§ 5-1-6-13 — Additional powers of governing body; restrictions

Indiana § 5-1-6-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 6: Revenue Bond Refinancing

Text

(a) The governing body shall have power, in
addition to the other powers conferred by this chapter, to insert
provisions in any ordinance or resolution authorizing the issuance of
refunding bonds, which shall be a part of the contract with the holders
of the refunding bonds, as to:
(1) limitations on the purpose to which the proceeds of sale of any
issue of refunding bonds, or any notes, bonds, or other obligations
then or thereafter to be issued to finance the improving of the
enterprise, may be applied;
(2) limitations on the issuance of additional refunding bonds, or
additional notes, bonds, or other obligations to finance the
improving of the enterprise, and on the lien thereof;
(3) limitations on the right of the issuing body or its governing
body to restrict and regulate the use of the enterprise;
(4) the amount and kind of insurance to be maintained on the
enterprise, and the use and disposition of insurance monies;
(5) pledging all or any part of the revenues of the enterprise to
which its right then exists or the right to which may thereafter
come into existence;
(6) covenanting against pledging all or any part of the revenues of
the enterprise to which its right then exists or the right to which
may thereafter come into existence;
(7) events of default and terms and conditions upon which any or
all of the refunding bonds shall become or may be declared due
before maturity and as to the terms and conditions upon which
such declaration and its consequences may be waived;
(8) the rights, liabilities, powers, and duties arising upon the
breach by it of any covenants, conditions or obligations;
(9) the vesting in a trust or trustees the right to enforce any
covenants made to secure, to pay, or in relation to the refunding
bonds, as to the powers and duties of such trustee or trustees, and
the limitation of liabilities thereof, and as to the terms and
conditions upon which the holders of the refunding bonds or any
proportion or percentage of them may enforce any covenants
made under this chapter or duties imposed hereby;
(10) a procedure by which the terms of any resolution or
ordinance authorizing refunding bonds, or any other contract with
bondholders, including but not limited to an indenture of trust or
similar instrument, may be amended or abrogated as to the
amount of refunding bonds, the holders of which must consent
thereto, and the manner in which such consent may be given;
(11) the execution of all instruments necessary or convenient in
the exercise of the powers granted by this chapter or in the
performance of the duties of the issuing body and the officers,
agents, and employees thereof;
(12) refraining from pledging or in any manner whatever claiming
or taking the benefit or advantage of any stay or extension law
whenever enacted, which may affect the duties or covenants of
the issuing body in relation to the refunding bonds, or the
performance thereof, or the lien of such refunding bonds;
(13) the purchase out of any funds available therefor, including
but not limited to the proceeds of refunding bonds, of any
outstanding notes, bonds, or obligations, including but not limited
to refunding bonds, and the price or prices at which and the
manner in which such purchases may be made; and
(14) any other acts and things as may be necessary or convenient
or desirable in order to secure the refunding bonds, or as may tend
to make the refunding bonds more marketable.
(b) Nothing in this section shall be construed to authorize any
issuing body to make any covenants, to perform any act or to do
anything which shall require the expenditure in any manner or for any
purpose by the issuing body of any funds other than revenues received
or receivable from the enterprise.
[Pre-Local Government Recodification Citation:
19-8-7-13.]
As added by Acts 1980, P.L.8, SEC.10.