Sec. 31. (a) In lieu of authorizing and selling bonds under section 30 of this chapter, the board of directors of a building authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money. (b) The resolution authorizing the loan must set out: (1) the total amount of the loan desired; (2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates; and (3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable. (c) Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1 . The notice must set out: (1) the amount and purpose of the proposed loan; (2) a brief summary of other provisions of the resolution; and (3) the time and place where proposals will be considered. (d) The board of directors may accept the proposal it considers most advantageous to the authority. [Pre-Local Government Recodification Citation: 19-8-4-16 part.]
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