{"data":{"id":"us-in/ic-20-48-1-4","jurisdiction":"us-in","citation":"IC 20-48-1-4","heading":"Conditions of sale; par value; public sale; negotiated sale; interest rate; approval required for certain bonds","body":"Sec. 4. (a) Bonds issued by a school corporation shall be sold:\n(1) at a public sale; or\n(2) alternatively, at a negotiated sale.\n(b) If the bonds are sold at a public sale, the bonds must be sold at:\n(1) not less than par value;\n(2) a public sale as provided by IC 5-1-11; and\n(3) any rate or rates of interest determined by the bidding.\n(c) This subsection does not apply to bonds for which a school corporation:\n(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or\n(2) in the case of bonds not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the bonds after June 30, 2008.\nIf the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance.","path":["TITLE 20. EDUCATION","ARTICLE 48. BORROWING AND BONDS","Chapter 1. Borrowing and Bonds"],"source_url":"https://iga.in.gov/ic/2026/Title_20.html#20-48-1-4","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-01T01:34:30Z","sha256":"95e068840e156244a205e8a17ce479808fcbcb27fc3cb9e2346909805883fc2f","source_id":"us-in","stale":false,"prev":"us-in/ic-20-48-1-3","next":"us-in/ic-20-48-1-5"},"notice":"GroundRules: Original legal text. Not legal advice."}