1. (a) For the purpose of providing funds to carry out the provisions of this article with respect to:

   1. (1) the construction and equipment of facilities;
   2. (2) acquiring or providing a site or sites; or

   3. (3) the refunding of any bonds or payment of any loan contract of the commission;

      the commission may, by resolution, issue and sell interest-bearing revenue bonds of the commission.

2. (b) The bonds must indicate, on the face of each bond:

   1. (1) the maturity date or dates, not exceeding forty (40) years from the date of issue;
   2. (2) the interest rate or rates (whether fixed, variable, or a combination of fixed or variable);
   3. (3) the registration privileges, and where payable at a certain place; and
   4. (4) the conditions and terms under which the bonds may be redeemed before maturity.

3. (c) The bonds issued under subsection (a):

   1. (1) shall be executed by the manual or facsimile signature of the chairman of the commission;
   2. (2) shall be attested by the manual or facsimile signature of the public finance director;
   3. (3) shall be imprinted or impressed with the seal of the commission;
   4. (4) may be authenticated by a trustee, registrar, or paying agent; and
   5. (5) constitute valid and binding obligations of the commission, even if the chairman or the public finance director, or both, whose manual or facsimile signature appears on the bond, no longer holds those offices.
4. (d) The bonds, when issued, have all the qualities of negotiable instruments under IC 26 and are incontestable in the hands of a bona fide purchaser or holder of the bonds for value.

5. (e) The bonds may be sold by the commission at a public or private sale at a time or times determined by the commission. The commission may negotiate the sale, but any discount may not exceed three percent (3%). In determining the amount of bonds to be issued and sold, there may be included the costs of:

   1. (1) construction;
   2. (2) all land and clearing of the site;
   3. (3) improvements to the site, such as walks, drives, and other appurtenances;
   4. (4) material and labor;
   5. (5) equipment;
   6. (6) financing charges, discounts, and interest accruing on the bonds before and during the construction period and for a reasonable period of time after construction;
   7. (7) expenses such as legal fees, engineers' fees, and architects' fees;
   8. (8) all other expenses necessary or incident to the construction and equipment of the facility and the acquisition of a site or sites for the facility; and
   9. (9) reimbursement of the state general fund and the postwar construction fund for payments made from those funds for any of the purposes described in subdivisions (1) through (8).
6. (f) The proceeds of the bonds are appropriated for the purpose for which the bonds may be issued under this article and the proceeds shall be deposited and disbursed in accordance with any provisions and restrictions that the commission may provide in the resolution or trust indenture authorizing the issuance of the bonds in the first instance and the issuance of any refunding bonds, or in a trust indenture authorized and approved by resolution of the commission. The maturities of the bonds, the rights of the holders, and the rights, duties, and obligations of the commission are governed in all respects by this article.
7. (g) The bonds issued under this article constitute the corporate obligations only of the commission and are payable solely from and secured exclusively by pledge of the income and revenues of the facility that remain after payment or provisions for payment of the expenses of operation, maintenance, and repair of the facility, to the extent that expenses of operation, maintenance, and repair are not otherwise provided. The commission shall plainly state on the face of each bond that the bond does not constitute an indebtedness of the state within the meaning or application of any constitutional provision or limitation but that it is payable solely as to both principal and interest from the net revenues of the facility. The provisions of this article and the covenants and undertakings of the commission as expressed in any proceedings preliminary to or in connection with the issuance of the bonds may be enforced by a bond holder by action for injunction or mandamus against the commission or any officer, agent, or employee of the commission, but no action for monetary judgment may be brought against the state for any violations of this article.

As added by P.L.27-1985, SEC.12. Amended by P.L.15-1986, SEC.4; P.L.240-1991(ss2), SEC.40; P.L.162-2007, SEC.14.