the underground petroleum
storage tank excess liability trust fund established by
IC 13-23-7-1.
(2) Payment, funding, or refunding of the principal of, or
interest or redemption premiums on, bonds issued by it under
this chapter whether the bonds or interest to be paid, funded, or
refunded have or have not become due.
(3) Establishment or increase of reserves to secure or to pay
bonds or interest on bonds and all other costs or expenses of the
authority incident to and necessary or convenient to carry out
the authority's corporate purposes and powers.
(b) Every issue of bonds shall be obligations of the authority
payable solely out of the revenues or funds of the authority under
section 15 of this chapter, subject to agreements with the holders of
a particular series of bonds pledging a particular revenue or fund.
Bonds may be additionally secured by a pledge of a grant or
contributions from the United States, a political subdivision, or a
person, or by a pledge of income or revenues, funds, or money of the
authority from any source. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.21;
P.L.9-1996, SEC.1.
IC 4-4-11.2-8 Bonds; state exemption; statement; pledge of state
Sec. 8. (a) A bond of the authority:
(1) is not a debt, liability, loan of the credit, or pledge of the
faith and credit of the state or of any political subdivision;
(2) is payable solely from the money pledged or available for its
payment under this chapter, unless funded or refunded by bonds
of the authority; and
(3) must contain on its face a statement that the authority is
obligated to pay principal and interest, and redemption
premiums if any, and that the faith, credit, and taxing power of
the state are not pledged to the payment of the bond.
(b) The state pledges to and agrees with the holders of the bonds
issued under this chapter that the state will not:
(1) limit or restrict the rights vested in the authority to fulfill the
terms of any agreement made with the holders of its bonds; or
(2) in any way impair the rights or remedies of the holders of
the bonds;
until the bonds, together with the interest on the bonds, and interest
on unpaid installments of interest, and all costs and expenses in
connection with an action or proceeding by or on behalf of the
holders, are fully met, paid, and discharged. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-9 Bonds; negotiability
Sec. 9. The bonds of the authority are negotiable instruments for
all purposes of the Uniform Commercial Code (IC 26-1), subject
only to the provisions of the bonds for registration. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-10 Bonds; issuance; terms; proceedings; interest; redemption
Sec. 10. (a) Bonds of the authority must be authorized by
resolution of the authority, may be issued in one (1) or more series,
and must:
(1) bear the date;
(2) mature at the time or times;
(3) be in the denomination;
(4) be in the form;
(5) carry the conversion or registration privileges;
(6) have the rank or priority;
(7) be executed in the manner;
(8) be payable from the sources in the medium of payment at
the place inside or outside the state; and
(9) be subject to the terms of redemption;
as the resolution of the authority or the trust agreement securing the
bonds provides.
(b) Bonds may be issued under this chapter without obtaining the
consent of any agency of the state and without any other proceeding
or condition other than the proceedings or conditions specified in this
chapter.
(c) The rate or rates of interest on the bonds may be fixed or
variable. Variable rates shall be determined in the manner and in
accordance with the procedures set forth in the resolution authorizing
the issuance of the bonds. Bonds bearing a variable rate of interest
may be converted to bonds bearing a fixed rate or rates of interest,
and bonds bearing a fixed rate or rates of interest may be converted
to bonds bearing a variable rate of interest, to the extent and in the
manner set forth in the resolution pursuant to which the bonds are
issued. The interest on bonds may be payable semiannually or
annually or at any other interval or intervals as may be provided in
the resolution, or the interest may be compounded and paid at
maturity or at any other times as may be specified in the resolution.
(d) The bonds may be made subject to mandatory redemption by
the authority at the times and under the circumstances set forth in the
authorizing resolution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-11 Bonds; sale; notice
Sec. 11. Bonds of the authority may be sold at public or private
sale at the price the authority determines. If bonds of the authority
are to be sold at public sale, the authority shall publish notice of the
sale for two (2) weeks in two (2) newspapers published and of
general circulation in the city of Indianapolis.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-12 Bonds; use of proceeds and funds in accordance with contract
Sec. 12. The authority may periodically issue its bonds under this
chapter and pay and retire the principal of the bonds or pay the
interest due thereon or fund or refund the bonds from proceeds of
bonds, or from other funds or money of the authority available for
that purpose in accordance with a contract between the authority and
the holders of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-13 Bonds; trust agreement or resolution; contents; expenses
Sec. 13. (a) In the discretion of the authority, any bonds issued
under this chapter may be secured by a trust agreement by and
between the authority and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or
outside the state.
(b) The trust agreement or the resolution providing for the
issuance of the bonds may contain provisions for protecting and
enforcing the rights and remedies of the holders of any such bonds
as are reasonable and proper and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and
remedies of the holders of any bonds and of the trustee and may
restrict the individual right of action by the holders.
