Sec. 22. (a) Bonds may not be issued by a state educational institution under this chapter without the specific approval of:

(1) the budget agency, if:

(A) the bonds are issued for the refunding or advance refunding of any outstanding bonds approved under this chapter; and

(B) the board of trustees of the issuing state educational institution makes the findings described in subsection (b); or

(2) the budget committee, the budget agency, and the governor, if subdivision (1) does not apply.

The budget agency may request and consider the recommendation of the staff of the Indiana finance authority with respect to the approval of a bond issue under this section.

     (b) The board of trustees of a state educational institution may provide for refunding or advance refunding of any outstanding bonds under subsection (a)(1) whenever the board of trustees of the state educational institution finds that the refunding or advance refunding will benefit the state educational institution because:

(1) a net savings to the state educational institution will be effected; or

(2) the net present value of principal and interest payments on the bonds is less than the net present value of the principal and interest payments on the outstanding bonds to be refunded.

[Pre-2007 Higher Education Recodification Citation: 20-12-8-7.]

As added by P.L.2-2007, SEC.276.