2012 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 32. STATE EDUCATIONAL INSTITUTIONS: BONDS AND BORROWING
CHAPTER 2. TEMPORARY BORROWINGS; LOANS; LINES OF CREDIT; CREDIT FACILITIES

IC 21-32-2
Chapter 2. Temporary Borrowings; Loans; Lines of Credit; Credit Facilities

IC 21-32-2-1
Supplemental powers
Sec. 1. The powers of a state educational institution under this chapter are in addition to all other powers of the state educational institution to issue obligations.
As added by P.L.2-2007, SEC.273.

IC 21-32-2-2
State educational institution's powers
Sec. 2. A state educational institution may do any of the following:
(1) Borrow funds on a temporary basis in anticipation of the issuance of long term obligations.
(2) Use the proceeds of a temporary borrowing for any purpose for which the institution could issue or incur obligations under IC 21-33-3-5, IC 21-34, IC 21-35-2, IC 21-35-3, or IC 21-35-5.
(3) Issue a temporary borrowing:
(A) in the form of a bond, note, commercial paper, or any other form;
(B) upon the terms and conditions and with the provisions (including redemption provisions);
(C) at the rate or rates of interest (fixed or variable); and
(D) subject to subdivision (5), in the denominations;
as the state educational institution determines under subdivision (6).
(4) Negotiate the terms of any temporary borrowing.
(5) Make the denominations determined under subdivision (3)(D) convertible into different denominations.
(6) Make the determinations under subdivision (3) by any of the following:
(A) The adoption of a resolution.
(B) The approval of a form of indenture between the state educational institution and a designated corporate trustee.
As added by P.L.2-2007, SEC.273. Amended by P.L.79-2010, SEC.2.

IC 21-32-2-3
Additional powers of state educational institution
Sec. 3. (a) A state educational institution may:
(1) negotiate:
(A) a loan;
(B) a line of credit; or
(C) any other credit facility; and
(2) issue a note for a credit facility;
with any institution or entity on the terms and conditions that the state educational institution determines.
(b) A state educational institution may make the determinations

under this section by:
(1) the adoption of a resolution; or
(2) the approval of an agreement between the state educational institution and the institution or entity.
As added by P.L.2-2007, SEC.273.

IC 21-32-2-4
Authority to pledge and assign security for the payment of bonds or notes
Sec. 4. A state educational institution may pledge and assign for the benefit of holders of:
(1) temporary obligations; or
(2) a credit facility;
under this chapter any security that the state educational institution may pledge and assign for the payment of bonds or notes under IC 21-34, IC 21-35-2, IC 21-35-3, or IC 21-35-5.
As added by P.L.2-2007, SEC.273.