2014 Indiana Code TITLE 21. HIGHER EDUCATION ARTICLE 35. STATE EDUCATIONAL INSTITUTIONS: REVENUE BONDS AND OTHER FINANCING ARRANGEMENTS CHAPTER 4. INDIANA STATE UNIVERSITY; DORMITORIES
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IC 21-35-4
Chapter 4. Indiana State University; Dormitories
IC 21-35-4-1
Applicability of chapter
Sec. 1. This chapter applies to Indiana State University.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-2
Application of chapter; student housing
Sec. 2. This chapter applies to a project for a dormitory for the
housing of students.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-3
Issuance of bonds for the erection and construction of dormitories
Sec. 3. Whenever the board of trustees of Indiana State University
finds that:
(1) a necessity exists for the building of a dormitory for the
housing of students; and
(2) sufficient funds for the erection and construction of the
dormitory for the housing of students will not be available out
of the revenues and funds of Indiana State University in the
year in which the necessity exists;
the board of trustees may issue and sell the bonds of the board of
trustees.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-4
Bonds for a project; maximum amount
Sec. 4. Bonds for a project:
(1) may be in any amount that the board of trustees finds is not
available out of the revenues and funds of Indiana State
University for the year; and
(2) may not exceed the total estimated cost of the erection and
construction of the dormitory.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-5
Estimations and findings of costs
Sec. 5. The board of trustees shall first estimate and make a
finding specifying the costs of erecting and constructing the project
before issuing bonds.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-6
Bonds for a project; denomination, maturation, and interest rates
Sec. 6. Bonds for a project:
(1) may be issued by the board of trustees in the denomination
and with the maturities; and
(2) must bear the rate of interest, payable semiannually;
as the board of trustees may fix and determine. However, the bonds
may not be sold for less than par.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-7
Bonds for a project; sale
Sec. 7. Bonds for a project may be sold either privately, or at
public letting, as the board of trustees may determine.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-8
Bonds for a project; principal and interest
Sec. 8. The principal and interest of the bonds for a project, when
sold, are a primary, fixed charge against the net income of the project
being constructed and erected. The net income must be applied by
the board of trustees in payment of the principal and interest of the
bonds as the principal and interest become due until full and final
payment of all of the bonds and interest is made.
As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008,
SEC.141.
IC 21-35-4-9
Net income of project; principal and interest on bond
Sec. 9. If the net income of a project in any year is not sufficient
to meet the total amount of the principal and interest on the bonds
that fall due in the year, the board of trustees may pay the balance of
the principal and interest falling due in the year out of any other
revenues and funds of Indiana State University that are available to
pay the principal and interest.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-10
Bonds for a project; criteria
Sec. 10. Bonds for a project shall be:
(1) executed by the name;
(2) signed by the president and treasurer; and
(3) attested by the secretary;
of the board of trustees.
As added by P.L.2-2007, SEC.276.
IC 21-35-4-11
Proceeds of sale of bonds
Sec. 11. The proceeds of sale of any bonds for a project shall be
applied solely to:
(1) the building of the project; and
(2) the payment of principal and interest of the bonds if a
surplus should exist after completion and full payment for the
erection and construction of the project.
As added by P.L.2-2007, SEC.276.
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