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Chapter 1. Definitions
5-1.4-1-1. Application - Sec. 1. The definitions in this chapter apply throughout this...
5-1.4-1-2. "Bank" - Sec. 2. "Bank" refers to the local public improvement bond...
5-1.4-1-3. "Board" - Sec. 3. "Board" refers to the board of directors established...
5-1.4-1-4. "Bond" - Sec. 4. "Bond" refers to a bond of the bank...
5-1.4-1-5. "City" - Sec. 5. "City" refers to any of the following: (1)...
5-1.4-1-6. "County" - Sec. 6. "County" refers to the county in which the...
5-1.4-1-7. "Financial Institution" - Sec. 7. "Financial institution" means a financial institution as defined...
5-1.4-1-8. "Holder" - Sec. 8. "Holder" means a person who is: (1) the...
5-1.4-1-9. "Note" - Sec. 9. "Note" refers to a note of the bank...
5-1.4-1-10. "Qualified Entity" - Sec. 10. "Qualified entity" means the following: (1) A city....
5-1.4-1-11. "Reserve Fund" - Sec. 11. "Reserve fund" refers to the reserve fund established...
5-1.4-1-12. "Security" - Sec. 12. "Security" means a bond, note, or evidence of...
Chapter 2. Establishment and Organization
5-1.4-2-1. Local Public Improvement Bond Bank; Establishment; Nature; Purpose - Sec. 1. (a) In a city there is established a...
5-1.4-2-1.5. Public Purpose - Sec. 1.5. The general assembly finds that the establishment of...
5-1.4-2-2. Board of Directors; Establishment; Membership; Appointment; Vacancy - Sec. 2. (a) There is established a board of directors...
5-1.4-2-3. Duties of Board - Sec. 3. The board shall do the following: (1) Elect...
5-1.4-2-4. Quorum - Sec. 4. Three (3) directors constitute a quorum at any...
5-1.4-2-5. Action by Affirmative Vote of Three Directors; Effect of Vacancy - Sec. 5. Action may be taken by the board at...
5-1.4-2-6. Surety Bonds; Issuer; Cost - Sec. 6. (a) Each director and the executive director must...
5-1.4-2-7. Disclosure of Interest in Contract; Abstention; Validity of Contract - Sec. 7. (a) Notwithstanding any other law to the contrary,...
5-1.4-2-8. Liability of Director or Issuer of Bonds or Notes - Sec. 8. Neither a director nor a person executing bonds...
5-1.4-2-9. Executive Director; Duties - Sec. 9. (a) The executive director appointed under section 3...
Chapter 3. Powers and Duties
5-1.4-3-1. Powers - Sec. 1. The bank is granted all powers necessary, convenient,...
5-1.4-3-2. Additional Powers - Sec. 2. The bank may: (1) make, enter into, and...
5-1.4-3-3. Investments - Sec. 3. Money not being used to purchase securities may...
5-1.4-3-4. Prohibited Acts - Sec. 4. The bank may not: (1) purchase securities other...
5-1.4-3-5. Audit of Books and Accounts; Annual Report to Mayor - Sec. 5. (a) The bank shall have an audit of...
5-1.4-3-6. Annual Budget; Amendment - Sec. 6. The board shall adopt an annual budget on...
5-1.4-3-7. Expenses - Sec. 7. All expenses incurred in carrying out this article...
5-1.4-3-8. Open Meetings; Records - Sec. 8. All meetings of the bank shall be open...
Chapter 4. Issuance of Obligations
5-1.4-4-1. Bonds or Notes; Purposes; General Obligation of Bank; Additional Security - Sec. 1. (a) The bank may issue its bonds or...
5-1.4-4-2. Nature of Bonds or Notes; State Pledge and Agreement - Sec. 2. (a) A bond or note of the bank:...
5-1.4-4-3. Negotiability of Bonds and Notes - Sec. 3. The bonds and notes of the bank are...
5-1.4-4-4. Authorization; Issuance in Series; Requirements; Consent of City or State Agency - Sec. 4. (a) Bonds or notes of the bank must...
5-1.4-4-5. Resolution Authorizing Issuance; Adoption; Action to Set Aside Resolution - Sec. 5. Upon the adoption of a resolution authorizing the...
5-1.4-4-6. Public or Private Sale; Notice - Sec. 6. Bonds or notes of the bank may be...
5-1.4-4-7. Issuance of Notes; Payment of Principal or Interest - Sec. 7. The bank may from time to time issue...
5-1.4-4-8. Trust Agreement as Security; Provisions of Trust Agreement or Resolution; Expenses - Sec. 8. (a) Any bonds or notes issued under this...
5-1.4-4-9. Purchase of Bonds or Notes of Bank; Disposition - Sec. 9. The bank may purchase bonds or notes of...
