1. (a) The bonds issued by the authority may be issued as serial bonds or term bonds, or both. The bonds:

   1. (1) must be authorized by a bond resolution of the authority; and

   2. (2) must:

      1. (A) bear the date or dates;
      2. (B) mature at the time or times not exceeding forty (40) years from their respective dates of issue;
      3. (C) bear interest at the rate or rates, without regard to any limit contained in any other statute or law of Indiana;
      4. (D) be payable at the time or times;
      5. (E) be in the denominations;
      6. (F) be in the form, either coupon or fully registered;
      7. (G) carry the registration and conversion privileges;
      8. (H) be payable in lawful money of the United States of America at the places; and

      9. (I) be subject to the terms of redemption;

         as are in current or customary usage in municipal bond markets and as the bond resolution may provide.

2. (b) The bond resolution for bonds of the authority may set the maximum interest rate or rates that the bonds may bear and delegate to an officer or agent of the authority power to set an interest rate or rates that the bonds may bear at the time of sale of the bonds. However, the rate or rates may not exceed the maximum rate established by the authority in the bond resolution.

3. (c) The bonds of the authority must be executed by the manual or facsimile signatures of the officers or agents of the authority designated by the authority. In the case of bonds having a maturity of one (1) year or less, the bond resolution that authorizes the bonds may concurrently provide for the issuance, delivery, and sale of refunding bonds subject to the terms and conditions prescribed in the bond resolution and this chapter. The bonds must be sold in the manner that the authority determines. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates, which must be exchanged for the definitive bonds.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-15(c).]

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