IC 5-1.5-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank 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 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 bonds or notes are sold at private sale, the bank may publish
notice of the execution of the contract of sale of the bonds or notes
one (1) time in two (2) newspapers published and of general
circulation in the city of Indianapolis. If notice is published as
permitted in this subsection, no action to contest the validity of such
bonds or notes sold at private sale may be brought after the fifteenth
day following the publication of notice of the execution of the
contract of sale pertaining to the bonds or notes.
(c) If an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds or notes of the bank shall be
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 bank.
(d) Insofar as the provisions of this article are inconsistent with
the provisions of any other law, general, special, or local, the
provisions of this article shall be controlling. As added by P.L.25-1984, SEC.1.
IC 5-1.5-9-2 Property of bank 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.25-1984, SEC.1.
IC 5-1.5-9-3
Repealed
(Repealed by P.L.1-1990, SEC.46.)
IC 5-1.5-9-4 Insurance or guaranty for payment or repayment of interest or
principal, or both
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.25-1984, SEC.1.
IC 5-1.5-9-5 Authority to receive money; disposition
Sec. 5. The treasurer of the state, as chairman of the board of the
bank, is authorized to receive from the United States of America 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, and 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.25-1984, SEC.1.
IC 5-1.5-9-6 Financial institution to keep and pay over funds deposited with it
Sec. 6. 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 under or by reason of this article, at such times or upon such
demands as may be agreed with the bank or in lieu of these sureties,
deposit with the bank or its authorized agent or a trustee or for the
holders of bonds, as collateral, those securities as the board may
approve. 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.25-1984, SEC.1.
IC 5-1.5-9-7 Contracts or agreements with financial institutions; care, custody,
or safekeeping of securities; services connected with payment or
collection of interest or principal
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.25-1984, SEC.1.
IC 5-1.5-9-8 Financial institutions and fiduciaries; investment in bonds and
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.25-1984, SEC.1.
IC 5-1.5-9-9 Nature of bank property; bonds or notes issued; interest and
proceeds received; tax exemption
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, direct or indirect, 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 agency, and for an essential public and
governmental purpose and 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 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 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.25-1984, SEC.1. Amended by P.L.46-1987, SEC.17;
P.L.21-1990, SEC.6; P.L.254-1997(ss), SEC.6.
IC 5-1.5-9-10 Officers, departments, etc., of the state to render services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the state 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, or 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 loan to the bank and 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.25-1984, SEC.1.
IC 5-1.5-9-11 Pledges of revenues or other money
Sec. 11. A pledge of revenues or other money made by the bank
is binding from the time the pledge is made. Revenues or other
money so 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.1-1990, SEC.47.
IC 5-1.5-9-12 Securities; registration requirements; exemption
Sec. 12. All securities issued under this article are exempt from
the registration requirements of IC 23-19 and other securities
registration statutes. As added by P.L.1-1990, SEC.48. Amended by P.L.27-2007, SEC.4.
IC 5-1.5-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank 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 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 bonds or notes are sold at private sale, the bank may publish
notice of the execution of the contract of sale of the bonds or notes
one (1) time in two (2) newspapers published and of general
circulation in the city of Indianapolis. If notice is published as
permitted in this subsection, no action to contest the validity of such
bonds or notes sold at private sale may be brought after the fifteenth
day following the publication of notice of the execution of the
contract of sale pertaining to the bonds or notes.
(c) If an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds or notes of the bank shall be
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 bank.
(d) Insofar as the provisions of this article are inconsistent with
the provisions of any other law, general, special, or local, the
provisions of this article shall be controlling. As added by P.L.25-1984, SEC.1.
IC 5-1.5-9-2 Property of bank 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.25-1984, SEC.1.
IC 5-1.5-9-3
Repealed
(Repealed by P.L.1-1990, SEC.46.)
IC 5-1.5-9-4 Insurance or guaranty for payment or repayment of interest or
principal, or both
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.25-1984, SEC.1.
IC 5-1.5-9-5 Authority to receive money; disposition
Sec. 5. The treasurer of the state, as chairman of the board of the
bank, is authorized to receive from the United States of America 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, and 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.25-1984, SEC.1.
IC 5-1.5-9-6 Financial institution to keep and pay over funds deposited with it
Sec. 6. 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 under or by reason of this article, at such times or upon such
demands as may be agreed with the bank or in lieu of these sureties,
deposit with the bank or its authorized agent or a trustee or for the
holders of bonds, as collateral, those securities as the board may
approve. 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.25-1984, SEC.1.
