§ 36-10-10-22 — Bonds; trust indenture

Indiana § 36-10-10-22

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 10: Civic Center Building Authority in South Bend or

Text

In the discretion of the board, the bonds
may be secured by a trust indenture between the authority and a
corporate trustee, which may be any trust company or national or state
bank within Indiana having trust powers. The trust indenture may
mortgage all or part of the land, convention center, or both for which
the bonds are issued. The trust indenture may contain the provisions for
protecting and enforcing the rights and remedies of the bondholders
that are reasonable and proper, including covenants setting forth the
duties of the authority and board in relation to the construction of the
convention center, its insurance, and the custody, safeguarding, and
application of all money received or to be received by the authority due
to the convention center financed by the issuance of the bonds. The
indenture may set forth the rights and remedies of the bondholders and
trustee and provisions restricting the individual right of action of
bondholders. Within the limits of this chapter, the board may provide
by resolution or in the trust indenture for the payment of the proceeds
of the sale of the bonds to an officer, board, or depository as it
determines for the custody of them and for the method of disbursement,
with safeguards and restrictions that it determines.
As added by Acts 1982, P.L.218, SEC.4.