§ 36-7-18-33 — Obligees of housing authorities; rights

(a) For purposes of this chapter, the
following persons are considered obligees of a housing authority:
(1) A holder of bonds, notes, or warrants.
(2) A trustee for such a holder.
(3) A person who leases property to the authority for use in
connection with a housing project, or an assignee of that person's
interest.
(4) The federal government, when it is a party to a contract with
the authority.
(b) In addition to an obligee's other rights and subject only to any
contractual restrictions binding upon an obligee, an obligee of a
housing authority may:
(1) by proceedings at law or in equity compel the authority and its
commissioners, officers, agents, or employees to perform every
term, provision, and covenant contained in any contract of the
authority with or for the benefit of the obligee, and require the
authority to perform all duties imposed upon it by this chapter;
and
(2) by proceedings in equity enjoin unlawful conduct or the
violation of any of the obligee's rights as an obligee of the
authority.
(c) A housing authority may, by resolution, trust indenture,
mortgage, lease, or other contract, confer upon any obligee holding or
representing a specified amount in bonds, notes, or warrants, or holding
a lease, the right, upon the happening of an event of default as defined
in the resolution or contract, to:
(1) cause possession of a housing project, or any part of a project,
to be surrendered to the obligee;
(2) require the authority and its commissioners to account as if
they were the trustees of an express trust; and
(3) obtain the appointment of a receiver of a housing project, or
any part of a project, and of rents and profits from it.
If a receiver is appointed under subdivision (3), the receiver may enter,
take possession of, operate, and maintain the project. The receiver may
collect all fees, rents, and other revenues arising from the project, and
the receiver shall keep them in one (1) or more separate accounts and
apply them in accordance with the obligations of the authority, as
directed by the court.
[Pre-Local Government Recodification Citations:
18-7-11-3(n); 18-7-11-17; 18-7-11-18.]
As added by Acts 1981, P.L.309, SEC.37. Amended by
P.L.127-2017, SEC.216.