§ 8-1-2.2-17 — Agreement of state with bondholders

Indiana § 8-1-2.2-17

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 2.2: Municipal Electric Utility Programs

Text

Agreement of the State. The state hereby
covenants and agrees with the holders of any bonds that so long as any
bonds of a municipality or joint agency issued under this chapter are
outstanding and unpaid, the state will not limit or alter the rights vested
in such municipality or joint agency to acquire, construct, reconstruct,
improve, enlarge, extend, own, operate and maintain its electric system
or any project or interest in any project, or to establish, maintain,
revise, charge, and collect the rents, rates, fees and charges referred to
in this chapter and to fulfill the terms of any agreements made with the
holders of the bonds or in any way impair the rights and remedies of
the bondholders, until the bonds, together with interest thereon, interest
on any unpaid installment of interest, and all costs and expenses in
connection with any action or proceedings by or on behalf of the
bondholders, are fully paid, met and discharged.
As added by Acts 1980, P.L.68, SEC.1.