2020 Indiana Code
Title 20. Education
Article 48. Borrowing and Bonds
Chapter 1. Borrowing and Bonds
20-48-1-4. Conditions of Sale; Par Value; Public Sale; Negotiated Sale; Interest Rate; Approval Required for Certain Bonds
Sec. 4. (a) Bonds issued by a school corporation shall be sold:
(1) at a public sale; or
(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2021, in the case of a school corporation located in:
(A) a consolidated city; or
(B) a second class city.
(b) If the bonds are sold at a public sale, the bonds must be sold at:
(1) not less than par value;
(2) a public sale as provided by IC 5-1-11; and
(3) any rate or rates of interest determined by the bidding.
(c) This subsection does not apply to bonds for which a school corporation:
(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or
(2) in the case of bonds not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the bonds after June 30, 2008.
If the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance.
[Pre-2006 Recodification Citation: 21-2-21-3.]
As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.522; P.L.125-2018, SEC.5.
