(b) The resolution authorizing the loan must set out:

1. (1) the total amount of the loan desired;
2. (2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates; and
3. (3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable.

(c) Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1 . The notice must set out:

1. (1) the amount and purpose of the proposed loan;
2. (2) a brief summary of other provisions of the resolution; and
3. (3) the time and place where proposals will be considered.

(d) The board of directors may accept the proposal it considers most advantageous to the authority.

[Pre-Local Government Recodification Citation: 19-8-4-16 part.]

As added by Acts 1981, P.L.309, SEC.86. Amended by Acts 1981, P.L.45, SEC.50.