Indiana Code 8-21-12-16. Loans to the authority
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Sec. 16. The authority may negotiate terms and borrow money from any source under a loan contract, subject to the following requirements:
(2) The loan contract must provide for the repayment of the loan in not more than forty (40) years.
(1) The loan contract must be approved by resolution of the authority.
Terms Used In Indiana Code 8-21-12-16
- airport: means a location on land or water or a building or other structure that is used for the landing and taking off of aircraft, and that also provides for the shelter, supply, or care of aircraft, or a place used for receiving or discharging passengers or cargo by air. See Indiana Code 8-21-12-2
- authority: refers to the Indiana finance authority established by Indiana Code 8-21-12-3
- Contract: A legal written agreement that becomes binding when signed.
- loan contract: means a debt instrument other than a revenue bond, such as a note. See Indiana Code 8-21-12-8
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) The loan contract must state that the indebtedness is that of the authority, is payable solely from revenues of the authority that are derived from either airport operations or from revenue bonds, and may not be paid by a tax levied on property located within the state.
As added by P.L.28-1991, SEC.2.