Indiana Code 21-34-7-1. Written contract for grants
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Sec. 1. (a) The board of trustees of a state educational institution that has entered into a written contract for a grant, pending the receipt of the grant, but within the limitations set forth in section 2 of this chapter, may:
(2) evidence the debt by a note or a series of notes of equal or unequal amounts containing the terms and conditions that the board of trustees of the state educational institution prescribes.
(1) borrow from any person; and
Terms Used In Indiana Code 21-34-7-1
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(b) Any note may pledge, for the payment of the principal and interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility being constructed, acquired, renovated, or improved by the proceeds of the note or notes.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(a).]
As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008, SEC.139.