IC 5-1.4-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank may be brought after the fifteenth day following the
adoption of the resolution authorizing the sale of the bonds or notes.
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 an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a), all bonds or
notes of the bank shall be conclusively presumed to be fully
authorized and issued under the laws of Indiana, and a person or a
qualified entity is estopped from questioning their authorization, sale,
issuance, execution, or delivery by the bank.
(c) Insofar as this article is inconsistent with the provisions of any
other law, general, special, or local, this article shall be controlling. As added by P.L.42-1985, SEC.1. Amended by P.L.2-1989, SEC.13.
IC 5-1.4-9-2 Bank property exempt from levy and sale; judgment against bank
not charge or lien on property; rights of holders of bonds or notes
Sec. 2. All property of the bank 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 bank may not be
a charge or lien upon its property. However, nothing in this section
applies to or limits the rights of the holder of bonds or notes to
pursue a remedy for the enforcement of a pledge or lien given by the
bank on its revenues or other money. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-3 Pledge of revenues or money
Sec. 3. A pledge of revenues or other money made by the bank is
binding from the time the pledge is made. Revenues or other money
pledged and thereafter received by the bank 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 bank, 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 bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-4 Insurance or guaranty for payment
Sec. 4. The bank may obtain from a department or agency of the
United States or a nongovernmental insurer available insurance or
guaranty for the payment or repayment of interest or principal, or
both, or any part of interest or principal, on bonds or notes issued by
the bank or on securities purchased or held by the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-5 Authority to receive appropriations or grants from federal
government; disposition
Sec. 5. The chairman of the board of the bank is authorized to
receive from the United States or any department or agency thereof
any amount of money as and when appropriated, allocated, granted,
turned over, or in any way provided for the purposes of the bank or
this article. Those amounts shall, unless otherwise directed by the
federal authority, be credited to and deposited in the general fund and
be available to the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-6 Undertaking by financial institution to keep and pay over funds
deposited with it
Sec. 6. (a) A financial institution may give to the bank a good and
sufficient undertaking, with such sureties as are approved by the
bank, to the effect that the financial institution shall faithfully keep
and pay over to the order of or upon the warrant of the bank or its
authorized agent all those funds deposited with it by the bank and
agreed interest, at such times or upon such demands as may be
agreed with the bank. However, in lieu of these sureties, the financial
institution may deposit with the bank or its authorized agent or a
trustee for the holders of bonds, as collateral, those securities as the
board may approve.
(b) The deposits of the bank may be evidenced by an agreement
in the form and upon the terms and conditions that may be agreed
upon by the bank and the financial institution. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-7 Agreements with financial institutions; care and custody of
securities or other investments
Sec. 7. The board may enter into agreements or contracts with a
financial institution inside or outside the state as may be necessary,
desirable, or convenient in the opinion of the board for rendering
services in connection with the care, custody, or safekeeping of
securities or other investments held or owned by the bank, 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 bank of securities or
other investments purchased by it or sold by it and to pay the cost of
those services. The board 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, in the opinion of the board, is necessary
or desirable. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-8 Financial institutions and fiduciaries; investment in bonds or notes
Sec. 8. 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 or
notes issued under this article. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-9 Nature of bank property; bonds and notes; exemption from
taxation
Sec. 9. All property of the bank is public property devoted to an
essential public and governmental function and purpose and is
exempt from all taxes and special assessments of the state or a
political subdivision of the state. All bonds or notes issued under this
article are issued by a body corporate and public of this state, but not
a state, city, or county agency, and for an essential public and
governmental purpose. The bonds and notes, the interest thereon, the
proceeds received by a holder from the sale of the bonds or notes to
the extent of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and the
receipt of the interest and proceeds shall be exempt from taxation in
the state for all purposes except the financial institutions tax imposed
under IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1. As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5;
P.L.254-1997(ss), SEC.5.
IC 5-1.4-9-10 Officers and departments of state; rendering of services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the city shall render services to the bank that are
within the area of their respective governmental functions and that
may be requested by the board and must comply promptly with any
reasonable request by the board relating to the making of a study or
review as to desirability, need, cost, expense, or financial feasibility
with respect to a public project, purpose, or improvement, or the
financial or fiscal responsibility or ability of a qualified entity
making application for the purchase by the bank of securities to be
issued by that qualified entity. The cost and expense of a service
requested by the board, at the request of the officer, department,
board, agency, division, or commission rendering the service, shall
be paid by the bank. As added by P.L.42-1985, SEC.1. IC 5-1.4-9-11 Dissolution of bank; assets and property of bank
Sec. 11. Upon the dissolution of the bank, all interest in the assets
and property of the bank reverts to the city. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank may be brought after the fifteenth day following the
adoption of the resolution authorizing the sale of the bonds or notes.
