Sec. 6. (a) The board of trustees of a state educational institution may issue bonds for the purpose of:
(1) reimbursing the state educational institution for funds expended or advanced for interim financing of the cost of any building facility or facilities before the issuance of bonds for the facility or facilities; or
(2) subject to subsection (b) and to existing covenants and agreements with the holders of the outstanding obligations:
(A) funding outstanding obligations incurred or refunding outstanding bonds issued either under:
(i) this article; or
(ii) other applicable law;
for building facilities approved by the governor and the budget agency or its predecessor; or
(B) in part for funding or refunding purposes and in part for any other purpose authorized by this article; and
may secure the payment of the bonds as provided in this article.
(b) Bonds for refunding or advance refunding of any outstanding bonds approved under this article for which the general assembly has made a fee replacement appropriation may not be issued by a state educational institution under this chapter without the specific approval of the budget agency and before the board of trustees of the issuing state educational institution finds that the refunding or advance refunding will benefit the state educational institution because:
(1) a net savings to the state educational institution will be effected; or
(2) the net present value of principal and interest payments on the bonds is less than the net present value of the principal and interest payments on the outstanding bonds to be refunded.
The length of the term may not be extended for refunding or advance refunding bonds that are approved under this subsection compared to the term of the outstanding bonds being refunded.
[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(e).]
As added by P.L.2-2007, SEC.275. Amended by P.L.143-2014, SEC.10.
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