Sec. 2. (a) The board of trustees of a state educational institution may issue bonds for payment of retirement liabilities and pay the proceeds of the bonds to the Indiana public retirement system.
(b) The board of trustees of a state educational institution may establish debt service reserves or sinking funds with proceeds of bonds issued to fund retirement liabilities.
(c) Bonds issued under this chapter may be payable from student fees, legally available funds, sinking funds, debt service reserve funds, general operating revenues, or any combination of these sources. Bonds may be issued under this chapter by a board of trustees only after the approvals required under IC 21-35-3-22.