# Ind. Code § 5-1.5-8-6.1: Anticipation notes; issuance and purchase

> Indiana · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-6.1

## Section

- **Citation:** Ind. Code § 5-1.5-8-6.1
- **Heading:** Anticipation notes; issuance and purchase
- **Jurisdiction:** Indiana
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Indiana Code / Title 5 / Article 1.5 / Chapter 8 / Section 5-1.5-8-6.1

## Text

Sec. 6.1. (a) Notwithstanding any law applicable to a qualified entity concerning the issuance of bonds, a qualified entity that has complied with all statutory requirements for the issuance of its bonds may, in lieu of issuing bonds at that time and without the need for complying with any other law applicable to the issuance of bonds, notes, or other evidences of indebtedness, issue its notes in anticipation of the issuance of bonds to the bank, and the bank may purchase the bond anticipation notes. The bond anticipation notes may be issued on terms set forth in a resolution authorizing their issuance and in any amount equal to or less than the amount of bonds authorized to be issued. The qualified entity may renew or extend the bond anticipation notes from time to time on terms agreed to with the bank, and the bank may purchase the renewals or extensions. The amount of the accrued interest on the date of renewal or extension may be paid or added to the principal amount of the note being renewed or extended so long as the aggregate principal amount of bond anticipation notes outstanding at any time does not exceed the maximum principal amount permitted by this section. The bond anticipation notes of the qualified entity, including any renewals or extensions, must mature in the amounts and at the times (not exceeding five (5) years from the date of the original issuance of the bond anticipation notes) agreed to by the qualified entity and the bank. The bond anticipation notes must be finally paid, and interest on the bond anticipation notes may be finally paid, with the proceeds of the bonds issued by the qualified entity. In connection with the issuance of bonds part or all of the proceeds of which will be used to retire the bond anticipation notes, it is not necessary for the qualified entity to repeat the procedures for the issuance of bonds, as the procedures followed before the issuance of the bond anticipation notes are for all purposes sufficient to authorize the issuance of the bonds.

(b) In connection with the purchase of bond anticipation notes, the bank may by agreement with the qualified entity impose any terms, conditions, and limitations as in its opinion are proper for the security of the bank and the holders of its bonds or notes. If the qualified entity fails to comply with the agreement or to issue its bonds to retire its bond anticipation notes, the bank may enforce all rights and remedies provided in the agreement or at law, including an action in mandamus to compel the issuance of bonds by the qualified entity.

As added by P.L.43-1985, SEC.27.

## Nearby sections

- [Ind. Code § 5-1.5-8-1 Purchase of securities offered by qualified entity; private sale; issuance of bonds and notes for purpose of purchase](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-1.md)
- [Ind. Code § 5-1.5-8-2 Securities to be purchased and held in name of bank; required documentation](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-2.md)
- [Ind. Code § 5-1.5-8-3 Contracts with bank; terms and conditions; fees and charges; denomination and prices](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-3.md)
- [Ind. Code § 5-1.5-8-4 Agreement with bank; waiver of statutory defenses to nonpayment; rights and remedies of bank](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-4.md)
- [Ind. Code § 5-1.5-8-5 Department or agency of state as custodian of money payable to qualified entity; duty on default on payment of principal or interest by qualified entity](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-5.md)
- [Ind. Code § 5-1.5-8-5.1 Authorization to convey revenue or taxes to issuing entity](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-5.1.md)
- [Ind. Code § 5-1.5-8-6 Repealed](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-6.md)
- [Ind. Code § 5-1.5-8-6.1 Anticipation notes; issuance and purchase](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-6.1.md)
- [Ind. Code § 5-1.5-8-7 Investment and reinvestment; securities sold to bank](https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-7.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IN_T5_A1.5_C8_S5-1.5-8-6.1. Check the current official text before relying on it. Not legal advice.