Indiana Code
Chapter 11. Gary Building Authority
36-10-11-22. Loans; Procedure

Sec. 22. (a) In lieu of authorizing and selling bonds as provided in this section, the board may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of procuring the required funds. The resolution must set out the total amount of the loan desired and the approximate dates on which funds will be required and the amounts of them. The resolution must also set out the terms, conditions, and restrictions relative to the proposed loan or to the submission of proposals that the board considers advisable. Before the consideration of proposals for the making of a loan, a notice shall be published once each week for two (2) weeks:
(1) with each publication in a newspaper published in the county and a newspaper published in the city of Indianapolis; or
(2) with the first publication of notice in each newspaper described in subdivision (1) and the second publication of notice:
(A) in accordance with IC 5-3-5; and
(B) on the official web sites of the county and the city of Indianapolis.
The notice must set out the amount and purpose of the proposed loan and a brief summary of other provisions of the resolution, including the time and place where proposals will be considered. The board may accept the proposal that in its judgment is the most advantageous to the authority.
(b) The total amount of loans negotiated by the authority under this section, when added to the amount of bonds issued under section 21 of this chapter, may not exceed three million dollars ($3,000,000).
As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.152-2021, SEC.42.

Structure Indiana Code