Indiana Code
Chapter 11. Gary Building Authority
36-10-11-25. Refunding Revenue Bonds; Issuance

Sec. 25. (a) To procure money to refund bonds issued under section 20 of this chapter, the board of directors may issue refunding revenue bonds. The refunding bonds may not be issued unless:
(1) the issuance will result in a savings of interest cost to the authority; or
(2) the issuance will permit a reduction in the lease rental payable by the lessee of the building financed from the bond proceeds being refunded.
(b) The refunding bonds are subject to the following:
(1) The issuance may not exceed the sum of:
(A) the principal of the bonds being refunded;
(B) any premium required to be paid upon their redemption;
(C) any interest accrued or to accrue to the date of their redemption; and
(D) any expenses that the board estimates will be incurred in the issuance of the refunding bonds.
(2) The bonds may be issued at any time not more than six (6) years prior to the redemption date of the bonds being refunded.
(3) Principal is not payable on the refunding bonds until after the redemption date.
(4) Until the redemption of the bonds being refunded, the interest on the refunding bonds is payable solely from the money placed in escrow in accordance with section 26 of this chapter. Interest or other income earned on the investment of the funds and the principal and interest on the refunding bonds constitute a lien only against the escrowed money.
(5) Upon redemption of all the bonds being refunded, the principal and interest on the refunding bonds is payable solely from and constitute a lien only against the income and revenues of the buildings financed from the proceeds of the bonds being refunded and any other money deposited in the sinking fund for the payment of the refunding bonds.
(c) The refunding bonds shall be issued in the same manner as bonds are issued under section 20 of this chapter and may be secured by a trust indenture as provided in section 24 of this chapter.
(d) An action to contest the validity of the refunding bonds may not be brought after the fifth day following the receipt of bids for the bonds.
(e) The trust indenture securing the refunding bonds may provide for the transfer by the authority to the sinking fund established by the trust indenture of all or any part of the balance in the sinking fund established in the trust indenture securing, or resolution providing for the issuance of, the bonds being refunded, the transfer to be made concurrently with the redemption of all the bonds being refunded.
As added by Acts 1982, P.L.218, SEC.5.

Structure Indiana Code

Indiana Code

Title 36. Local Government

Article 10. Recreation, Culture, and Community Facilities

Chapter 11. Gary Building Authority

36-10-11-1. Application of Chapter

36-10-11-2. Definitions

36-10-11-3. Creation; Procedure; Issuance of General Obligation Bonds by City for Construction of Civic Center Prohibited

36-10-11-4. Trustees; Appointment; Terms; Vacancies; Oath

36-10-11-5. Trustees; Removal; Procedure

36-10-11-6. Trustees; Meetings; Selection of Directors and Officers

36-10-11-7. Trustees; Rules; Reimbursement of Expenses

36-10-11-8. Trustees; Conflicts of Interest

36-10-11-9. Trustees; Appointment of Board of Directors; Qualifications; Tenure; Conflicts of Interest

36-10-11-10. Board of Directors; Meetings; Officers; Bylaws; Quorum; Approval of Actions

36-10-11-11. Preliminary Expenses; Payment; Reimbursement

36-10-11-12. Board of Directors; Powers

36-10-11-13. Lease to Governmental Entity of Property Controlled by Authority; Sublease; Term; Renewal

36-10-11-14. Lease; Option to Purchase

36-10-11-15. Lease; Notice and Hearing; Authorization of Execution

36-10-11-16. Lease; Execution; Notice; Limitation on Annual Rental; Approval by Department of Local Government Finance; Transfer of Net Revenue

36-10-11-17. Lease; Objections; Petition; Certification to Department of Local Government Finance; Hearing; Determination

36-10-11-18. Lease; Actions to Contest Validity or Enjoin Performance; Limitation

36-10-11-19. Sale or Lease of Land by Governmental Entity to Authority

36-10-11-20. Revenue Bonds; Issuance; Resolution

36-10-11-21. Bonds; Execution and Sale

36-10-11-22. Loans; Procedure

36-10-11-23. Application of Bond and Loan Proceeds; Lien

36-10-11-24. Bonds or Loans; Trust Indenture

36-10-11-25. Refunding Revenue Bonds; Issuance

36-10-11-26. Refunding Bonds; Application of Proceeds

36-10-11-27. Refunding Bonds; Authority to Amend Lease

36-10-11-28. Refunding Bonds; Redemption

36-10-11-29. Governmental Entity; Tax Levy to Pay Lease Rental

36-10-11-30. Tax Exemption

36-10-11-31. Handling of Funds; Audit; Contract Requirements; Surety Bonds of Employees

36-10-11-32. Civil Actions Against Authority; Venue

36-10-11-33. Civic Center Board of Managers; Creation; Organization

36-10-11-34. Board of Managers; Powers

36-10-11-35. Board of Managers; Preparation and Review of Annual Budget; Approval of Expenditures

36-10-11-36. Board of Managers; Controller and Assistant Controller; Duties

36-10-11-37. Board of Managers; Conflicts of Interest