Sec. 2. (a) The board of trustees of a state educational institution may issue bonds for payment of retirement liabilities and pay the proceeds of the bonds to the Indiana public retirement system.

     (b) The board of trustees of a state educational institution may establish debt service reserves or sinking funds with proceeds of bonds issued to fund retirement liabilities.

Terms Used In Indiana Code 21-32-3.5-2

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • retirement liabilities: means the payments to be made to a fund or funds administered by the board of trustees of the Indiana public retirement system for liabilities of a state educational institution resulting from a withdrawal from such a fund or a freezing of participation under such fund under Indiana Code 21-32-3.5-1
     (c) Bonds issued under this chapter may be payable from student fees, legally available funds, sinking funds, debt service reserve funds, general operating revenues, or any combination of these sources. Bonds may be issued under this chapter by a board of trustees only after the approvals required under IC 21-35-3-22.

As added by P.L.213-2015, SEC.241.

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