Section 36-9-13-31 - Loans(a) In lieu of authorizing and selling bonds under section 30 of this chapter, the board of directors of a building authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money.(b) The resolution authorizing the loan must set out:(1) the total amount of the loan desired;(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) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable.(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) the amount and purpose of the proposed loan;(2) a brief summary of other provisions of the resolution; and(3) the time and place where proposals will be considered.(d) The board of directors may accept the proposal it considers most advantageous to the authority.Pre-Local Government Recodification Citation: 19-8-4-16 part.
As added by Acts1981 , P.L. 309, SEC.86. Amended by Acts1981 , P.L. 45, SEC.50.