Projects financed by bonds maturing more than 25 years from
bond issuance not approved
Sec. 4.6. The department of local government finance in
determining whether to approve or disapprove a school building
construction project and the tax control board in determining whether
to recommend approval or disapproval of a school building
construction project may not approve or recommend the approval of
a project that is financed through the issuance of bonds if the bonds
mature more than twenty-five (25) years after the date of the bonds'
issuance.
As added by P.L.2-1996, SEC.217. Amended by P.L.90-2002,
SEC.181.
Last modified: May 28, 2006