§ 21-35-6-5 — Liens

(a) The lien of a pledge or mortgage under
section 4 of this chapter, as determined and provided by the board of
trustees and as authorized by this chapter, shall be a first and primary
lien for the payment of the bonds and the interest on the bonds. In
authorizing the issuance of the revenue bonds for any particular
property or properties, the board of trustees may:
(1) limit the amount of bonds that may be issued as a first lien and
charge against the property or properties and the net income from
the properties; or
(2) subsequently authorize the issuance periodically of additional
obligations secured by the same lien:
(A) to provide funds for the completion of the property or
properties on account of which the original bonds were issued;
(B) for any other purpose for which Vincennes University has
authority to issue bonds; or
(C) for purposes of both clauses (A) and (B).
(b) Additional bonds:
(1) shall be issued on the terms and conditions that the board of
trustees determines; and
(2) may be secured equally and ratably, without preference,
priority, or distinction, with the original issue of bonds or may be
made junior to the original bonds.
[Pre-2007 Higher Education Recodification Citation:
23-13-18-15(c).]

Legislative History

As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008, SEC.143.