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 an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a), all bonds or
notes of the bank shall be conclusively presumed to be fully
authorized and issued under the laws of Indiana, and a person or a
qualified entity is estopped from questioning their authorization, sale,
issuance, execution, or delivery by the bank.
(c) Insofar as this article is inconsistent with the provisions of any
other law, general, special, or local, this article shall be controlling. As added by P.L.42-1985, SEC.1. Amended by P.L.2-1989, SEC.13.
IC 5-1.4-9-2 Bank property exempt from levy and sale; judgment against bank
not charge or lien on property; rights of holders of bonds or notes
Sec. 2. All property of the bank 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 bank may not be
a charge or lien upon its property. However, nothing in this section
applies to or limits the rights of the holder of bonds or notes to
pursue a remedy for the enforcement of a pledge or lien given by the
bank on its revenues or other money. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-3 Pledge of revenues or money
Sec. 3. A pledge of revenues or other money made by the bank is
binding from the time the pledge is made. Revenues or other money
pledged and thereafter received by the bank 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 bank, 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 bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-4 Insurance or guaranty for payment
Sec. 4. The bank may obtain from a department or agency of the
United States or a nongovernmental insurer available insurance or
guaranty for the payment or repayment of interest or principal, or
both, or any part of interest or principal, on bonds or notes issued by
the bank or on securities purchased or held by the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-5 Authority to receive appropriations or grants from federal
government; disposition
Sec. 5. The chairman of the board of the bank is authorized to
receive from the United States or any department or agency thereof
any amount of money as and when appropriated, allocated, granted,
turned over, or in any way provided for the purposes of the bank or
this article. Those amounts shall, unless otherwise directed by the
federal authority, be credited to and deposited in the general fund and
be available to the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-6 Undertaking by financial institution to keep and pay over funds
deposited with it
Sec. 6. (a) A financial institution may give to the bank a good and
sufficient undertaking, with such sureties as are approved by the
bank, to the effect that the financial institution shall faithfully keep
and pay over to the order of or upon the warrant of the bank or its
authorized agent all those funds deposited with it by the bank and
agreed interest, at such times or upon such demands as may be
agreed with the bank. However, in lieu of these sureties, the financial
institution may deposit with the bank or its authorized agent or a
trustee for the holders of bonds, as collateral, those securities as the
board may approve.
(b) The deposits of the bank may be evidenced by an agreement
in the form and upon the terms and conditions that may be agreed
upon by the bank and the financial institution. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-7 Agreements with financial institutions; care and custody of
securities or other investments
Sec. 7. The board may enter into agreements or contracts with a
financial institution inside or outside the state as may be necessary,
desirable, or convenient in the opinion of the board for rendering
services in connection with the care, custody, or safekeeping of
securities or other investments held or owned by the bank, 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 bank of securities or
other investments purchased by it or sold by it and to pay the cost of
those services. The board 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, in the opinion of the board, is necessary
or desirable. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-8 Financial institutions and fiduciaries; investment in bonds or notes
Sec. 8. 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 or
notes issued under this article. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-9 Nature of bank property; bonds and notes; exemption from
taxation
Sec. 9. All property of the bank is public property devoted to an
essential public and governmental function and purpose and is
exempt from all taxes and special assessments of the state or a
political subdivision of the state. All bonds or notes issued under this
article are issued by a body corporate and public of this state, but not
a state, city, or county agency, and for an essential public and
governmental purpose. The bonds and notes, the interest thereon, the
proceeds received by a holder from the sale of the bonds or notes to
the extent of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and the
receipt of the interest and proceeds shall be exempt from taxation in
the state for all purposes except the financial institutions tax imposed
under IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1. As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5;
P.L.254-1997(ss), SEC.5.
IC 5-1.4-9-10 Officers and departments of state; rendering of services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the city shall render services to the bank that are
within the area of their respective governmental functions and that
may be requested by the board and must comply promptly with any
reasonable request by the board relating to the making of a study or
review as to desirability, need, cost, expense, or financial feasibility
with respect to a public project, purpose, or improvement, or the
financial or fiscal responsibility or ability of a qualified entity
making application for the purchase by the bank of securities to be
issued by that qualified entity. The cost and expense of a service
requested by the board, at the request of the officer, department,
board, agency, division, or commission rendering the service, shall
be paid by the bank. As added by P.L.42-1985, SEC.1. IC 5-1.4-9-11 Dissolution of bank; assets and property of bank
Sec. 11. Upon the dissolution of the bank, all interest in the assets
and property of the bank reverts to the city. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank may be brought after the fifteenth day following the
adoption of the resolution authorizing the sale of the bonds or notes.
