CHAPTER 9. ISSUANCE OF DEBT BY AUTHORITY
IC 8-15.7-9
Chapter 9. Issuance of Debt by Authority
IC 8-15.7-9-1
Issuance of bonds or notes
Sec. 1. (a) The authority may, by resolution, issue and sell bonds
or notes of the authority for the purpose of providing funds to carry
out the provisions of this article with respect to the development,
financing, or operation of a project or projects or the refunding of
any bonds or notes, together with any costs associated with a
transaction.
(b) Bonds or notes issued under this chapter shall be issued in
accordance with IC 8-14.5-6 except that the bonds or notes are not
required to comply with IC 8-14.5-6-2, IC 8-14.5-6-3, or
IC 8-14.5-6-5(b).
As added by P.L.47-2006, SEC.40.
IC 8-15.7-9-2
Leases with the department or operator
Sec. 2. (a) The authority may enter into a lease with the
department or the operator, or both, of a project or projects financed
under this chapter. The department may lease a project financed
under this chapter to the authority or an operator under a
public-private agreement.
(b) A lease of a project to the department under this chapter must
comply with IC 8-14.5-5 except that:
(1) the lease is not required to comply with IC 8-14.5-5-3(a)(1);
and
(2) notwithstanding IC 8-14.5-5-2(a)(2), a lease under this
chapter may be extended from biennium to biennium, with the
extensions not to exceed a lease term of seventy-five (75) years
unless the department gives notice of nonextension at least six
(6) months before the end of the biennium, in which event the
lease expires at the end of the biennium in which the notice is
given.
As added by P.L.47-2006, SEC.40.
IC 8-15.7-9-3
Sources for payment of lease rentals by department
Sec. 3. The department shall pay lease rentals for leases that the
department has entered into under this chapter that secure bonds
issued under this chapter from any legally available revenues,
including:
(1) payments received from an operator;
(2) federal highway revenues, subject to the limitations in
IC 8-14.5-7;
(3) distributions from the state highway fund; and
(4) other funds available to the department for such purpose.
As added by P.L.47-2006, SEC.40.
IC 8-15.7-9-4
Bonds or notes not a debt of the state
Sec. 4. The bonds or notes issued under this chapter:
(1) constitute the corporate obligations of the authority;
(2) do not constitute an indebtedness of the state within the
meaning or application of any constitutional provision or
limitation; and
(3) are payable solely as to both principal and interest from:
(A) the revenues from a lease to the department, if any;
(B) proceeds of bonds or notes, if any;
(C) investment earnings on proceeds of bonds or notes; or
(D) other funds available to the authority for such purpose.
As added by P.L.47-2006, SEC.40.