Sec. 2. (a) In addition to the powers conferred upon the ports of Indiana by other provisions of this article, and subject to subsection (b), the ports of Indiana, in connection with any self-liquidating or nonrecourse project, shall have the following powers notwithstanding any other provision of this article to the contrary:

(1) The revenue bonds issued by the ports of Indiana to finance the cost of such self-liquidating or nonrecourse project may be issued without regard to any maximum interest rate limitation in this article or any other law.

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Terms Used In Indiana Code 8-10-4-2

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • self-liquidating or nonrecourse project: means :

    Indiana Code 8-10-4-1

(2) The revenue bonds issued by the ports of Indiana to finance the cost of such self-liquidating or nonrecourse project may be sold in such manner, either at public or private sale, as the ports of Indiana may determine, and the provisions of IC 21-32-3 shall not be applicable to such sale.

(3) IC 4-13.6, IC 5-16-1, IC 5-16-2, IC 5-16-3, IC 5-16-5, IC 5-16-5.5, IC 5-16-6, IC 5-16-6.5, IC 5-16-8, IC 5-16-9, IC 5-16-10, IC 5-16-11, IC 5-16-11.1, IC 8-10-1-7(12), IC 8-10-1-29, and IC 36-1-12 do not apply to a self-liquidating or nonrecourse project.

     (b) The issuance of revenue bonds by the ports of Indiana under this chapter is subject to the approval of the governor.

Formerly: Acts 1969, c.292, s.2. As amended by P.L.66-1984, SEC.19; P.L.224-2003, SEC.227 and P.L.271-2003, SEC.27; P.L.235-2005, SEC.112; P.L.232-2005, SEC.9; P.L.1-2006, SEC.154; P.L.2-2007, SEC.136; P.L.98-2008, SEC.46.

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