Indiana Code Title 5. State and Local Administration § 5-1.3-6-3

Current as of January 01, 2026 | Updated by Findlaw Staff

Sec. 3. (a) Before issuing a series of bonds or notes, the IFA or the NWIRDA shall publish a notice of its determination to issue the bonds or notes. The notice shall be published one (1) time in two (2) newspapers published and of general circulation in the area where the rail project is located.

(b) An action to contest the validity of:

(1) any contract related to the bonds or notes entered into by or among the IFA, the NWIRDA, or the NICTD before the bonds or notes are issued;

(2) any lease related to the bonds or notes entered into by or among the IFA, the NWIRDA, or the NICTD before the bonds or notes are issued to secure a series of bonds or notes;

(3) a series of bonds or notes issued by the IFA or the NWIRDA; or

(4) any pledge of financial support for the bonds or notes;

may not be brought after the fifteenth day following publication of the notice required by subsection (a).

(c) If a lease or contract is entered into under this chapter after bonds or notes relating to the lease or contract are issued, the IFA may publish notice of execution of the lease or contract as set forth in subsection (a). An action to contest the validity of such a lease or contract, or any pledge of financial support for such a lease or contract, may not be brought after the fifteenth day following publication of the notice.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-1.3-6-3 - last updated January 01, 2026 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-1-3-6-3/

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