Except as provided in sections 2 and 5 of this chapter, the authority may, by resolution, after budget committee review, issue and sell bonds or notes of the authority for the purpose of providing funds to carry out the provisions of this article with respect to the construction of a project or projects or the refunding of any bonds or notes, together with any reasonable costs associated with a refunding. The amount of the bonds or notes issued for a railroad crossing upgrade project described in IC 8-14.5-8 may not cause the annual payments on all the bonds and notes for this purpose to exceed ten million dollars ($10,000,000).

As added by P.L.68-1988, SEC.12. Amended by P.L.260-1997(ss), SEC.54; P.L.218-2017, SEC.67; P.L.173-2025, SEC.14.