Sec. 6. Refunding bonds bearing the signatures of officers of the issuing body in office on the date of the signing shall be valid and binding obligations of the issuing body for all purposes, notwithstanding that before the delivery thereof any or all of the persons whose signatures appear thereon shall have ceased to be officers of the issuing body, the same as if such persons had continued to be officers of the issuing body until after delivery. The validity of the authorization and issuance of the refunding bonds shall not be dependent on or affected in any way by proceedings taken for the improving of any enterprise for the refinancing and improving of which the refunding bonds are to be issued, or by contracts made in connection with the improving of any such enterprise. Any resolution or ordinance authorizing refunding bonds may provide that any such refunding bond may contain a recital that such refunding bond is issued pursuant to this chapter, and any refunding bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this chapter.
[Pre-Local Government Recodification Citation: 19-8-7-6.]
As added by Acts 1980, P.L.8, SEC.10.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 6. Revenue Bond Refinancing
5-1-6-3. Issuance of Refunding Bonds to Refinance and Improve Enterprise
5-1-6-4. Authorization by Ordinance or Resolution; Municipally Owned Public Utility; Any Enterprise
5-1-6-5. Terms and Covenants of Refunding Bonds; Negotiability
5-1-6-6. Validity of Authorization; Issuance and Obligations; Recitals in Bond
5-1-6-7. Sale and Exchange of Refunding Bonds
5-1-6-8. Lien on Revenues of Enterprise to Secure Bonds; Additional Security; Priority; Restrictions
5-1-6-9. Liability of Issuing Body
5-1-6-10. Exemption From Taxation; Exception
5-1-6-12. Duties of Issuing Body and Others to Secure Payment of Bonds and Interest