Sec. 5. (a) The university board shall assume all obligations and other liabilities of the ISU board that have been incurred by the ISU board for facilities located on the regional campus before the facilities are transferred to the university board under section 4 of this chapter.

     (b) The liabilities described in subsection (a) include the following:

(1) Indiana State University Building Facilities Fee Bonds, Series D of 1971.

(2) Indiana State University Building Facilities Fee Bonds, Series F of 1975.

(3) Indiana State University Building Facilities Fee Bonds, Series G of 1978.

(4) Indiana State University Student Union Building Refunding Bonds (Evansville campus) dated January 1, 1978.

(5) Any interim financing authorized under IC 20-12-6 (before its repeal, now codified at IC 21-34), IC 20-12-7 (before its repeal, now codified at IC 21-35), or IC 20-12-9 (before its repeal, now codified at IC 21-35) and outstanding and unpaid on July 1, 1985.

     (c) The university board shall:

(1) assume all other contractual liabilities and responsibilities of the ISU board:

(A) not described in subsection (a) or (b);

(B) expiring after June 30, 1985; and

(C) specifically applicable to activities or properties on the regional campus; and

(2) waive all rights under contracts generally applicable to Indiana State University.

     (d) This subsection applies if:

(1) the ISU board may not lawfully delegate a contractual obligation described in subsection (c) to the university board;

(2) the ISU board may not lawfully assign a contractual right described in subsection (c) to the university board;

(3) a contractual obligation described in subsection (c) of the ISU board may not be lawfully extinguished; or

(4) the ISU board and the university board agree to continue a contract in its existing form.

The implementing agreements described in section 4 of this chapter must provide for joint use of the contracts described in this subsection in the name of the ISU board for the benefit of ISU and the university board, must allocate between the ISU board and the university board the benefits and costs of each contract described in this subsection, and must provide the terms of payment by the university board to the ISU board or on behalf of the ISU board.

As added by P.L.220-2011, SEC.356.