IC 5-1.5-9-7 Contracts or agreements with financial institutions; care, custody,
or safekeeping of securities; services connected with payment or
collection of interest or principal
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.25-1984, SEC.1.
IC 5-1.5-9-8 Financial institutions and fiduciaries; investment in bonds and
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.25-1984, SEC.1.
IC 5-1.5-9-9 Nature of bank property; bonds or notes issued; interest and
proceeds received; tax exemption
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, direct or indirect, 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 agency, and for an essential public and
governmental purpose and 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 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 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.25-1984, SEC.1. Amended by P.L.46-1987, SEC.17;
P.L.21-1990, SEC.6; P.L.254-1997(ss), SEC.6.
IC 5-1.5-9-10 Officers, departments, etc., of the state to render services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the state 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, or 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 loan to the bank and 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.25-1984, SEC.1.
IC 5-1.5-9-11 Pledges of revenues or other money
Sec. 11. A pledge of revenues or other money made by the bank
is binding from the time the pledge is made. Revenues or other
money so 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.1-1990, SEC.47.
IC 5-1.5-9-12 Securities; registration requirements; exemption
Sec. 12. All securities issued under this article are exempt from
the registration requirements of IC 23-19 and other securities
registration statutes. As added by P.L.1-1990, SEC.48. Amended by P.L.27-2007, SEC.4.
IC 5-1.5-9-1 Limitation of actions
Sec. 1. (a) No action to contest the validity of any bonds or notes
of the bank 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 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 bonds or notes are sold at private sale, the bank may publish
notice of the execution of the contract of sale of the bonds or notes
one (1) time in two (2) newspapers published and of general
circulation in the city of Indianapolis. If notice is published as
permitted in this subsection, no action to contest the validity of such
bonds or notes sold at private sale may be brought after the fifteenth
day following the publication of notice of the execution of the
contract of sale pertaining to the bonds or notes.
(c) If an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a) or (b),
whichever is applicable, all bonds or notes of the bank shall be
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 bank.
(d) Insofar as the provisions of this article are inconsistent with
the provisions of any other law, general, special, or local, the
provisions of this article shall be controlling. As added by P.L.25-1984, SEC.1.
IC 5-1.5-9-2 Property of bank 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.25-1984, SEC.1.
IC 5-1.5-9-3
Repealed
(Repealed by P.L.1-1990, SEC.46.)
IC 5-1.5-9-4 Insurance or guaranty for payment or repayment of interest or
principal, or both
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.25-1984, SEC.1.
IC 5-1.5-9-5 Authority to receive money; disposition
Sec. 5. The treasurer of the state, as chairman of the board of the
bank, is authorized to receive from the United States of America 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, and 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.25-1984, SEC.1.
IC 5-1.5-9-6 Financial institution to keep and pay over funds deposited with it
Sec. 6. 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 under or by reason of this article, at such times or upon such
demands as may be agreed with the bank or in lieu of these sureties,
deposit with the bank or its authorized agent or a trustee or for the
holders of bonds, as collateral, those securities as the board may
approve. 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.25-1984, SEC.1.
IC 5-1.5-9-7 Contracts or agreements with financial institutions; care, custody,
or safekeeping of securities; services connected with payment or
collection of interest or principal
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.25-1984, SEC.1.
IC 5-1.5-9-8 Financial institutions and fiduciaries; investment in bonds and
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.25-1984, SEC.1.
IC 5-1.5-9-9 Nature of bank property; bonds or notes issued; interest and
proceeds received; tax exemption
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, direct or indirect, 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 agency, and for an essential public and
governmental purpose and 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 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 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.25-1984, SEC.1. Amended by P.L.46-1987, SEC.17;
P.L.21-1990, SEC.6; P.L.254-1997(ss), SEC.6.
IC 5-1.5-9-10 Officers, departments, etc., of the state to render services to bank;
costs and expenses
Sec. 10. All officers, departments, boards, agencies, divisions, and
commissions of the state 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, or 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 loan to the bank and 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.25-1984, SEC.1.
IC 5-1.5-9-11 Pledges of revenues or other money
Sec. 11. A pledge of revenues or other money made by the bank
is binding from the time the pledge is made. Revenues or other
money so 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.1-1990, SEC.47.
IC 5-1.5-9-12 Securities; registration requirements; exemption
Sec. 12. All securities issued under this article are exempt from
the registration requirements of IC 23-19 and other securities
registration statutes. As added by P.L.1-1990, SEC.48. Amended by P.L.27-2007, SEC.4.
