Indiana Code 36-10-9.1-12. Refunding of bonds
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Sec. 12. (a) Bonds issued under IC 36-10-9 or prior law may be refunded as provided in this section.
(1) lease all or a portion of a capital improvement or improvements to the authority, which may be at a nominal lease rental with a lease back to the capital improvement board, conditioned upon the authority assuming bonds issued under IC 36-10-9 or prior law and issuing its bonds to refund those bonds; and
(b) The capital improvement board may:
Terms Used In Indiana Code 36-10-9.1-12
- authority: refers to the county convention and recreational facilities authority created by this chapter. See Indiana Code 36-10-9.1-2
- board: refers to the board of directors of the authority. See Indiana Code 36-10-9.1-3
- bonds: means bonds, notes, or other evidence of indebtedness. See Indiana Code 36-10-9.1-4
- capital improvement board: refers to the capital improvement board of managers created by IC 36-10-9. See Indiana Code 36-10-9.1-5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(2) sell all or a portion of a capital improvement or improvements to the authority for a price sufficient to provide for the refunding of those bonds and lease back the capital improvement or improvements from the authority.
As added by P.L.82-1985, SEC.12.