Sec. 6. (a) Notwithstanding any other law, an issuer may use proceeds of its obligations to pay the reasonable cost of issuance of the obligations or to fund reasonably required debt service reserves to secure the payment of the obligations.
(b) Notwithstanding any other law, an issuer may use proceeds of the issuer's obligations to pay interest on the obligations for:
(1) a period not to exceed two (2) years from the date of issuance of the obligations; or
(2) any longer period that is permitted by any other statute.
(c) Notwithstanding any other law, an issuer may reimburse itself for preliminary costs incurred in financing any project or purpose from proceeds of the obligations when issued.
As added by P.L.37-1988, SEC.6. Amended by P.L.35-1990, SEC.3; P.L.24-1995, SEC.22.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 14. Miscellaneous Provisions
5-1-14-1. Bonds, Notes, or Warrants Not Subject to Maximum Interest Rate Limitations
5-1-14-1.5. Obligations Defined
5-1-14-2. Provisions for Payment of Bonds, Notes, or Warrants Before Maturity Date
5-1-14-3. Maintenance of Federal Tax Exclusion From Gross Income for Interest on Bonds
5-1-14-4. Pledge Made by Issuer Binding; Lien
5-1-14-5. Bond Anticipation Notes; Issuance
5-1-14-7. Application of Section; Stadium; Lease Rental Tax
5-1-14-8. Money Withheld by Auditor as Not Creating Debt for Constitutional Purposes
5-1-14-9. Rights of Owners of Obligations Not to Be Impaired
5-1-14-10. Maximum Term or Repayment Period of Obligations; Continuation of Payments
5-1-14-11. Payment of Fees and Charges Authorized
5-1-14-12. Refunding Obligations
5-1-14-12.5. Purchase and Issuance of Obligations on Terms Reasonable to Issuer
5-1-14-13. Contesting Validity of Obligations
5-1-14-14. Loans, Expenditures, and Issuance of Bonds for Economic Development
5-1-14-15. Bonds and Obligations to Fund Pension Benefits