A state educational institution may do any of the following:

1. (1) Borrow funds on a temporary basis in anticipation of the issuance of long term obligations.
2. (2) Use the proceeds of a temporary borrowing for any purpose for which the institution could issue or incur obligations under IC 21-33-3-5 , IC 21-34 , IC 21-35-2 , IC 21-35-3 , or IC 21-35-5 .

3. (3) Issue a temporary borrowing:

   1. (A) in the form of a bond, note, commercial paper, or any other form;
   2. (B) upon the terms and conditions and with the provisions (including redemption provisions);
   3. (C) at the rate or rates of interest (fixed or variable); and

   4. (D) subject to subdivision (5), in the denominations;

      as the state educational institution determines under subdivision (6).

4. (4) Negotiate the terms of any temporary borrowing.
5. (5) Make the denominations determined under subdivision (3)(D) convertible into different denominations.

6. (6) Make the determinations under subdivision (3) by any of the following:

   1. (A) The adoption of a resolution.

   2. (B) The approval of a form of indenture between the state educational institution and a designated corporate trustee.

      [Pre-2007 Higher Education Recodification Citation: 20-12-9.5-3.]

As added by P.L.2-2007, SEC.273. Amended by P.L.79-2010, SEC.2.