Indiana § 8-1-11.1-21 Security for revenue obligations; issuance of additional obligations
authorized

Indiana Statutes

§ 8-1-11.1-21 — Security for revenue obligations; issuance of additional obligations authorized

Indiana § 8-1-11.1-21

Art. 1UTILITIES GENERALLY

Ch. 11.1Department of Public Utilities of Consolidated City

This text of Indiana § 8-1-11.1-21 (Security for revenue obligations; issuance of additional obligations authorized) 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 § 8-1-11.1-21 (2026).

Text

Such revenue obligations shall be secured
by a pledge of the unobligated income and revenues of any one (1) or
more of the utility properties of the department of public utilities. In
addition, the board of directors for utilities may in its discretion secure
the payment of such revenue obligations by a mortgage upon the
property of the particular utility for whose benefit the proceeds of the
revenue obligations are to be used. In authorizing the issuance of such
obligations for any particular property or properties, the board of
directors for utilities of the department of public utilities may limit the
amount of such obligations that may be issued as a first lien and charge
against such property or properties and the income and revenues
therefrom, or such board of directors for utilities

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Such revenue obligations shall be secured
by a pledge of the unobligated income and revenues of any one (1) or
more of the utility properties of the department of public utilities. In
addition, the board of directors for utilities may in its discretion secure
the payment of such revenue obligations by a mortgage upon the
property of the particular utility for whose benefit the proceeds of the
revenue obligations are to be used. In authorizing the issuance of such
obligations for any particular property or properties, the board of
directors for utilities of the department of public utilities may limit the
amount of such obligations that may be issued as a first lien and charge
against such property or properties and the income and revenues
therefrom, or such board of directors for utilities may authorize the
issuance from time to time thereafter of additional obligations secured
by the same pledge or lien to provide funds for the completion of the
property, properties, betterments, improvements, extensions or
additions thereto, on account of which the original obligations were
issued, or to provide funds to pay the cost of additional utility
properties, betterments, improvements, extensions or additions thereto,
or for both such purposes. Such additional obligations shall be issued
on such terms and conditions as such board may determine, and may
be secured equally and ratably, without preference, priority or
distinction, with the original issue of obligations or may be made junior
thereto.
[Pre-Local Government Recodification Citation:
19-3-24-21.]
As added by Acts 1981, P.L.11, SEC.43.