Indiana § 8-1.5-4-13 Bonds; application of proceeds; default

Indiana Statutes

§ 8-1.5-4-13 — Bonds; application of proceeds; default

Indiana § 8-1.5-4-13

Art. 1.5MUNICIPAL UTILITIES

Ch. 4Department of Waterworks in Certain Municipalities

This text of Indiana § 8-1.5-4-13 (Bonds; application of proceeds; default) 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 § 8-1.5-4-13 (2026).

Text

(a)All money received from bonds issued under this chapter shall be applied solely to the acquisition of the waterworks and the cost of the issuance of the bonds.

(b)Any holder of the bonds or of any of the coupons attached to them may, by action or other proceeding, compel performance of all duties required by this chapter of the board issuing the bonds or of any officer of the board, including the making and collecting of reasonable and sufficient rates lawfully established for service rendered by the waterworks, the segregation of the income and revenues of the utility, and the application of the respective funds created under this chapter.

(c)If there is any default in the payment of the principal or interest of any of the bonds, a court having jurisdiction of the action may:

(1)ap

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(a) All money received from bonds issued
under this chapter shall be applied solely to the acquisition of the
waterworks and the cost of the issuance of the bonds.
(b) Any holder of the bonds or of any of the coupons attached to
them may, by action or other proceeding, compel performance of all
duties required by this chapter of the board issuing the bonds or of any
officer of the board, including the making and collecting of reasonable
and sufficient rates lawfully established for service rendered by the
waterworks, the segregation of the income and revenues of the utility,
and the application of the respective funds created under this chapter.
(c) If there is any default in the payment of the principal or interest
of any of the bonds, a court having jurisdiction of the action may:
(1) appoint an administrator or receiver to administer the
waterworks on behalf of the municipality and the bondholders,
with power to:
(A) charge and collect rates lawfully established sufficient to
provide for the payment of the operating expenses and also to
pay any bonds or obligations outstanding against the
waterworks; and
(B) apply the income and revenues in conformity with this
chapter and the ordinance; or
(2) declare the whole amount of the bonds due and payable and
direct the sale of the waterworks.
Under a sale ordered as provided by subdivision (2), the purchaser is
vested with an indeterminate permit as defined in IC 8-1-2-1 to
maintain and operate the waterworks to supply water to the
municipality and its citizens.
As added by Acts 1982, P.L.74, SEC.1.