(d) In addition to the provisions of subsections (a), (b), and (c),
any trust agreement or resolution may contain other provisions the
authority considers reasonable and proper for the security of the
holders of any bonds.
(e) All expenses incurred in carrying out the trust agreement or
resolution may be paid from revenues or assets pledged or assigned
to the payment of the principal of and the interest on bonds or from
any other funds available to the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-14 Bonds; purchase by authority; presumption of holding for resale
or transfer
Sec. 14. The authority may purchase bonds of the authority out of
its funds or money available for the purchase of its own bonds. The
authority may hold, cancel, or resell the bonds subject to, and in
accordance with, agreements with holders of its bonds. Unless
cancelled, bonds so held are considered to be held for resale or
transfer and the obligation evidenced by the bonds shall not be
considered to be extinguished. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-15 Debt service fund; reserve fund; deposits or transfers; reserve fund
disbursements and transfers
Sec. 15. (a) The authority may establish and maintain a debt
service fund, and if necessary, a reserve fund, for each issue of bonds
in which there shall be deposited or transferred:
(1) all money appropriated by the general assembly for the
purpose of the fund in accordance with section 18(a) of this
chapter;
(2) all proceeds of bonds required to be deposited in the fund by
terms of a contract between the authority and its holders or a
resolution of the authority with respect to the proceeds of
bonds;
(3) all other money appropriated by the general assembly to the
funds; and
(4) any other money or funds of the authority that it decides to
deposit in either fund.
(b) Subject to section 18(b) of this chapter, money in any reserve
fund shall be held and applied solely to the payment of the interest
on and principal of bonds of the authority as the interest and
principal become due and payable and for the retirement of bonds.
(c) Money in any reserve fund in excess of the required debt
service reserve, whether by reason of investment or otherwise, may
be withdrawn at any time by the authority and transferred to another
fund or account of the authority, subject to the provisions of any
agreement with the holders of any bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-16 Reserve fund; investments authorized
Sec. 16. Money in any reserve fund may be invested in the manner
provided in the trust agreement or the resolution authorizing issuance
of the bonds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-17 Reserve fund investments; valuation
Sec. 17. For purposes of valuation, investments in the reserve
fund shall be valued at par, or if purchased at less than par, at cost
unless otherwise provided by resolution or trust agreement of the
authority. Valuation on a particular date shall include the amount of
interest then earned or accrued to that date on the money or
investments in the reserve fund. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-18 Debt service appropriation; deposits; nonliability of state; holding
and application of funds; transfer of excess funds
Sec. 18. (a) In order to assure the payment of debt service on
bonds of the authority issued under this chapter or maintenance of
the required debt service reserve in any reserve fund, the general
assembly may annually or biannually appropriate to the authority for
deposit in one (1) or more of the funds the sum including particularly
sums from the underground petroleum storage tank excess liability
trust fund established by IC 13-23-7-1, that is necessary to pay the
debt service on the bonds or to restore one (1) or more of the funds
to an amount equal to the required debt service reserve. This
subsection does not create a debt or liability of the state to make any
appropriation.
(b) All amounts received on account of money appropriated by the
state to any fund shall be held and applied in accordance with section
15(b) of this chapter. However, at the end of each fiscal year, if the
amount in any fund exceeds the debt service or required debt service
reserve, any amount representing earnings or income received on
account of any money appropriated to the funds that exceeds the
expenses of the authority for that fiscal year may be transferred to the
underground petroleum storage tank excess liability trust fund. As added by P.L.13-1990, SEC.1. Amended by P.L.1-1996, SEC.22;
P.L.9-1996, SEC.2.
IC 4-4-11.2-19 Reserve funds; combining
Sec. 19. Subject to any agreement with its holders, the authority
may combine a reserve fund established for an issue of bonds into
one (1) or more reserve funds. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-20 Funds, reserves, and accounts; establishment
Sec. 20. The authority may establish additional reserves or other
funds or accounts as the authority considers necessary, desirable, or
convenient to further the accomplishment of its purposes or to
comply with any of its agreements or resolutions. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-21 Payment or retirement of bonds; use of funds or accounts
Sec. 21. Unless the resolution or trust agreement authorizing the
bonds provides otherwise, money or investments in a fund or account
of the authority established or held for the payment of bonds shall be
applied to the payment or retirement of the bonds, and to no other
purpose. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-22 Limitation of actions; contesting validity of bonds; presumption;
applicability of chapter
Sec. 22. (a) No action to contest the validity of any bonds of the
authority to be sold at public sale may be brought after the fifteenth
day following the first publication of notice of the sale of the bonds.
No action to contest the validity of any bond sale under this chapter
may be brought after the fifth day following the bond sale.
(b) If bonds are sold at private sale, no action to contest the
validity of such bonds may be brought after the fifteenth day
following the adoption of the resolution authorizing the issuance of
the bonds.
