Sec. 21. (a) A not-for-profit corporation qualifying as a lessor corporation under this chapter may issue and sell bonds and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property shall be considered legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries.
(b) Bonds issued by a lessor corporation may be sold at a private sale, a negotiated sale, or a public sale. If bonds are sold at public sale, they shall be sold pursuant to IC 5-1-11, but the notice of sale shall be published in the manner required for bonds of the county in which the leased property is or will be located.
(c) Approval of the securities commissioner is not required in connection with the issuance and sale of the bonds.
As added by P.L.2-1989, SEC.23.
Structure Indiana Code
Chapter 10. Leasing and Lease-Purchasing Structures
36-1-10-1. Application of Chapter
36-1-10-3. Persons Entitled to Lease Property to Political Subdivision or Agency
36-1-10-4.1. Leasing Agents; Compliance With Chapter; Procedure in Lease Without Option to Purchase
36-1-10-5. Leases Without Option to Purchase; Procedure
36-1-10-6. Limitation on Term of Lease
36-1-10-7.5. Lease of a Structure, Transportation System, or System by a School Corporation
36-1-10-11. Property Held in Fee Simple; Sale Procedure
36-1-10-13. Hearing; Procedure; Execution of Lease
36-1-10-14. Disagreement With Execution of Lease; Petition; Hearing; Decision
36-1-10-15. Actions to Contest Validity of Lease or to Enjoin Performance Under Lease
36-1-10-16. Conveyance of Structure to Lessor and Lease Back; Purchase Price; Option to Purchase
36-1-10-17. Annual Appropriation and Tax Levy
36-1-10-21. Not-for-Profit Corporations; Issuance and Sale of Bonds and Other Securities