Indiana Code Title 21. Higher Education § 21-35-6-13

Sec. 13. The rate or rates of interest of the bonds may be fixed or variable.  Variable rates are determined under 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 as set forth in the resolution or indenture.  The interest may be payable semiannually, annually, or at other intervals provided in the resolution or indenture, or the interest may be compounded and paid at maturity or at any other time specified in the resolution or indenture.