1. (a) To obtain funds required to carry out section 5 of this chapter, a state educational institution may issue and sell their negotiable, general obligation bonds payable out of any available funds of the state educational institution, including fees, charges, rentals, interest on permanent endowment funds, and legislative appropriations made for new construction, repair, and rehabilitation of buildings.

2. (b) Bonds issued under subsection (a) must:

   1. (1) be authorized by resolution of the board of trustees of the issuing state educational institution;
   2. (2) bear interest at any rate provided for in the authorizing resolution; and

   3. (3) be payable at the times and in the amounts within thirty (30) years from the date of issuance provided for in the authorizing resolution.

      Bonds issued under subsection (a) may be callable before maturity as provided in the authorizing resolution.

3. (c) Bonds issued under subsection (a) shall be sold to the highest bidder at a public sale as provided by IC 5-1-11 . Bonds issued under subsection (a) and interest on bonds issued under subsection (a) are exempt from taxation.

   [Pre-2007 Higher Education Recodification Citation: 20-12-14-4.]

As added by P.L.2-2007, SEC.209.