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21-35-3-16. Determination of denominations and maturation of bonds; rates of interest

IN Code § 21-35-3-16 (2019) (N/A)
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Sec. 16. (a) The bonds may be:

(1) issued in the denominations and with the maturities as the board of trustees determines; and

(2) in the discretion of the board of trustees, sold either at public or negotiated sale, as provided by IC 21-32-3-1.

(b) The rate or rates of interest on the bonds may be fixed or variable. Variable rates must be determined in the manner and in accordance with the procedures set forth in the resolution or indenture authorizing the issuance of the bonds. Bonds bearing a variable rate of interest may be converted to bonds bearing a fixed rate or rates of interest to the extent and in the manner set forth in the resolution or indenture under which the bonds are issued.

(c) Interest on bonds may be:

(1) payable semiannually, annually, or at any other interval or intervals provided in the resolution; or

(2) compounded and paid at maturity or at any other time as specified in the resolution or indenture.

(d) The bonds may be made subject to redemption by the state educational institution at the times and under the circumstances set forth in the authorizing resolution or indenture.

[Pre-2007 Higher Education Recodification Citation: 20-12-8-2(d).]

As added by P.L.2-2007, SEC.276.

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21-35-3-15. Maximum bond amounts
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21-35-3-17. Bonds and pledges or mortgages made in the name of the state educational institution