Indiana § 14-33-20-24 Restrictions on bonds, notes, or other evidences of indebtedness

Indiana Statutes

§ 14-33-20-24 — Restrictions on bonds, notes, or other evidences of indebtedness

Indiana·Art. 33 CONSERVANCY DISTRICTS·Ch. 20 Water Supply Systems

(a)The bonds, notes, or other evidences of indebtedness, including interest, are not any of the following:

(1)A debt of the district or the board.

(2)A charge, lien, or encumbrance, legal or equitable, upon:

(A)property of the district; or

(B)income, receipts, or revenues of the district other than the revenues of the water facilities that have been pledged to payment.

(b)Every bond, note, or other evidence of indebtedness must recite in substance the following:

(1)That the bond, note, or other evidence of indebtedness, including interest, is payable solely from the revenues pledged to payment.

(2)That the board is not under an obligation to pay the bond, note, or other evidence of indebtedness except from those revenues. [Pre-1995 Recodification Citation: 13-3-4-8(f) part.]

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(a) The bonds, notes, or other evidences of
indebtedness, including interest, are not any of the following:
(1) A debt of the district or the board.
(2) A charge, lien, or encumbrance, legal or equitable, upon:
(A) property of the district; or
(B) income, receipts, or revenues of the district other than the
revenues of the water facilities that have been pledged to
payment.
(b) Every bond, note, or other evidence of indebtedness must recite
in substance the following:
(1) That the bond, note, or other evidence of indebtedness,
including interest, is payable solely from the revenues pledged to
payment.
(2) That the board is not under an obligation to pay the bond,
note, or other evidence of indebtedness except from those
revenues.
[Pre-1995 Recodification Citation: 13-3-4-8(f) part.]

Indiana § 14-33-20-24 (Restrictions on bonds, notes, or other evidences of indebtedness) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.