Indiana Code 5-1-14-6. Use of proceeds for costs of issuance of obligation, funding debt services reserves, or payment of interest; reimbursements
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Sec. 6. (a) Notwithstanding any other law, an issuer may use proceeds of its obligations to pay the reasonable cost of issuance of the obligations or to fund reasonably required debt service reserves to secure the payment of the obligations.
(1) a period not to exceed two (2) years from the date of issuance of the obligations; or
(b) Notwithstanding any other law, an issuer may use proceeds of the issuer’s obligations to pay interest on the obligations for:
Terms Used In Indiana Code 5-1-14-6
- issuer: means any issuer of obligations that is referred to in IC 5-1-1-1(b). See Indiana Code 5-1-14-1.2
- obligations: has the meaning set forth in IC 5-1-3-1(2). See Indiana Code 5-1-14-1.5
- Statute: A law passed by a legislature.
(2) any longer period that is permitted by any other statute.
(c) Notwithstanding any other law, an issuer may reimburse itself for preliminary costs incurred in financing any project or purpose from proceeds of the obligations when issued.
As added by P.L.37-1988, SEC.6. Amended by P.L.35-1990, SEC.3; P.L.24-1995, SEC.22.