Indiana Code 20-48-1-4. Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds
(1) at a public sale; or
Terms Used In Indiana Code 20-48-1-4
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) If the bonds are sold at a public sale, the bonds must be sold at:
(1) not less than par value;
(2) a public sale as provided by IC 5-1-11; and
(3) any rate or rates of interest determined by the bidding.
(c) This subsection does not apply to bonds for which a school corporation:
(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or
(2) in the case of bonds not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the bonds after June 30, 2008.
If the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance.
[Pre-2006 Recodification Citation: 21-2-21-3.]
As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.522; P.L.125-2018, SEC.5; P.L.38-2021, SEC.69; P.L.236-2023, SEC.157.