Indiana § 5-1.4-7-1 Achievement of purpose of article without jeopardizing holders of
bonds or notes

Indiana Statutes

§ 5-1.4-7-1 — Achievement of purpose of article without jeopardizing holders of bonds or notes

Indiana § 5-1.4-7-1

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.4LOCAL PUBLIC IMPROVEMENT BOND BANKS

Ch. 7Default of the Bank

This text of Indiana § 5-1.4-7-1 (Achievement of purpose of article without jeopardizing holders of bonds or notes) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.4-7-1 (2026).

Text

In order to:

(1)carry out its purpose under this article by purchasing securities of qualified entities and by receipt of its income from service charges and from payments of interest on and the maturing principal of securities purchased and held by it; and

(2)produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this article and to pay the principal of and interest on its outstanding bonds and notes when due; the bank must at all times, and to the greatest extent possible, plan to issue its bonds and notes and purchase securities of qualified entities so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bank or adversely affecting other matters under this article.

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In order to:
(1) carry out its purpose under this article by purchasing securities
of qualified entities and by receipt of its income from service
charges and from payments of interest on and the maturing
principal of securities purchased and held by it; and
(2) produce revenues or income to the bank sufficient at all times
to meet its costs and expenses of operation under this article and
to pay the principal of and interest on its outstanding bonds and
notes when due;
the bank must at all times, and to the greatest extent possible, plan to
issue its bonds and notes and purchase securities of qualified entities
so that the purpose is achieved without in any way jeopardizing any
rights of the holders of bonds or notes of the bank or adversely
affecting other matters under this article.