5-1.4-4-10. Purchase of Securities; Documentation - Sec. 10. All securities purchased, held, or owned by the...
Chapter 5. Reserve Fund
5-1.4-5-1. Establishment and Maintenance of Reserve Fund; Application of Funds; Required Debt Service Reserve; Excess Money - Sec. 1. (a) The board may establish and maintain a...
5-1.4-5-2. Investment of Funds - Sec. 2. Money in any reserve fund may be invested...
5-1.4-5-3. Valuation of Investments - Sec. 3. For purposes of valuation, investments in the reserve...
5-1.4-5-4. Required Debt Service Reserve; Appropriation to Assure Maintenance; Application of Funds; Excess Money - Sec. 4. (a) In order to assure the maintenance of...
5-1.4-5-5. Combining Reserve Funds - Sec. 5. Subject to the provisions of any agreement with...
Chapter 6. Other Funds and Accounts
5-1.4-6-1. General Fund; Establishment; Use; Creation of Subaccounts or Special Accounts - Sec. 1. (a) The bank shall establish and maintain a...
5-1.4-6-2. Additional Reserves; Other Funds or Accounts - Sec. 2. The board may establish additional reserves or other...
5-1.4-6-3. Money or Investments Held for Payment of Bonds or Notes; Application - Sec. 3. Unless the resolution or trust agreement authorizing the...
Chapter 7. Default of the Bank
5-1.4-7-1. Achievement of Purpose of Article Without Jeopardizing Holders of Bonds or Notes - Sec. 1. In order to: (1) carry out its purpose...
5-1.4-7-2. Default; Appointment of Trustee to Represent Holders of Bonds or Notes - Sec. 2. If the bank: (1) defaults in the payment...
5-1.4-7-3. Trustee; Duties; Powers; Venue; Notice - Sec. 3. (a) A trustee appointed under section 2 of...
Chapter 8. Purchase of Securities of Qualified Entities
5-1.4-8-1. Purchase of Securities Offered by Qualified Entity; Private Sale; Issuance of Bonds or Notes for Purpose of Purchase - Sec. 1. The bank, to carry out the purposes and...
5-1.4-8-2. Securities to Be Purchased and Held in Name of Bank; Required Documentation - Sec. 2. (a) All securities at any time purchased, held,...
5-1.4-8-3. Contracts With Bank for Purchase of Securities; Terms and Conditions; Fees and Charges; Denomination; Prices; Private Sale - Sec. 3. Every qualified entity is authorized and empowered to...
5-1.4-8-4. Agreement With Bank; Waiver of Statutory Defenses to Nonpayment; Rights and Remedies of Bank - Sec. 4. Upon the sale and delivery by a qualified...
5-1.4-8-5. Bond Anticipation Notes of Qualified Entities; Purchase by Bank; Renewal or Extension; Maturity; Terms and Conditions - Sec. 5. (a) Notwithstanding any law applicable to a qualified...
5-1.4-8-6. Notes of Qualified Entities; Purchase by Bank; Renewal or Extension; Maturity; Compliance With Other Laws; Terms and Conditions - Sec. 6. (a) Notwithstanding any other law applicable to a...
Chapter 9. Miscellaneous Provisions
5-1.4-9-1. Limitation of Actions - Sec. 1. (a) No action to contest the validity of...
5-1.4-9-2. Bank Property Exempt From Levy and Sale; Judgment Against Bank Not Charge or Lien on Property; Rights of Holders of Bonds or Notes - Sec. 2. All property of the bank is exempt from...
5-1.4-9-3. Pledge of Revenues or Money - Sec. 3. A pledge of revenues or other money made...
5-1.4-9-4. Insurance or Guaranty for Payment - Sec. 4. The bank may obtain from a department or...
5-1.4-9-5. Authority to Receive Appropriations or Grants From Federal Government; Disposition - Sec. 5. The chairman of the board of the bank...
5-1.4-9-6. Undertaking by Financial Institution to Keep and Pay Over Funds Deposited With It - Sec. 6. (a) A financial institution may give to the...
5-1.4-9-7. Agreements With Financial Institutions; Care and Custody of Securities or Other Investments - Sec. 7. The board may enter into agreements or contracts...
5-1.4-9-8. Financial Institutions and Fiduciaries; Investment in Bonds or Notes - Sec. 8. Notwithstanding the restrictions of any other law, all...
5-1.4-9-9. Nature of Bank Property; Bonds and Notes; Exemption From Taxation - Sec. 9. All property of the bank is public property...
5-1.4-9-10. Officers and Departments of State; Rendering of Services to Bank; Costs and Expenses - Sec. 10. All officers, departments, boards, agencies, divisions, and commissions...
5-1.4-9-11. Dissolution of Bank; Assets and Property of Bank - Sec. 11. Upon the dissolution of the bank, all interest...