§ 5-1.5-4-8 — Trust agreement or resolution; provisions; expenses

Indiana § 5-1.5-4-8

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 4: Issuance of Obligations

Text

(a) In the discretion of the board, any bonds or
notes issued under this chapter may be secured 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 the provisions of subsections (a), (b), and (c), any
trust agreement or resolution may contain such other provisions as the
board may deem 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 board.

Legislative History

As added by P.L.25-1984, SEC.1.