Indiana § 13-21-12-2 Securement of bond by trust indenture; provisions allowable in trust
indenture or resolution

Indiana Statutes

§ 13-21-12-2 — Securement of bond by trust indenture; provisions allowable in trust indenture or resolution

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

The bonds issued under this article or IC 13-9.5-9 (before its repeal) may be secured by a trust indenture between the district and a corporate trustee, which may be any national or state bank having its principal office in Indiana and having trust powers. The trust indenture or resolution under which the bonds are issued may do the following:

(1)Mortgage the land, interest in land, or the facilities for which the bonds are issued.

(2)Pledge the revenues or any other money, or any part of the revenues or money, to be received by the district.

(3)Contain the provisions for protecting and enforcing the rights and remedies of the bondholders or lenders that may be considered reasonable, including covenants setting forth the duties of the district or board in relation to the construction of

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The bonds issued under this article or IC 13-9.5-9 (before its repeal) may be secured by a trust indenture
between the district and a corporate trustee, which may be any national
or state bank having its principal office in Indiana and having trust
powers. The trust indenture or resolution under which the bonds are
issued may do the following:
(1) Mortgage the land, interest in land, or the facilities for which
the bonds are issued.
(2) Pledge the revenues or any other money, or any part of the
revenues or money, to be received by the district.
(3) Contain the provisions for protecting and enforcing the rights
and remedies of the bondholders or lenders that may be
considered reasonable, including covenants setting forth the
duties of the district or board in relation to the construction of the
facilities and the custody, safeguarding, application, and
investment of all money received or to be received by the district
for the facilities financed by the issuance of the bonds.
(4) Provide for the establishment of reserve funds from the bond
proceeds or from other sources to the extent authorized.
(5) Set forth the:
(A) rights and remedies of the bondholders and trust; and
(B) provisions restricting the individual rights or actions of
bondholders.
(6) Contain provisions regarding the following:
(A) The investment of money.
(B) Sales, exchange, or disposal of property.
(C) The manner of authorizing and making of payments without
regard to any general statute relating to these matters.
(7) Provide for the following:
(A) The payment of the proceeds of the sale of bonds to the
trustee, officer, bank, or depository that may be determined
under the trust indenture or resolution for the custody of the
proceeds.
(B) The method of disbursement of the proceeds, with the
safeguards and restrictions that are determined.
(8) Provide for the appointment of a receiver by the circuit or
superior court of the county under terms and conditions that are
considered reasonable.
(9) Contain other provisions that the district considers reasonable
and proper for the security of the bondholders.
[Pre-1996 Recodification Citation: 13-9.5-9-9.]

Indiana § 13-21-12-2 (Securement of bond by trust indenture; provisions allowable in trust indenture or resolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.