1. (a) The acquisition, construction, or improvement of real property, a facility, a betterment, or an improvement constituting part of a project of the commission, including acquisition of the site for a project, may be financed in whole or in part by the issuance before July 1, 2005, of bonds payable solely out of the net income received from the operation of the real property, facility, betterment, or improvement.

2. (b) If the commission desires to finance an acquisition, a construction, or an improvement in whole or in part as provided in this section or sections 31 through 36 of this chapter, the commission must adopt a resolution authorizing the issuance of bonds. The resolution must set forth the following:

   1. (1) The date on which the principal of the bonds matures, not exceeding forty (40) years from the date of issuance.
   2. (2) The maximum interest rate to be paid on the bonds.
   3. (3) Other terms and conditions upon which the bonds are issued.

3. (c) The commission shall take all actions necessary to issue the bonds in accordance with the resolution. The commission may enter into a trust agreement with a trust company as trustee for the bondholders. An action to contest the validity of any bonds to be issued under this chapter may not be brought after the fifteenth day following the receipt of bids for the bonds.

   [Pre-1995 Recodification Citation: 14-6-29-10(a), (b), (c).]

As added by P.L.1-1995, SEC.6. Amended by P.L.235-2005, SEC.183.