Indiana § 36-9-31-15 Trust indenture, resolution, or ordinance; bonds issued

Indiana Statutes

§ 36-9-31-15 — Trust indenture, resolution, or ordinance; bonds issued

Indiana·Title 36 LOCAL GOVERNMENT·Art. 9 TRANSPORTATION AND PUBLIC WORKS·Ch. 31 Collection and Disposal of Waste in Indianapolis

The bonds issued under this chapter may be secured by a trust indenture by and between the consolidated city and a corporate trustee, which may be any national or state bank having its principal office in Indiana and having trust powers. The trust indenture or resolution or ordinance under which the bonds are issued may:

(1)mortgage the land, any interest in land, or the facilities on account of which the bonds are issued;

(2)pledge the revenues or any other funds, or any part of them, to be received by the consolidated city;

(3)contain such provisions for protecting and enforcing the rights and remedies of the bondholders or lenders as may be considered reasonable, including covenants setting forth the duties of the city and board in relation to the construction of the facilities and t

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The bonds issued under this chapter may be
secured by a trust indenture by and between the consolidated city and
a corporate trustee, which may be any national or state bank having its
principal office in Indiana and having trust powers. The trust indenture
or resolution or ordinance under which the bonds are issued may:
(1) mortgage the land, any interest in land, or the facilities on
account of which the bonds are issued;
(2) pledge the revenues or any other funds, or any part of them, to
be received by the consolidated city;
(3) contain such provisions for protecting and enforcing the rights
and remedies of the bondholders or lenders as may be considered
reasonable, including covenants setting forth the duties of the city
and board in relation to the construction of the facilities and the
custody, safeguarding, application, and investment of all money
received or to be received by the city on account of the facilities
financed by the issuance of the bonds;
(4) provide for the establishment of reserve funds from the bond
proceeds or from other sources to the extent authorized;
(5) set forth the rights and remedies of the bondholders and
trustee, and provisions restricting the individual right or actions
of bondholders;
(6) contain provisions regarding investment of funds, sales,
exchange or disposal of property, and manner of authorizing and
making of payments without regard to any general statute relating
to these matters;
(7) provide for the payment of the proceeds of the sale of bonds
to such trustee, officer, bank, or depository as it may determine
for their custody, and for the method of their disbursement, with
such safeguards and restrictions as it may determine;
(8) provide for the appointment of a receiver by the superior court
of the county under terms and conditions as are considered
reasonable; and
(9) contain such other provisions as the authority may consider
reasonable and proper for the security of the bondholders.
As added by Acts 1982, P.L.77, SEC.27.

Indiana § 36-9-31-15 (Trust indenture, resolution, or ordinance; bonds issued) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.