Ind. Code § 8-1-2-76

Sec. 76. No public utility shall hereafter issue for any purposes connected with or relating to any part of its business, any stocks, certificates of stock, bonds, notes or other evidences of indebtedness, payable at periods of more than twelve (12) months, to an amount exceeding that which may from time to time be reasonably necessary, determined as provided for under this chapter, for the purpose for which issue of stock, certificates of stock, bonds, notes or other evidences of indebtedness may be authorized.