Indiana § 36-9-13-32 Trust indentures securing bonds or loans

Indiana Statutes

§ 36-9-13-32 — Trust indentures securing bonds or loans

Indiana § 36-9-13-32

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 13County Building Authority

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Bluebook

Ind. Code § 36-9-13-32 (2026).

Text

(a)The board of directors of a building authority may secure bonds issued under section 30 of this chapter or loans made under section 31 of this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers.

(b)The trust indenture may:

(1)mortgage or grant a security interest in all or part of the land, systems, or government buildings for which the bonds are issued or loan is made;

(2)contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders or lenders, including covenants setting forth the duties of the authority and board concerning:

(A)the construction, operation, extension, remodeling, repair, maintenance, and insuranc

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(a) The board of directors of a building
authority may secure bonds issued under section 30 of this chapter or
loans made under section 31 of this chapter by a trust indenture
between the authority and a corporate trustee, which may be any trust
company or national or state bank within Indiana that has trust powers.
(b) The trust indenture may:
(1) mortgage or grant a security interest in all or part of the land,
systems, or government buildings for which the bonds are issued
or loan is made;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders or lenders,
including covenants setting forth the duties of the authority and
board concerning:
(A) the construction, operation, extension, remodeling, repair,
maintenance, and insurance of the government buildings or
systems; and
(B) the custody, safeguarding, and application of all money
received or to be received by the authority on account of the
government buildings or systems financed by the bonds or loan;
(3) set forth the rights and remedies of the bondholders or lenders
and trustee; and
(4) restrict the individual right of action of bondholders or
lenders.
(c) Except as otherwise provided by this chapter, the board of
directors may, by resolution or in the trust indenture, specify:
(1) the officer, board, or depository to which the proceeds of the
bonds or loan shall be paid; and
(2) the method of disbursing those proceeds.
[Pre-Local Government Recodification Citation:
19-8-4-18.]
As added by Acts 1981, P.L.309, SEC.86. Amended by
P.L.37-1988, SEC.38.