§ 5-1.2-4-14 — Bonds; trust agreement or indenture

Indiana § 5-1.2-4-14

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 4: General Powers and Duties

Text

The bonds may be secured by a trust
agreement or indenture by and between the authority and a corporate
trustee, which may be a bank having the power of a trust company or
any trust company within or without the state. The trust agreement or
indenture may contain provisions for protecting and enforcing the
rights and remedies of the bondholders as may be reasonable and
proper and not in violation of law, including covenants setting forth the
duties of the authority in relation to the exercise of the authority's
powers and the custody, safekeeping, and application of all money
related to the particular bond financing for which the trust agreement
or indenture exists. The authority may provide by the trust agreement
or indenture for the payment of the proceeds of the bonds and the
revenue to the trustee under the trust agreement or indenture or other
depository, and for the method of disbursement of the proceeds, with
safeguards and restrictions as the authority may determine. All
expenses incurred in carrying out the trust agreement or indenture may
be treated as a part of the operating expenses of the authority. If the
bonds are secured by a trust agreement or indenture, the bondholders
have no authority to appoint a separate trustee to represent them.

Legislative History

As added by P.L.189-2018, SEC.25.