Article XII. Authority to Issue Obligations

Subject to the approval of the Indiana Utility Regulatory Commission, the Corporation formed hereunder, shall have power and is hereby authorized, from time to time, to issue its obligations in anticipation of its revenues for any corporate purpose. Said obligations may be authorized by resolution or resolutions of the board and may bear such date or dates, mature at such time or times, not exceeding 40 years from their respective dates, bear interest payable semi-annually at such rate or rates, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, not exceeding par and accrued interest, as such resolution or resolutions may provide.

Such obligations may be sold in such manner and upon such terms as the Board of Directors may determine, at not less than par and accrued interest. Any provision of law to the contrary notwithstanding, any obligations in the interest coupon appertaining thereto, if any, issued pursuant to this chapter, shall possess all of the qualities of negotiable instruments. However, approval of the Indiana Utility Regulatory Commission is not required when the Corporation has a mortgage with any federal agency.