1. (a) Before the issuance of bonds or notes, the authority must receive the approval of:

   1. (1) the commissioner of the Indiana department of transportation; and
   2. (2) the budget agency.

2. (b) Before the issuance of bonds or notes, the department shall identify:

   1. (1) the project or projects to be financed from the proceeds of the bonds or notes; or
   2. (2) the project or projects proposed to be financed from the proceeds of the bonds or notes, the projected cost and useful life of which will form a basis upon which the authority may reasonably determine that the limitations in sections 3 and 5(b) of this chapter will be complied with if the proposed project or projects are financed from the bonds or notes.

As added by P.L.68-1988, SEC.12. Amended by P.L.112-1989, SEC.4; P.L.260-1997(ss), SEC.55.