1. (a) The lien of a pledge or mortgage under section 4 of this chapter, as determined and provided by the board of trustees and as authorized by this chapter, shall be a first and primary lien for the payment of the bonds and the interest on the bonds. In authorizing the issuance of the revenue bonds for any particular property or properties, the board of trustees may:

   1. (1) limit the amount of bonds that may be issued as a first lien and charge against the property or properties and the net income from the properties; or

   2. (2) subsequently authorize the issuance periodically of additional obligations secured by the same lien:

      1. (A) to provide funds for the completion of the property or properties on account of which the original bonds were issued;
      2. (B) for any other purpose for which Vincennes University has authority to issue bonds; or
      3. (C) for purposes of both clauses (A) and (B).

2. (b) Additional bonds:

   1. (1) shall be issued on the terms and conditions that the board of trustees determines; and

   2. (2) may be secured equally and ratably, without preference, priority, or distinction, with the original issue of bonds or may be made junior to the original bonds.

      [Pre-2007 Higher Education Recodification Citation: 23-13-18-15(c).]

As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008, SEC.143.