Indiana § 36-9-11.1-16 Rights of bondholders; lien; enforcement proceedings; default

Indiana Statutes

§ 36-9-11.1-16 — Rights of bondholders; lien; enforcement proceedings; default

Indiana § 36-9-11.1-16

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 11.1Parking Facilities in Marion County

This text of Indiana § 36-9-11.1-16 (Rights of bondholders; lien; enforcement proceedings; default) 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 § 36-9-11.1-16 (2026).

Text

(a)There is created a statutory lien upon the property acquired or improved from the proceeds of the bonds, to and in favor of the holders of the bonds, and each of them, and to and in favor of the holders of the coupons evidencing the interest on the bonds, to the extent and with such priority as is stated in the resolution or ordinance authorizing the bonds and set out on the face of the bonds. The property so purchased or acquired remains subject to the statutory lien until payment in full of the principal and interest of the bonds issued on that account.

(b)Any holder of the bonds or of any of the coupons attached to them may, by civil action, protect and enforce all rights granted by the ordinance authorizing the issuance of the bonds or other law, and may so enforce and compel perf

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(a) There is created a statutory lien upon
the property acquired or improved from the proceeds of the bonds, to
and in favor of the holders of the bonds, and each of them, and to and
in favor of the holders of the coupons evidencing the interest on the
bonds, to the extent and with such priority as is stated in the resolution
or ordinance authorizing the bonds and set out on the face of the bonds.
The property so purchased or acquired remains subject to the statutory
lien until payment in full of the principal and interest of the bonds
issued on that account.
(b) Any holder of the bonds or of any of the coupons attached to
them may, by civil action, protect and enforce all rights granted by the
ordinance authorizing the issuance of the bonds or other law, and may
so enforce and compel performance of all duties required by this
chapter or the ordinance to be performed by the consolidated city, or of
any city officer or body such as:
(1) the making and collecting of reasonable and sufficient rates
for services rendered by the parking facilities;
(2) the segregation of the operating expenses, income and
revenues of each of the parking facilities, and the practice of
reasonable economies in them; and
(3) the proper application of the respective funds created under
this chapter.
(c) If there is any default in the payment of the interest on or the
principal of the bonds in accordance with their terms, any court having
jurisdiction of the action may appoint a receiver to administer and
operate, on behalf of the city and the bondholders, the particular
parking facility with respect to which the default occurs. The receiver
may charge and collect rates and charges sufficient to provide for the
payment of the operating expenses, repair, and maintenance, and for
bond service, and may regulate and apply the income and revenues in
conformity with this chapter and the authorizing ordinance. The court
may also declare the whole amount of the bonds due and payable and
order the sale of the parking facility with respect to which the bonds
were issued and sold and the default occurs, and then may apply the
proceeds to the payment of the bonds, to the extent available and
required for that purpose.
As added by Acts 1982, P.L.77, SEC.13.