Indiana Code 20-27-4-4. General obligation bonds
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Terms Used In Indiana Code 20-27-4-4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
Sec. 4. If a school corporation requires funds to purchase a school bus for cash, the school corporation may borrow the necessary funds by issuing general obligation bonds. The bonds shall be issued in the same manner as other general obligation bonds. However, the bonds may not extend for more than six (6) years.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-6-4.]
As added by P.L.1-2005, SEC.11.