Indiana University Commercial Paper (CP) Notes (Notes) may be issued from time to time to provide for the temporary financing or refinancing for several specified governmental purposes pursuant to the Issuing and Paying Agency Agreement, under the authority of Indiana Code (IC) 21-32, IC 21-33-3-5, IC 21-34-6 through 10, and/or 21-35 (and successor statutes) for which the Issuer may issue or incur obligations, including capitalized interest on and costs of issuance of the Notes. CP allows borrowing to occur as needed, eliminating timing mismatches and reducing borrowing costs during construction. Borrowing is at a variable rate with maturities up to 270 days. On each maturity date, principal may be paid down or refinanced into a fixed rate series or another CP series if warranted, with remaining borrowing sold to previous or new investors at a new interest rate.
