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IN SB0347
Bill
AI Summary
Senate Enrolled Act 347 Summary
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Allows consolidated cities, second class cities, and school corporations in those cities to sell bonds through negotiated sales instead of public sales during the period from July 1, 2018 through June 30, 2021.
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Permits negotiated bond sales for general obligation bonds, special tax bonds, and revenue bonds issued by the specified political subdivisions during the three-year window.
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Maintains existing public sale requirements for bonds issued outside the specified timeframe and exempts certain refinancing bonds and revenue bonds dedicated to limited purposes from the negotiated sale option.
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Applies the negotiated sale option to bonds issued by school corporations, housing authorities, special taxing districts, and county capital improvement boards located in consolidated cities or second class cities.
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Effective July 1, 2018.
Legislative Description
Bonding procedures. Permits the following political subdivisions to sell bonds at a negotiated sale after June 30, 2018, and before July 1, 2021: (1) A consolidated city. (2) A second class city. (3) A school corporation located in a consolidated city or a second class city. (Current law requires a public sale of bonds.) Provides that this change does not apply to refinancing bonds and some revenue bonds that are dedicated to a limited purpose. Makes technical corrections.
Last Action
Public Law 125
3/16/2018