Sec. 17. (a) The development authority may issue bonds for the purpose of obtaining money to pay the cost of:

(1) acquiring property;

Terms Used In Indiana Code 8-22-3.7-17

  • airport project: has the meaning set forth in Indiana Code 8-22-3.7-1
  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • bonds: means bonds, notes, or other evidences of indebtedness issued by the development authority. See Indiana Code 8-22-3.7-2
  • development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
  • development board: refers to the board of directors of a development authority. See Indiana Code 8-22-3.7-4
  • 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
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) constructing, improving, reconstructing, or renovating one (1) or more airport projects; or

(3) funding or refunding bonds issued under this chapter or IC 8-22-3.

     (b) The bonds are payable solely from the lease rentals from the lease of the airport project for which the bonds were issued, insurance proceeds, and any other funds pledged or available.

     (c) The bonds shall be authorized by a resolution of the development board.

     (d) The terms and form of the bonds shall either be set out in the resolution or in a form of trust indenture approved by the resolution.

     (e) The bonds shall mature within fifty (50) years.

     (f) The development board shall sell the bonds at public or private sale upon terms determined by the development board.

     (g) All money received from any bonds issued under this chapter shall be applied solely to the payment of the cost of the acquisition or construction, or both, of airport projects, or the cost of refunding or refinancing outstanding bonds, for which the bonds are issued. The cost may include:

(1) planning and development of the airport project and all related buildings, facilities, structures, and improvements;

(2) acquisition of a site and clearing and preparing the site for construction;

(3) equipment, facilities, structures, and improvements that are necessary or desirable to make the airport projects suitable for use and operations;

(4) architectural, engineering, consultant, and attorney fees;

(5) incidental expenses in connection with the issuance and sale of bonds;

(6) reserves for principal and interest;

(7) interest during construction and for a period thereafter determined by the board, but in no event to exceed five (5) years;

(8) financial advisory fees;

(9) insurance during construction;

(10) municipal bond insurance, debt service reserve insurance, letters of credit, or other credit enhancement; and

(11) in the case of refunding or refinancing, payment of the principal of, redemption premiums, if any, and interest on, the bonds being refunded or refinanced.

As added by P.L.108-1993, SEC.11.