§ 36-9-11-11 — Mortgage, pledge, or disposal of property while revenue bonds are outstanding; deposit of sale proceeds

(a) As long as any of the revenue bonds
issued under section 16 of this chapter are outstanding, the
municipality may not mortgage, pledge, otherwise encumber, sell, or
dispose of any part of the property of a parking facility, except that it
may sell or dispose of:
(1) equipment that is worn out and is to be replaced; or
(2) property that is no longer useful or profitable in the operation
of the facility.
(b) The proceeds of a sale under subsection (a) shall be deposited
in the fund or account for the payment of the principal of and interest
on the revenue bonds.
[Pre-Local Government Recodification Citations:
19-5-11-11 part; 19-5-13-13 part.]
As added by Acts 1981, P.L.309, SEC.84.