§ 5-1.4-4-8 — Trust agreement as security; provisions of trust agreement or resolution; expenses

Indiana § 5-1.4-4-8

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 4: Issuance of Obligations

Text

(a) Any bonds or notes issued under this chapter
may be secured by the board by a trust agreement by and between the
board and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside the state.
(b) The trust agreement or the resolution providing for the issuance
of the bonds or notes may contain provisions for protecting and
enforcing the rights and remedies of the holders of any such bonds or
notes as may be reasonable and proper and not in violation of law.
(c) The trust agreement or resolution may set forth the rights and
remedies of the holders of any bonds or notes and of the trustee and
may restrict the individual right of action by the holders.
(d) In addition to subsections (a), (b), and (c), any trust agreement
or resolution may contain other provisions that the board considers
reasonable and proper for the security of the holders of any bonds or
notes.
(e) All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be paid from revenues or assets pledged
or assigned to the payment of the principal of and the interest on bonds
and notes or from any other funds available to the bank.

Legislative History

As added by P.L.42-1985, SEC.1.