- (a) A not-for-profit corporation qualifying as a lessor corporation under this chapter may issue and sell bonds and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property shall be considered legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries.
- (b) Bonds issued by a lessor corporation may be sold at a private sale, a negotiated sale, or a public sale. If bonds are sold at public sale, they shall be sold pursuant to IC 5-1-11 , but the notice of sale shall be published in the manner required for bonds of the county in which the leased property is or will be located.
- (c) Approval of the securities commissioner is not required in connection with the issuance and sale of the bonds.
As added by P.L.2-1989, SEC.23.