Indiana § 13-21-12-10 Covenant and agreement with bondholders

Indiana Statutes

§ 13-21-12-10 — Covenant and agreement with bondholders

Indiana·Art. 21 SOLID WASTE MANAGEMENT DISTRICTS·Ch. 12 Financing: Requirements for Issuance of Bonds

The general assembly covenants and agrees with the holders of any bonds that as long as any bonds of a district issued under this article or IC 13-9.5-9 (before its repeal) are outstanding and unpaid, the state:

(1)will not limit or alter the rights of the district to:

(A)acquire, construct, reconstruct, improve, enlarge, extend, own, operate, and maintain any project or interest in any project;

(B)establish, maintain, revise, charge, and collect the fees and taxes referred to in this article; and

(C)fulfill the terms of any agreements made with the holders of the bonds; and

(2)will not in any way impair the rights and remedies of the bondholders; until the bonds, together with interest on the bonds, interest on any unpaid installment of interest, and all costs and expenses in connect

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The general assembly covenants and agrees
with the holders of any bonds that as long as any bonds of a district
issued under this article or IC 13-9.5-9 (before its repeal) are
outstanding and unpaid, the state:
(1) will not limit or alter the rights of the district to:
(A) acquire, construct, reconstruct, improve, enlarge, extend,
own, operate, and maintain any project or interest in any
project;
(B) establish, maintain, revise, charge, and collect the fees and
taxes referred to in this article; and
(C) fulfill the terms of any agreements made with the holders of
the bonds; and
(2) will not in any way impair the rights and remedies of the
bondholders;
until the bonds, together with interest on the bonds, interest on any
unpaid installment of interest, and all costs and expenses in connection
with any action or proceedings by or on behalf of the bondholders, are
fully paid, met, and discharged.
[Pre-1996 Recodification Citation: 13-9.5-9-17.]