(c) If an action challenging the bonds of the authority is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds of the authority are conclusively
presumed to be fully authorized and issued under the laws of the
state, and a person or a qualified entity is estopped from questioning
their authorization, sale, issuance, execution, or delivery by the
authority.
(d) If this chapter is inconsistent with any other law (general,
special, or local), this chapter controls. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-23 Property; exemption from execution and process; judgment lien;
bondholder remedy
Sec. 23. All property of the authority is exempt from levy and sale
by virtue of an execution and no execution or other judicial process
may issue against the property. A judgment against the authority may
not be a charge or lien upon its property. However, this section does
not apply to or limit the rights of the holder of bonds to pursue a
remedy for the enforcement of a pledge or lien given by the authority
on its revenues or other money. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-24 Pledge of revenues; liens; records
Sec. 24. A pledge of revenues or other money made by the
authority is binding from the time the pledge is made. Revenues or
other money so pledged and thereafter received by the authority are
immediately subject to the lien of the pledge without any further act,
and the lien of a pledge is binding against all parties having claims
of any kind in tort, contract, or otherwise against the authority,
regardless of whether the parties have notice of the lien. Neither the
resolution nor any other instrument by which a pledge is created
needs to be filed or recorded except in the records of the authority. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-25 Funds of federal or state authorities; receipt and credit
Sec. 25. The chairman of the authority may receive from the
United States of America or any department or agency thereof, or
any state agency, including the department of environmental
management, any amount of money as and when appropriated,
allocated, granted, turned over, or in any way provided for the
purposes of the authority or this chapter, and those amounts shall,
unless otherwise directed by the federal authority, be credited to and
be available to the authority.
As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-26 Financial institutions; deposits of funds; undertaking
Sec. 26. A financial institution may give to the authority a good
and sufficient undertaking with such sureties as are approved by the
authority to the effect that the financial institution shall faithfully
keep and pay over to the order of or upon the warrant of the authority
or its authorized agent all those funds deposited with it by the
authority and agreed interest under or by reason of this chapter, at
such times or upon such demands as may be agreed with the
authority or instead of these sureties, deposit with the authority or its
authorized agent or a trustee or for the holders of bonds, as collateral,
those securities as the authority may approve. The deposits of the
authority may be evidenced by an agreement in the form and upon
the terms and conditions that may be agreed upon by the authority
and the financial institution. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-27 Financial institutions; agreements or contracts for services;
security
Sec. 27. The authority may enter into agreements or contracts with
a financial institution inside or outside the state as the authority
considers necessary, desirable, or convenient for rendering services
in connection with the care, custody, or safekeeping of securities or
other investments held or owned by the authority, for rendering
services in connection with the payment or collection of amounts
payable as to principal or interest, and for rendering services in
connection with the delivery to the authority of securities or other
investments purchased by or sold by the authority, and to pay the
cost of those services. The authority may also, in connection with
any of the services to be rendered by a financial institution as to the
custody and safekeeping of its securities or investments, require
security in the form of collateral bonds, surety agreements, or
security agreements in such form and amount as, the authority
considers necessary or desirable. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-28 Bonds; legal investments; fiduciaries
Sec. 28. Notwithstanding the restrictions of any other law, all
financial institutions, investment companies, insurance companies,
insurance associations, executors, administrators, guardians, trustees,
and other fiduciaries may legally invest sinking funds, money, or
other funds belonging to them or within their control in bonds issued
under this chapter. As added by P.L.13-1990, SEC.1.
IC 4-4-11.2-29 Tax exemption; bonds and property of authority
Sec. 29. All property of the authority is public property devoted
to an essential public and governmental function and purpose and is
exempt from all taxes and special assessments, direct or indirect, of
the state or a political subdivision of the state. All bonds issued under
this chapter are issued by a body corporate and public of the state,
but not a state agency, and for an essential public and governmental
purpose and the bonds, the interest thereon, the proceeds received by
a holder from the sale of the bonds to the extent of the holder's cost
of acquisition, proceeds received upon redemption prior to maturity,
and proceeds received at maturity and the receipt of the interest and
proceeds shall be exempt from taxation in the state for all purposes
except a state inheritance tax imposed under IC 6-4.1. As added by P.L.13-1990, SEC.1. Amended by P.L.254-1997(ss),
SEC.2.
IC 4-4-11.2-30 Bonds; exemption; securities registration laws
Sec. 30. Any bonds issued by the authority under this chapter are
exempt from the registration and other requirements of IC 23-19 and
any other securities registration laws. As added by P.L.13-1990, SEC.1. Amended by P.L.27-2007, SEC.2.
IC 4-4-11.2-31 Application of chapter
Sec. 31. This chapter is supplemental to all other statutes
governing the authority. As added by P.L.13-1990, SEC.1.
