This text of Indiana § 8-1-11.1-22 (Resolution authorizing revenue obligations; trust indenture; terms of
obligations) 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.
(a)Such revenue obligations shall be
authorized by resolution adopted by the board of directors for utilities
and the terms, conditions and form thereof shall be set out in such
resolution or in a form of trust indenture between the corporation and
a designated corporate trustee, or both.
(b)Such revenue obligations shall bear interest, not to exceed a
maximum rate to be determined by the board of directors for utilities,
payable annually or at shorter intervals and shall mature at such time
or times as may be determined in such resolution or indenture. The
obligations may be made redeemable before maturity at the option of
the board of directors for utilities under such terms and conditions as
may be fixed by the resolution or indenture.
(c)The principal and interest of the revenue obl
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(a) Such revenue obligations shall be
authorized by resolution adopted by the board of directors for utilities
and the terms, conditions and form thereof shall be set out in such
resolution or in a form of trust indenture between the corporation and
a designated corporate trustee, or both.
(b) Such revenue obligations shall bear interest, not to exceed a
maximum rate to be determined by the board of directors for utilities,
payable annually or at shorter intervals and shall mature at such time
or times as may be determined in such resolution or indenture. The
obligations may be made redeemable before maturity at the option of
the board of directors for utilities under such terms and conditions as
may be fixed by the resolution or indenture.
(c) The principal and interest of the revenue obligations may be
made payable in any lawful medium. The resolution or indenture shall
determine the form of obligations, including the interest coupons if any
to be attached thereto, and shall fix the denomination or denominations
of the obligations and the place or places of payment of the principal
and interest thereof, which may be at any bank or trust company within
or without the state.
(d) Provision may be made for the registration of any of the
obligations in the name of the owner as to principal alone, or as to both
principal and interest, but fully registered obligations shall be made
convertible to coupon obligations at the option of the registered owner.
The obligations including interest shall be exempt from all taxation:
state, county and municipal.
(e) Such resolution or the indenture may also include provisions for
protecting and enforcing the rights and remedies of the holders of the
obligations being issued and covenants setting forth the duties of the
department of public utilities and its officers in relation to the
acquisition, construction, operation and maintenance of and insurance
to be carried on the property or properties on account of which the
obligations are being issued, and, to the fullest extent permitted by law,
the maintenance of rates and charges to be collected on account hereof;
also, provisions for the custody, safeguarding and application of all
moneys and the rights and remedies of the trustee and the holders of
the obligations being issued, and for the issuance of additional parity
obligations or junior lien obligations secured by a pledge of the
revenues or by a pledge or mortgage of the revenues and property
described in said resolution or indenture; also, such other terms,
conditions, limitations and covenants as the board of directors for
utilities shall deem proper. Such obligations and any interest coupons
appertaining thereto shall be negotiable instruments within the meaning
and for all purposes under the laws of this state, subject only to the
provisions for registration of the obligations.
[Pre-Local Government Recodification Citation:
19-3-24-22.]
As added by Acts 1981, P.L.11, SEC.43.