Indiana § 36-10-9.1-20 Trust indenture as security for bonds

Indiana Statutes

§ 36-10-9.1-20 — Trust indenture as security for bonds

Indiana § 36-10-9.1-20

Title 36LOCAL GOVERNMENT

Art. 10RECREATION, CULTURE, AND COMMUNITY

Ch. 9.1Marion County Convention and Recreational Facilities

This text of Indiana § 36-10-9.1-20 (Trust indenture as security for bonds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-10-9.1-20 (2026).

Text

(a)The authority may secure bonds issued under this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers.

(b)The trust indenture may:

(1)pledge or assign lease rentals, receipts, and income from leased capital improvements, but may not mortgage land or capital improvements;

(2)contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants setting forth the duties of the authority and board;

(3)set forth the rights and remedies of bondholders and trustee; and

(4)restrict the individual right of action of bondholders.

(c)Any pledge or assignment made by the authority under this section is valid and b

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The authority may secure bonds issued
under this chapter by a trust indenture between the authority and a
corporate trustee, which may be any trust company or national or state
bank within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from
leased capital improvements, but may not mortgage land or
capital improvements;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants setting forth the duties of the authority and board;
(3) set forth the rights and remedies of bondholders and trustee;
and
(4) restrict the individual right of action of bondholders.
(c) Any pledge or assignment made by the authority under this
section is valid and binding from the time that the pledge or assignment
is made, against all persons whether they have notice of the lien or not.
Any trust indenture by which a pledge is created or an assignment
made need not be filed or recorded. The lien is perfected against third
parties by filing the trust indenture in the records of the board.