§ 16-22-8-57 — Corporation required to pay bonds or leases in full; corporation prohibited from consenting to or permitting certain actions

(a) This section applies notwithstanding any
other law.
(b) The corporation is required to pay in full the principal of, and
interest and premium, if any, on, or rental payments under, its bonds or
leases entered into with the building authority, in accordance with the
terms of these bonds or leases.
(c) With respect to these bonds or leases, the corporation is
prohibited from consenting to or permitting, and shall never be
construed as consenting to or permitting, without the consent of one
hundred percent (100%) of the owners of all the bonds then
outstanding and those bonds then outstanding that are secured by those
leases, to any of the following:
(1) An extension of the stated maturity or a reduction in the
principal amount of, or a reduction in the rate or an extension of
the time of payment of interest on, the bonds.
(2) An extension of the due date or a reduction in the amount of
a rental payment under the leases.
(3) The creation of any lien on the revenues, other money, or
property pledged to these bonds or leases, which is senior or prior
to the lien upon the revenues, other money, or property pledged
to these bonds or leases.
(4) A reduction in the aggregate principal amount of the bonds or
aggregate amount of rental payments under the leases.
(5) The granting of a privilege, priority, or preference to any of
the bonds or any bonds secured by the leases over any other of
these bonds.
(6) Any amendment or modification of the powers, remedies,
rights, duties, privileges, or immunities of the owners of the
bonds.

Legislative History

As added by P.L.189-2018, SEC.147.