1. (a) The authority may, for financing purposes, combine a project or projects and some or all future projects of any nonprofit college or university or nonprofit colleges or universities provided that:

   1. (1) the authority obtains the consent of all of the nonprofit colleges or universities that are involved, or when financing loans for the funding of liability or other loss insurance reserves or for the providing of those reserves or other capital to be contributed to a risk retention group, the authority obtains the consent of all of the eligible members that are involved; and
   2. (2) the money set aside in any fund or funds pledged for any series of bonds or issue of bonds is held for the sole benefit of a series or issue separate and apart from the money pledged for any other series or issue of bonds of the authority.

2. (b) To facilitate the combining of projects, bonds may be issued in series under one (1) or more resolutions or trust agreements and be:

   1. (1) fully open end, thus providing for unlimited issuance of additional series; or

   2. (2) partially open end, limited as to additional series;

      all in the discretion of the authority.

3. (c) Notwithstanding any provision of this chapter, the authority may permit a nonprofit college or university to substitute one (1) or more educational facilities of similar value (as determined by an independent appraiser satisfactory to the authority) as security for any educational facility financed under this chapter on the terms and conditions that the authority may prescribe.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-11(10).]

As added by P.L.2-2007, SEC.69.