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Indiana Code Title 5. State and Local Administration § 5-28-9-19

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

Sec. 19. (a) The corporation, with the approval of the state board of finance, may sell to a person (including the board for depositories) the notes or other debt obligations issued by a county, city, or town under this chapter or IC 6-1.1-39 for any borrowing from the industrial development fund under this chapter.

(b) A sale by the corporation of a note or another debt obligation of a county, city, or town as authorized by subsection (a) shall be made:

(1) without recourse against the corporation, the state board of finance, or the industrial development fund;  and

(2) on the other terms and conditions that the corporation, with the approval of the state board of finance, establishes.

(c) A purchaser of a note or another debt obligation succeeds to all the rights, entitlements, conditions, and limitations under the note or other debt obligation.  However, section 17 of this chapter does not apply to a note or another debt obligation that has been sold under subsection (a).

(d) After a sale of a note or another debt obligation, the corporation, the state board of finance, and the industrial development fund have no right, title, or interest in or to the note or debt obligation.

(e) The proceeds from a sale of a note or another debt obligation shall be deposited in the industrial development fund to be used exclusively for the purpose of this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-9-19 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-9-19/

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