Indiana

Decision instrument

No law may put the state itself in debt, except for a casual deficit, interest on the state debt, or defense.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Indiana Constitution, Article 10, Section 5(a). That is why the bond principal in this report sits with component units, not on a state general-obligation line. The same section says expense appropriations for a biennium may not exceed estimated revenue. Debt service counts as an expense. Two-thirds of each house can suspend that budget rule. A court may not order a remedy beyond a declaratory judgment unless the General Assembly has authorized something else.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State and component-unit debt is in the annual report for the year ended June 30, 2025. County dollar rows are not attached.

Debt limit

A political or municipal corporation may not be indebted for more than 2% of the value of its taxable property.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article 13, Section 1. The value is the last assessment for state and county taxes before the debt is incurred. Bonds over that line are void. In war, invasion, or another great public calamity, a petition of a majority of the property owners, in number and in value, can ask for more, and only up to the amount the petition names. Indiana Code 36-1-15 applies that 2% to an adjusted value computed as if property were assessed at one-third of true tax value. The state itself has no general-obligation principal to put under a percent cap, because Article 10 bars that debt.

Conflict rule

A public servant who knowingly has a pecuniary interest in the entity’s contract commits a Level 6 felony. There is no percent test.

Which ethics statute covers local officers, what counts as an interest, and who is left out? Indiana Code 35-44.1-1-4. A pecuniary interest is an ascertainable increase in the income or net worth of the public servant, or of a dependent the servant controls or whose contract the servant reviews. A written disclosure, affirmed under penalty of perjury and accepted in a public meeting before the final action, takes a case out of the offense only in the situations the statute lists. It is not a general cure, and it is not a 5% stock rule.

Geography

Ninety-two counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? FIPS 18001 through 18183. Cities, towns, townships, school corporations, and special units also borrow under the 2% rule or under a statute that sets a different percent. Dollar rows stay blank.

Primary money record

No general obligation bonds on the primary government. Component-unit bonds and notes: $10.4 billion.

Which audited report is the state's own number, and as of what date? Annual report, June 30, 2025. The comptroller’s summary says component units had $10.4 billion of long-term bonds and notes outstanding, net of amortized discounts. The combining statement’s noncurrent line is a different cut: authorities, corporations, and commissions $6.797 billion, and colleges and universities $2.968 billion, together $9.765 billion. Do not add the two cuts. On the primary government’s own books, the borrowing-like lines are financed purchases $418.7 million, leases $291.8 million, and subscription arrangements $50.3 million. The report calls the related debt on capital assets $0.8 billion.

Who pays the coupon

The state has not pledged its full faith and credit to the $10.4 billion.

Which fund, tax, or rate is actually pledged — not which new store might show up later? That pile is authority debt and university debt. This pass did not split how much is paid by a dedicated revenue and how much waits on a later appropriation. What the state does appropriate for debt service is an expense under Article 10, and the biennial expense may not exceed estimated revenue unless two-thirds of each house votes to suspend that rule.

Other obligors

Primary-government pensions: $5.985 billion. Do not add them to the $10.4 billion.

Which authorities and districts borrow beside the state and must not be added to its total? Net pension liability of the primary government at June 30, 2025. Net OPEB liability was $54.8 million. Compensated absences were $330.1 million. These are not bond principal. A rating-agency figure of $169 of net tax-supported debt per person is cited in the report. It is not the bond principal.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.