Sec. 1. (a) In a city there is established a local public improvement bond bank, to be known as “The ____________ (name of city) __________ Local Public Improvement Bond Bank”, for: (1) the public purposes set out in this article; and (2) in the case of a city described in IC 5-1.4-1-5(3), the additional public […]
Sec. 1.5. The general assembly finds that the establishment of a local public improvement bond bank in a city described in IC 5-1.4-1-5(3): (1) is necessary as a result of: (A) unique sources of revenues available to the city in relation to its budget; (B) extraordinary needs for infrastructure improvements in the city and in […]
Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board. (b) The board is composed of five (5) directors appointed by the mayor of the city. (c) Each of the five (5) directors appointed by the mayor: (1) must be a […]
Sec. 3. The board shall do the following: (1) Elect from its membership a chairman and a vice chairman. (2) Appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer. The executive director may be the fiscal officer of the city, in which case the executive […]
Sec. 4. Three (3) directors constitute a quorum at any meeting of the board. As added by P.L.42-1985, SEC.1.
Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least three (3) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board. As added by P.L.42-1985, SEC.1.
Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the legislative body of the city. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank […]
Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if the director: (1) has, or to the director’s knowledge may have or may later acquire, a direct or indirect pecuniary interest in a contract with the bank; or (2) is an officer, member, manager, […]
Sec. 8. Neither a director nor a person executing bonds or notes issued under this article is liable personally on the bonds or notes. As added by P.L.42-1985, SEC.1.
Sec. 9. (a) The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors: (1) administer, manage, and direct the employees of the bank; (2) approve all amounts for salaries, allowable expenses of the bank or of any employee or consultant of the bank, and expenses […]
