Sec. 22. Bonds may not be issued by any of the institutions under this chapter unless the general assembly has provided for the bonds by establishing in the appropriation act the amount of bonds that the institutions may issue for the purposes described in section 14(1) of this chapter. However, the bonds, regardless of when the appropriation law was enacted, may be issued in an amount not exceeding:
(1) the amount of bonds approved in the appropriation law together with the amounts described in section 14(2) of this chapter; plus
(2) the amount of the discount below par value, if the bonds are sold at a price below par value under IC 21-32-3-2.
[Pre-2007 Higher Education Recodification Citation: 20-12-7-8.]
As added by P.L.2-2007, SEC.276.
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