For the purposes of sections 25, 26, and 27 of this chapter, bonds are redeemed on the date selected for redemption if:(1) the full amount necessary to effect complete redemption has been deposited in accordance with the trust indenture securing or resolution providing for the issuance of the bonds; and(2) all action necessary to redeem the bonds has been taken so that the bonds are no longer considered outstanding under the trust indenture or resolution and are no longer payable from the income and revenues of the particular building, or buildings, financed from the proceeds of the bonds.As added by Acts 1982, P.L.218, SEC.5.
Indiana Legal Code