§ 5-1-6-15 — Remedy

Indiana § 5-1-6-15

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

Text

(a) Subject to any contractual limitations
binding upon the holders of any issue of refunding bonds, or trustee
therefor, including but not limited to the restrictions of the exercise of
any remedy to a specified proportion or percentage of such holders, any
holder of refunding bonds, or trustee therefor, shall have the right and
power, for the equal benefit and protection of all holders of refunding
bonds similarly situated:
(1) by mandamus or other suit, action or proceeding at law or in
equity to enforce his rights against the issuing body and its
governing body and any of its officers, agents and employees and
to require and compel such issuing body or such governing body
or any such officers, agents, or employees to perform and carry
out its and their duties and obligations under this chapter and its
and their covenants and agreements with bondholders;
(2) by action or suit in equity to require the issuing body and the
governing body thereof to account as if they were the trustee of an
express trust;
(3) by action or suit in equity to enjoin any acts or things which
may be unlawful or in violation of the rights of the bondholders;
and
(4) to bring suit upon the refunding bonds.
(b) No remedy conferred by this chapter upon any holder of
refunding bonds, or any trustee therefor, is intended to be exclusive of
any other remedy, but each such remedy is cumulative and in addition
to every other remedy and may be exercised without exhausting and
without regard to any other remedy conferred by this chapter or by any
other law. No waiver of any default or breach of duty or contract,
whether by any holder of refunding bonds, or any trustee therefor, shall
extend to or shall affect any subsequent default or breach of duty or
contract or shall impair any rights or remedies thereon. No delay or
omission of any bondholder or any trustee therefor to exercise any right
or power accruing upon any default shall impair any such right or
power or shall be construed to be a waiver of any such default or
acquiescence in the default. Every substantive right and every remedy,
conferred upon the holders of refunding bonds, may be enforced and
exercised from time to time and as often as may be deemed expedient.
In case any suit, action, or proceeding to enforce any right or exercise
any remedy shall be brought or taken and then discontinued or
abandoned, or shall be determined adversely to the holder of the
refunding bonds, or any trustee therefor, then and in every such case
the issuing body and such holder, or such trustee, shall be restored to
their former positions and rights and remedies as if no such suit, action
or proceeding had been brought or taken.
[Pre-Local Government Recodification Citation:
19-8-7-15.]
As added by Acts 1980, P.L.8, SEC.10. Amended by
P.L.136-2018, SEC.24.