Issuance of revenue bonds by authority

Sec. 31. (a) The governing board may issue revenue bonds of the authority to procure funds for buildings to be built or acquired under this chapter and to repay advances for preliminary expenses. The bonds are payable from the income and revenues of the buildings financed from the proceeds of the bonds. (b) The revenue bonds must be authorized by resolution of the board. The resolution must provide the following: (1) That the bonds bear interest, payable annually or semiannually. (2) The maturity dates of the bonds, which may not exceed the term of the lease of the buildings for which the bonds are issued. (3) The terms of redemption, including a provision that bonds maturing after ten (10) years from the date of issuance are, at the option of the authority, redeemable before maturity at the bonds' par value together with premiums. (4) The form of the bonds, including the interest coupons attached, if any. (5) The denominations of the bonds. (6) The places of payment of principal and interest, which shall be at least one (1) state or national bank or trust company. (7) That the principal and interest may be paid in any lawful medium.