IC 5-1.2-8-24: Mortgages

Sec. 24. If an educational facility is financed and mortgaged under sections 22 and 23 of this chapter:

(1) the title to the facility must remain in the nonprofit college or university owning the facility, subject to the lien of the mortgage securing the promissory notes then being purchased; and

(2) there may not be a lease of the facility between the authority and the institution.