Indiana § 36-9-11.1-12 Encumbrance, lease, or sale of facilities or equipment while revenue
bonds are outstanding

Indiana Statutes

§ 36-9-11.1-12 — Encumbrance, lease, or sale of facilities or equipment while revenue bonds are outstanding

Indiana § 36-9-11.1-12

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 11.1Parking Facilities in Marion County

This text of Indiana § 36-9-11.1-12 (Encumbrance, lease, or sale of facilities or equipment while revenue bonds are outstanding) 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 § 36-9-11.1-12 (2026).

Text

So long as any of the revenue bonds are
outstanding, the consolidated city may not mortgage, pledge, or
otherwise encumber any part of the property of the parking facility or
facilities, or dispose of any part of them. However, equipment that is
worn out and replaced or property that is no longer useful or profitable
in the operation of the facility or facilities, and the proceeds from any
such sale, shall be deposited in the fund or account for the payment of
the principal and interest on the revenue bonds. In addition, the city
may lease the property or any part of it to others for public, private, or
commercial purposes on such terms and conditions and for such time
so as not to adversely affect the rights of bondholders.
As added by Acts 1982, P.L.77, SEC.13.

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So long as any of the revenue bonds are
outstanding, the consolidated city may not mortgage, pledge, or
otherwise encumber any part of the property of the parking facility or
facilities, or dispose of any part of them. However, equipment that is
worn out and replaced or property that is no longer useful or profitable
in the operation of the facility or facilities, and the proceeds from any
such sale, shall be deposited in the fund or account for the payment of
the principal and interest on the revenue bonds. In addition, the city
may lease the property or any part of it to others for public, private, or
commercial purposes on such terms and conditions and for such time
so as not to adversely affect the rights of bondholders.
As added by Acts 1982, P.L.77, SEC.13.