§ 5-20-1-9 — Trust agreements to secure authority obligations

Indiana § 5-20-1-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 1: Indiana Housing and Community Development Authority

Text

Trust Agreement to Secure Authority
Obligations. In the discretion of the authority, any obligations issued
under the provisions of this chapter may be secured by a trust
agreement by and between the authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust
company within or outside the state of Indiana. Such trust agreement
or the resolution providing for the issuance of such obligations,
whether or not secured, may pledge or assign all or any part of the
revenues or assets of the authority, including, without limitation,
mortgage loans, mortgage loan commitments, construction loans, loans
to lenders, contracts, agreements and other security or investment
obligations, the fees or charges made or received by the authority, the
moneys received in payment of loans and interest thereon, and any
other moneys received or to be received by the authority. Such trust
agreement or resolution may contain such provisions for protecting and
enforcing the rights and remedies of the holders of any such obligations
as may be reasonable and proper and not in violation of law, including
convenants setting forth the duties of the authority in relation to the
purposes to which obligation proceeds may be applied, the disposition
or pledging of the revenues or assets of the authority, the terms and
conditions for the issuance of additional obligations, and the custody,
safeguarding and application of all moneys. It shall be lawful for any
bank or trust company incorporated under the laws of the state which
may act as depository of the proceeds of obligations, revenues, or other
money to furnish such indemnifying bonds or to pledge such securities
as may be required by the authority. Any such trust agreement or
resolution may set forth the rights and remedies of the holders of any
obligations and of the trustee, and may restrict the individual right of
action by any such holders. In addition to the foregoing, any such trust
agreement or resolution may contain such other provisions as the
authority may deem reasonable and proper for the security of the
holders of any obligations. All expenses incurred in carrying out the
provisions of such trust agreement or resolution may be paid from the
revenues or assets pledged or assigned to the payment of the principal
of and the interest on obligations, or from any other funds available to
the authority.
As added by Acts 1978, P.L.28, SEC.1.