1. (a) In lieu of authorizing and selling bonds under this chapter, the board of directors of a toll road authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money.

2. (b) The resolution authorizing the loan must set out:

   1. (1) the total amount of the loan desired;
   2. (2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates; and
   3. (3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable.

3. (c) Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1 . The notice must set out:

   1. (1) the amount and purpose of the proposed loan;
   2. (2) a brief summary of other provisions of the resolution; and
   3. (3) the time and place where proposals will be considered.
4. (d) The board of directors may accept the proposal it considers most advantageous to the authority.

As added by P.L.386-1987(ss), SEC.21.