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 an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a), all bonds or
notes of the bank shall be conclusively presumed to be fully
authorized and issued under the laws of Indiana, and a person or a
qualified entity is estopped from questioning their authorization, sale,
issuance, execution, or delivery by the bank.
(c) Insofar as this article is inconsistent with the provisions of any
other law, general, special, or local, this article shall be controlling. As added by P.L.42-1985, SEC.1. Amended by P.L.2-1989, SEC.13.
IC 5-1.4-9-2 Bank property exempt from levy and sale; judgment against bank
not charge or lien on property; rights of holders of bonds or notes
Sec. 2. All property of the bank 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 bank may not be
a charge or lien upon its property. However, nothing in this section
applies to or limits the rights of the holder of bonds or notes to
pursue a remedy for the enforcement of a pledge or lien given by the
bank on its revenues or other money. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-3 Pledge of revenues or money
Sec. 3. A pledge of revenues or other money made by the bank is
binding from the time the pledge is made. Revenues or other money
pledged and thereafter received by the bank 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 bank, 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 bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-4 Insurance or guaranty for payment
Sec. 4. The bank may obtain from a department or agency of the
United States or a nongovernmental insurer available insurance or
guaranty for the payment or repayment of interest or principal, or
both, or any part of interest or principal, on bonds or notes issued by
the bank or on securities purchased or held by the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-5 Authority to receive appropriations or grants from federal
government; disposition
Sec. 5. The chairman of the board of the bank is authorized to
receive from the United States or any department or agency thereof
any amount of money as and when appropriated, allocated, granted,
turned over, or in any way provided for the purposes of the bank or
this article. Those amounts shall, unless otherwise directed by the
federal authority, be credited to and deposited in the general fund and
be available to the bank. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-6 Undertaking by financial institution to keep and pay over funds
deposited with it
Sec. 6. (a) A financial institution may give to the bank a good and
sufficient undertaking, with such sureties as are approved by the
bank, to the effect that the financial institution shall faithfully keep
and pay over to the order of or upon the warrant of the bank or its
authorized agent all those funds deposited with it by the bank and
agreed interest, at such times or upon such demands as may be
agreed with the bank. However, in lieu of these sureties, the financial
institution may deposit with the bank or its authorized agent or a
trustee for the holders of bonds, as collateral, those securities as the
board may approve.
(b) The deposits of the bank may be evidenced by an agreement
in the form and upon the terms and conditions that may be agreed
upon by the bank and the financial institution. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-7 Agreements with financial institutions; care and custody of
securities or other investments
Sec. 7. The board may enter into agreements or contracts with a
financial institution inside or outside the state as may be necessary,
desirable, or convenient in the opinion of the board for rendering
services in connection with the care, custody, or safekeeping of
securities or other investments held or owned by the bank, 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 bank of securities or
other investments purchased by it or sold by it and to pay the cost of
those services. The board 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, in the opinion of the board, is necessary
or desirable. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-8 Financial institutions and fiduciaries; investment in bonds or notes
Sec. 8. 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 or
notes issued under this article. As added by P.L.42-1985, SEC.1.
IC 5-1.4-9-9 Nature of bank property; bonds and notes; exemption from
taxation
Sec. 9. All property of the bank is public property devoted to an
essential public and governmental function and purpose and is
exempt from all taxes and special assessments of the state or a
political subdivision of the state. All bonds or notes issued under this
article are issued by a body corporate and public of this state, but not
a state, city, or county agency, and for an essential public and
governmental purpose. The bonds and notes, the interest thereon, the
proceeds received by a holder from the sale of the bonds or notes to
the extent of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and the
receipt of the interest and proceeds shall be exempt from taxation in
the state for all purposes except the financial institutions tax imposed
under IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1. As added by P.L.42-1985, SEC.1. Amended by P.L.21-1990, SEC.5;
P.L.254-1997(ss), SEC.5.
IC 5-1.4-9-10 Officers and departments of state; rendering of services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the city shall render services to the bank that are
within the area of their respective governmental functions and that
may be requested by the board and must comply promptly with any
reasonable request by the board relating to the making of a study or
review as to desirability, need, cost, expense, or financial feasibility
with respect to a public project, purpose, or improvement, or the
financial or fiscal responsibility or ability of a qualified entity
making application for the purchase by the bank of securities to be
issued by that qualified entity. The cost and expense of a service
requested by the board, at the request of the officer, department,
board, agency, division, or commission rendering the service, shall
be paid by the bank. As added by P.L.42-1985, SEC.1. IC 5-1.4-9-11 Dissolution of bank; assets and property of bank
Sec. 11. Upon the dissolution of the bank, all interest in the assets
and property of the bank reverts to the city. As added by P.L.42-1985, SEC.1.