§ 36-7-18-32 — Bonds, notes, and warrants; additional powers of housing authorities; covenants; limitation on liability

Indiana § 36-7-18-32

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 18: Housing Authorities

Text

(a) In issuing bonds, notes, or warrants,
incurring obligations under leases, and securing payment of those
obligations, a housing authority may perform all acts necessary or
desirable to secure the bonds, notes, or warrants or to make them more
marketable. This includes the power to:
(1) pledge or covenant against pledging any of the gross or net
rents, fees, or revenues to which it has or will have a right;
(2) mortgage or covenant against mortgaging any of the real or
personal property it owns or later acquires;
(3) covenant against permitting a lien on any of its rents, fees,
revenues, or real or personal property;
(4) covenant as to limitations on its right to sell, lease, or
otherwise dispose of all or part of a housing project;
(5) covenant as to what additional debts or obligations it may
incur;
(6) covenant as to the bonds, notes, or warrants to be issued;
(7) covenant as to the issuance of its bonds, notes, or warrants in
escrow or otherwise;
(8) covenant as to the use and disposition of the proceeds of its
bonds, notes, or warrants;
(9) covenant against extending the time for the payment of its
bonds, notes, or warrants or the interest on them;
(10) provide for the replacement of lost, destroyed, or mutilated
bonds, notes, or warrants;
(11) redeem its bonds, notes, or warrants, and covenant for that
redemption and its terms and conditions;
(12) covenant, subject to the limitations in this chapter, as to the
rents and fees to be charged in the operation of housing projects;
(13) covenant as to the amount of rents, fees, and other revenues
to be collected in a specified time, and as to the use and
disposition of those revenues;
(14) create special funds for money held for construction or
operating costs, debt service, reserves, or other purposes, and
covenant as to the use and disposition of the money in those
funds;
(15) prescribe the procedure, if any, by which the terms of a
contract with holders of bonds, notes, or warrants may be
amended or abrogated, including the amount of bonds, notes, or
warrants that must be held by holders consenting to the
amendment or abrogation, and the manner in which that consent
may be given;
(16) covenant as to the use of any of its real or personal property;
(17) covenant as to the maintenance, replacement, and insurance
of its real and personal property, and as to the use and disposition
of insurance money;
(18) covenant as to the rights, liabilities, powers, and duties
arising upon its breach of any covenant, condition, or obligation;
(19) prescribe and covenant as to events of default and the terms
and conditions upon which any of its bonds, notes, or warrants
become or may be declared due before maturity, and as to the
waiver of the right to make such a declaration;
(20) vest in one (1) or more trustees or holders of bonds, notes, or
warrants the right to enforce the payment of the bonds, notes, or
warrants, or any covenants securing or regarding them, and
provide the terms and conditions upon which these rights may be
exercised;
(21) vest in one (1) or more trustees the right, in the event of a
default by the authority, to take possession of and use, operate,
and manage a housing project or any part of it, and to collect and
dispose of rents and revenues in accordance with the agreement
between the authority and trustee;
(22) establish the powers and duties of trustees and limit their
liability; and
(23) make any other covenants.
(b) Any covenants made by the department, division, or agency of
the consolidated city serving the public housing function under this
chapter only binds the consolidated city as to the public housing
function and not generally.
[Pre-Local Government Recodification Citation:
18-7-11-16.]
As added by Acts 1981, P.L.309, SEC.37. Amended by
P.L.344-1987, SEC.10.