Indiana § 5-20-1-23 Authority assets; disposition upon termination or dissolution

Indiana Statutes

§ 5-20-1-23 — Authority assets; disposition upon termination or dissolution

Indiana § 5-20-1-23

Title 5STATE AND LOCAL ADMINISTRATION

Art. 20HOUSING

Ch. 1Indiana Housing and Community Development Authority

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Bluebook

Ind. Code § 5-20-1-23 (2026).

Text

Authority Assets; Disposition upon
Termination or Dissolution. The authority shall fund its operating costs
from the net revenues derived from the operation of the programs under
section 4 of this chapter. No part of the revenues or assets of the
authority shall inure to the benefit of or be distributable to its members
or officers or other private persons. Any net earnings of the authority
beyond that necessary for retirement of authority indebtedness or to
implement the public purposes of this chapter shall inure to the benefit
of the state. Upon termination or dissolution, all rights and properties
of the authority shall pass to and be vested in the state, subject to the
rights of lienholders and other creditors.
As added by Acts 1978, P.L.28, SEC.1.

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Authority Assets; Disposition upon
Termination or Dissolution. The authority shall fund its operating costs
from the net revenues derived from the operation of the programs under
section 4 of this chapter. No part of the revenues or assets of the
authority shall inure to the benefit of or be distributable to its members
or officers or other private persons. Any net earnings of the authority
beyond that necessary for retirement of authority indebtedness or to
implement the public purposes of this chapter shall inure to the benefit
of the state. Upon termination or dissolution, all rights and properties
of the authority shall pass to and be vested in the state, subject to the
rights of lienholders and other creditors.
As added by Acts 1978, P.L.28, SEC.1.