§ 36-9-23-23 — Bonds; enforcement rights of holders; receivership

Indiana § 36-9-23-23

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 23: Municipal Sewage Works

Text

(a) The rights granted by this section are
subject to any restrictions contained in the ordinance authorizing the
issuance of revenue bonds or in any trust indenture securing the bonds.
(b) The holder of any revenue bonds or any coupons attached to
them, and the trustee, if any, may, either at law or in equity, protect and
enforce all rights granted by this chapter or under the ordinance or trust
indenture, including the making and collecting of reasonable and
sufficient fees for services rendered by the sewage works.
(c) If the principal or interest of any of the revenue bonds is not paid
on the date named in the bonds for payment, any court having
jurisdiction of the action may appoint a receiver to administer the
sewage works on behalf of the municipality, the bondholders, and the
trustee, if any. The receiver may:
(1) charge and collect fees sufficient to provide for the payment
of the expenses of operation, repair, and maintenance of the
works;
(2) pay any revenue bonds and interest outstanding; and
(3) apply the revenues in conformity with this chapter, the
ordinance authorizing the bond issue, and the trust indenture, if
any.
[Pre-Local Government Recodification Citation:
19-2-5-17.]
As added by Acts 1981, P.L.309, SEC.96.