2020 Indiana Code
Title 36. Local Government
Article 10. Recreation, Culture, and Community Facilities
Chapter 10. Civic Center Building Authority in South Bend or Mishawaka
36-10-10-20. Revenue Bonds; Execution; Sale; Authority to Issue Refunding Bonds
Sec. 20. (a) The bonds shall be executed by the president of the board, and the corporate seal of the authority shall be affixed and attested by the secretary of the board. The interest coupons attached to the bonds shall be executed by placing the facsimile signature of the treasurer on them. The bonds shall be sold by the board:
(1) at a public sale for not less than the par value; or
(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2021.
Notice of sale shall be published in accordance with IC 5-3-1.
(b) If the bonds are sold at a public sale, the board shall award the bonds to the highest bidder as determined by computing the total interest on the bonds from the date of issue to the dates of maturity and deducting the premium bid, if any, unless the board determines that no acceptable bid has been received. In that case the sale may be continued from day to day, not to exceed thirty (30) days. A bid may not be accepted that is lower than the highest bid received at the time fixed for sale in the bond sale notice.
(c) Any premium received from the sale of the bonds shall be used solely for the payment of principal and interest on the bonds. The board may also issue refunding bonds under IC 5-1-5.
As added by Acts 1982, P.L.218, SEC.4. Amended by P.L.125-2018, SEC.12.
