Except as provided in sections 2 and 5 of this chapter, the authority may, by resolution, 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. However, except as provided in IC 8-15.5-5-6.1 , the authority may not issue any bonds or notes for the construction of a project:

1. (1) after July 1, 2007, for a project that is not a railroad crossing upgrade project described in IC 8-14.5-8 ; and

2. (2) after June 30, 2025, for a railroad crossing upgrade project described in IC 8-14.5-8 .

   The amount of the bonds or notes issued for purposes of subdivision

3. (2) 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.