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

Indiana Statutes

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

Indiana § 36-9-11-11

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 11Municipal Parking Facilities

This text of Indiana § 36-9-11-11 (Mortgage, pledge, or disposal of property while revenue bonds are outstanding; deposit of sale proceeds) 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 § 36-9-11-11 (2026).

Text

(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.

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(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.