Sec. 31. (a) In lieu of authorizing and selling bonds under section 30 of this chapter, the board of directors of a building authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money.

     (b) The resolution authorizing the loan must set out:

(1) the total amount of the loan desired;

(2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates; and

(3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable.

     (c) Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1. The notice must set out:

(1) the amount and purpose of the proposed loan;

(2) a brief summary of other provisions of the resolution; and

(3) the time and place where proposals will be considered.

     (d) The board of directors may accept the proposal it considers most advantageous to the authority.

[Pre-Local Government Recodification Citation: 19-8-4-16 part.]

As added by Acts 1981, P.L.309, SEC.86. Amended by Acts 1981, P.L.45, SEC.50.