Sec. 8. The principal and interest of the bonds for a project, when sold, are a primary, fixed charge against the net income of the project being constructed and erected. The net income must be applied by the board of trustees in payment of the principal and interest of the bonds as the principal and interest become due until full and final payment of all of the bonds and interest is made.
[Pre-2007 Higher Education Recodification Citation: 20-12-53-1(a) part.]
As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008, SEC.141.
Structure Indiana Code
Article 35. State Educational Institutions: Revenue Bonds and Other Financing Arrangements
Chapter 4. Indiana State University; Dormitories
21-35-4-1. Applicability of Chapter
21-35-4-2. Application of Chapter; Student Housing
21-35-4-3. Issuance of Bonds for the Erection and Construction of Dormitories
21-35-4-4. Bonds for a Project; Maximum Amount
21-35-4-5. Estimations and Findings of Costs
21-35-4-6. Bonds for a Project; Denomination, Maturation, and Interest Rates
21-35-4-7. Bonds for a Project; Sale
21-35-4-8. Bonds for a Project; Principal and Interest
21-35-4-9. Net Income of Project; Principal and Interest on Bond