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
Article 10. Recreation, Culture, and Community Facilities
Chapter 11. Gary Building Authority
36-10-11-1. Application of Chapter
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
36-10-11-10. 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
36-10-11-14. Lease; Option to Purchase
36-10-11-15. Lease; Notice and Hearing; Authorization of Execution
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
36-10-11-23. 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
36-10-11-31. 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