The authority may provide for the issuance of bonds of the authority:

1. (1) to refund any bonds of the authority then outstanding, including the payment of any redemption premium on the bonds and any interest accrued or to accrue to the earlier or any subsequent date of redemption, purchase, or maturity of the bonds; and

2. (2) if determined advisable by the authority, for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any part of an addition, improvement, extension, or enlargement of a project.

   However, no refunding bonds may be issued unless the authority provides for the payment of rentals adequate to satisfy the requirements of section 34 of this chapter.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-21(a).]

As added by P.L.2-2007, SEC.69. Amended by P.L.3-2008, SEC.17.