§ 13-26-10-19 — Rights of revenue bondholders

Indiana § 13-26-10-19

• Jurisdiction: Indiana
• Art. 26: REGIONAL WATER, SEWAGE, AND SOLID
• Ch. 10: Bonds

Text

(a) The holder of revenue bonds or attached
coupons and the trustee, if any, except to the extent the rights given
may be restricted by the ordinance authorizing issuance of the bonds
or by the trust indenture, may, by civil action, protect and enforce rights
granted:
(1) by this article or IC 13-3-2 (before its repeal); or
(2) under the ordinance or trust indenture;
to be performed by the district issuing the bonds or by the board or any
officer, including the making and collecting of reasonable and
sufficient charges and rates for services provided by the works.
(b) If there is failure to pay the principal or interest on any of the
revenue bonds on the date named for payment, and upon application by
a bondholder or a trustee, any court having jurisdiction to appoint
receivers shall appoint a receiver to administer the works on behalf of
the district and the bondholders or trustee. A receiver may do the
following:
(1) Charge and collect rates sufficient to provide for the payment
of the expenses of operation, repair, and maintenance.
(2) Pay any revenue bonds and interest outstanding.
(3) Apply the revenues in conformity with this article and the
ordinance or trust indenture.
[Pre-1996 Recodification Citation: 13-3-2-21.]

Legislative History

As added by P.L.1-1996, SEC.16.