Making of loans and issuing of notes

Sec. 19. (a) The commission may adopt a resolution to make loans or issue notes to obtain money to pay current operating expenses of the commission in anticipation of the payment to the commission of the appropriation budget apportioned to participating counties under section 18 of this chapter. (b) The terms and form of a loan or notes shall be set forth in the resolution. The resolution must specify: (1) subject to subsection (c), the term of the loan or notes; (2) the interest rate of the loan or notes; (3) the medium of payment of the loan or notes; (4) the place and manner of payment of the loan or notes; (5) the manner of execution of the loan or notes; (6) the terms of redemption of the loan or notes; and (7) the funds or sources of funds from which the loan or notes are payable, which may be any funds available to the commission. (c) A loan or notes under this section must mature in the calendar year in which the loan is made or the notes are issued. The commission may use proceeds of the loan or notes only to pay current operating expenses of the commission in anticipation of the payment to the commission of the appropriation budget apportioned to participating counties under section 18 of this chapter. (d) The total amount of all outstanding loans and notes under this section in a particular calendar year may not exceed the total amount of the appropriation budget apportioned to participating counties and to be paid to the commission under section 18 of this chapter for the calendar year. (e) The loan contract or the notes must plainly state that the loan or notes: (1) are not an indebtedness of the state; (2) constitute a corporate obligation solely of the commission; and (3) are payable solely from: (A) payments to the commission of the appropriation budget apportioned to participating counties under section 18 of this chapter for the calendar year; and (B) any other revenues of the commission. (f) This section contains full and complete authority for the making of loans and the issuance of notes by the commission under this section. No other procedure, proceedings, publications, notices, consents, approvals, orders, or acts by the commission or any other officer, department, agency, or instrumentality of the state or of any political subdivision is required to make loans or issue notes under this section.