CHAPTER 1. BONDS AND OTHER OBLIGATIONS LEGALIZED
IC 5
TITLE 5. STATE AND LOCAL ADMINISTRATION
IC 5-1
ARTICLE 1. BONDS AND OTHER OBLIGATIONS
IC 5-1-1
Chapter 1. Bonds and Other Obligations Legalized
IC 5-1-1-1
Validation
Sec. 1. (a) The following definitions apply throughout this
section:
(1) "Agreement" means any agreement that includes terms,
representations, or provisions relating to:
(A) credit enhancement of, or rate covenants supporting, any
bonds, notes, evidences of indebtedness, leases, swap
agreements, or other written obligations described in
subsection (b);
(B) any indenture or provision regarding any indenture
relating to any bonds, notes, evidences of indebtedness,
leases, swap agreements, or other written obligations
described in subsection (b);
(C) payment of any bonds, notes, evidences of indebtedness,
leases, swap agreements, or other written obligations
described in subsection (b) in the event of a termination of
the agreement; or
(D) public works, capital improvements, or economic
development projects.
(2) "Leasing body" means a not-for-profit corporation, limited
purpose corporation, or authority that has leased land and a
building or buildings to an entity named in subsection (b) other
than another leasing body.
(3) "Swap agreement" has the meaning set forth in IC 8-9.5-9-4.
(b) All bonds, notes, evidences of indebtedness, swap agreements,
agreements, leases, or other written obligations issued or executed by
or in the name of any:
(1) state agency, county, township, city, incorporated town,
school corporation, state educational institution, political
subdivision, joint agency created under IC 8-1-2.2, leasing
body, separate body corporate and politic, or any other political,
municipal, public or quasi-public corporation;
(2) special assessment or taxing district; or
(3) board, commission, authority, or authorized body of any
such entity; and
any pledge, dedication or designation of revenues, conveyance, or
mortgage securing these bonds, notes, evidences of indebtedness,
leases, swap agreements, agreements, or other written obligations are
hereby legalized and declared valid if these bonds, notes, evidences
of indebtedness, leases, swap agreements, agreements, or other
written obligations have been executed before March 15, 2006. All
governance, organizational, or other proceedings had and actions
taken under which the bonds, notes, evidences of indebtedness,
leases, swap agreements, agreements, or other written obligations
were issued or executed or the pledge, dedication or designation of
revenues, conveyance, or mortgage was granted, are hereby fully
legalized and declared valid.
(c) All contracts for the purchase of electric power and energy or
utility capacity or service:
(1) entered into by a joint agency created under IC 8-1-2.2; and
(2) used by the members of the joint agency for the purpose of
securing payment of principal and interest on bonds, notes,
evidences of indebtedness, leases, or other written obligations
issued by or in the name of such joint agency;
are hereby legalized and declared valid if entered into before March
15, 2006. All proceedings held and actions taken under which
contracts for the purchase of electric power and energy or utility
capacity or service were executed or entered into are hereby fully
legalized and declared valid.
(d) All interlocal cooperation agreements entered into by political
subdivisions or governmental entities under IC 36-1-7 are hereby
legalized and declared valid if entered into before March 15, 2006.
All proceedings held and actions taken under which interlocal
cooperation agreements were executed or entered into are hereby
fully legalized and validated.
(Formerly: Acts 1967, c.90, s.1.) As amended by P.L.44-1983,
SEC.1; P.L.17-1987, SEC.4; P.L.2-1989, SEC.2; P.L.19-1994,
SEC.1; P.L.34-1997, SEC.1; P.L.47-1998, SEC.1; P.L.89-2000,
SEC.1; P.L.184-2006, SEC.1; P.L.2-2007, SEC.64; P.L.3-2008,
SEC.16.
IC 5-1-1-2
Repealed
(Repealed by P.L.1-1989, SEC.75.)