1. (a) Bonds issued by a school corporation shall be sold:

   1. (1) at a public sale; or
   2. (2) alternatively, at a negotiated sale.

2. (b) If the bonds are sold at a public sale, the bonds must be sold at:

   1. (1) not less than par value;
   2. (2) a public sale as provided by IC 5-1-11 ; and
   3. (3) any rate or rates of interest determined by the bidding.

3. (c) This subsection does not apply to bonds for which a school corporation:

   1. (1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5 ; or

   2. (2) in the case of bonds not subject to IC 6-1.1-20-3.1 , IC 6-1.1-20-3.5 , or IC 6-1.1-20-5 , adopts a resolution or ordinance authorizing the bonds after June 30, 2008.

      If the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance.

      [Pre-2006 Recodification Citation: 21-2-21-3.]

As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.522; P.L.125-2018, SEC.5; P.L.38-2021, SEC.69; P.L.236-2023, SEC.157; P.L.230-2025, SEC.134.