Sec. 2. (a) Before the issuance of bonds or notes, the authority must receive the approval of: (1) the commissioner of the Indiana department of transportation; and (2) the budget agency. (b) Before the issuance of bonds or notes, the department shall identify: (1) the project or projects to be financed from the proceeds of the bonds or notes; or (2) the project or projects proposed to be financed from the proceeds of the bonds or notes, the projected cost and useful life of which will form a basis upon which the authority may reasonably determine that the limitations in sections 3 and 5(b) of this chapter will be complied with if the proposed project or projects are financed from the bonds or notes. As added by P.L.68-1988, SEC.12. Amended by P.L.112-1989, SEC.4; P.L.260-1997(ss), SEC.55.
IC 8-14.5-6-3 Weighted average useful life of project; term of bonds and interest Sec. 3. (a) The construction of a project may not be financed under this article if at the time the lease with respect to the project is initially entered into the weighted average useful life of the project is less than five (5) years. (b) For purposes of this section and section 5 of this chapter, a certificate of the department as to the weighted average useful life of the project is conclusive with respect to the matters contained in the certificate. (c) If any bonds or notes bear interest at a variable or adjustable rate, lease rentals under any lease or leases attributable to debt service shall be fixed over the term of the lease or leases based on the fair and reasonable value of the project or projects leased. As added by P.L.68-1988, SEC.12.