Indiana Code 8-1.5-2-23. General obligation bonds; terms; sale
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Sec. 23. If general obligation bonds are issued, they:
(2) are payable at a time not to exceed forty (40) years from issuance;
(1) may be issued in any denomination;
Terms Used In Indiana Code 8-1.5-2-23
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) may bear interest at any rate payable semiannually; and
(4) shall be sold for not less than par value and accrued interest;
as provided by ordinance. The bonds shall be sold in accordance with IC 5-1-11.
As added by Acts 1982, P.L.74, SEC.1.