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Indiana Code Title 36. Local Government § 36-9-13-31

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 31. (a) In lieu of authorizing and selling bonds under section 30 of this chapter, the board of directors of a building authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money.

(b) The resolution authorizing the loan must set out:

(1) the total amount of the loan desired;

(2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates;  and

(3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable.

(c) Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1.  The notice must set out:

(1) the amount and purpose of the proposed loan;

(2) a brief summary of other provisions of the resolution;  and

(3) the time and place where proposals will be considered.

(d) The board of directors may accept the proposal it considers most advantageous to the authority.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-9-13-31 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-9-13-31/

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