2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 34. STATE EDUCATIONAL INSTITUTIONS: ACQUISITION AND IMPROVEMENT OF BUILDING FACILITIES AND EQUIPMENT; BONDS
CHAPTER 8. BONDS: LIABILITY FOR DEBT; TAX EXEMPT STATUS; ELIGIBILITY AS INVESTMENTS
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IC 21-34-8
Chapter 8. Bonds: Liability for Debt; Tax Exempt Status;
Eligibility as Investments
IC 21-34-8-1
Liability of trustees for indebtedness limited
Sec. 1. IC 21-34-4 or another provision of this article may not be
construed to make any board of trustees of a state educational
institution liable for any indebtedness, bonds, or obligations incurred,
created, or issued under the authority of this article by any other state
educational institution.
As added by P.L.2-2007, SEC.275.
IC 21-34-8-2
Liability of state or institutions for indebtedness limited
Sec. 2. All indebtedness, bonds, or obligations incurred, created,
or issued under the authority of this article:
(1) are payable solely out of the building facilities fund and the
property, fees, income, and funds pledged or mortgaged as
authorized; and
(2) may not be or become an indebtedness of or liability against
the state of Indiana or a state educational institution, except to
the extent of the property, fees, income, and funds pledged or
mortgaged as authorized.
As added by P.L.2-2007, SEC.275.
IC 21-34-8-3
Tax exemption
Sec. 3. All:
(1) the:
(A) property acquired under authority of this article or used
for the purposes provided for in this article; and
(B) income from property described in clause (A);
are exempt from all taxation in Indiana; and
(2) bonds issued under the authority of this article, the interest
on the bonds, and the proceeds of the bonds are exempt from
taxation to the extent provided in IC 6-8-5.
As added by P.L.2-2007, SEC.275.
IC 21-34-8-4
Investments; deposits
Sec. 4. Any bonds issued under the provisions of this article are:
(1) eligible investments for the funds of any kind or character
of every financial institution, insurance company, or private
trust; and
(2) eligible for deposit by any financial institution, insurance
company, or trustee under any Indiana law providing for the
deposit of securities or funds.
As added by P.L.2-2007, SEC.275.
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