In the discretion of the ports of Indiana any
bonds issued under the provisions of this act may be secured by a trust
agreement by and between the ports of Indiana and a corporate trustee,
which may be any trust company or bank having the powers of a trust
company within the state, except as provided in IC 8-10-4. Any
resolution adopted by the commission providing for the issuance of
revenue bonds and any trust agreement pursuant to which such bonds
are issued may pledge or assign all or any portion of the revenues
received or to be received by the ports of Indiana except such part as
may be necessary to pay the cost of the ports of Indiana's administrative
expenses, operation, maintenance and repair and to provide reserves
therefor and depreciation reserves required by any bond resolution
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In the discretion of the ports of Indiana any
bonds issued under the provisions of this act may be secured by a trust
agreement by and between the ports of Indiana and a corporate trustee,
which may be any trust company or bank having the powers of a trust
company within the state, except as provided in IC 8-10-4. Any
resolution adopted by the commission providing for the issuance of
revenue bonds and any trust agreement pursuant to which such bonds
are issued may pledge or assign all or any portion of the revenues
received or to be received by the ports of Indiana except such part as
may be necessary to pay the cost of the ports of Indiana's administrative
expenses, operation, maintenance and repair and to provide reserves
therefor and depreciation reserves required by any bond resolution
adopted or trust agreement executed by the ports of Indiana, but the
ports of Indiana shall not convey or mortgage any port or project or any
part thereof, except for self liquidating or nonrecourse projects under
IC 8-10-4. In authorizing the issuance of bonds for any particular port
or project, the ports of Indiana may limit the amount of such bonds that
may be issued as a first lien and charge against the revenues pledged
to the payment of such bonds or the ports of Indiana may authorize the
issuance from time to time thereafter of additional bonds secured by the
same lien to provide funds for the completion of the port or project on
account of which the original bonds were issued, or to provide funds to
pay the cost of additional projects undertaken in connection with the
development of the port or project, or for both such purposes. Such
additional bonds shall be issued on such terms and conditions as may
be provided in the bond resolution or resolutions adopted by the
commission and in the trust agreement or any agreement supplemental
thereto and may be secured equally and ratably without preference,
priority, or distinction with the original issue of bonds or may be made
junior thereto. Any pledge or assignment made by the ports of Indiana
pursuant hereto shall be valid and binding from the time that the pledge
or assignment is made and the revenues so pledged and thereafter
received by the ports of Indiana shall immediately be subject to the lien
of such pledge or assignment without physical delivery thereof or
further act. The lien of such pledge or assignment shall be valid and
binding against all parties having claims of any kind in tort, contract or
otherwise against the ports of Indiana irrespective of whether such
parties have notice thereof. Neither the resolution nor any trust
agreement by which a pledge is created or assignment made need be
filed or recorded except in the records of the ports of Indiana. Any such
trust agreement or any resolution providing for the issuance of such
bonds may contain such provisions for protecting and enforcing the
rights and remedies of the bondholders as may be reasonable and
proper and not in violation of law, including, but not limited to,
covenants setting forth the duties of the ports of Indiana in relation to
the acquisition of property and the construction, improvement,
maintenance, repair, operation, and insurance of the port or project in
connection with which such bonds shall have been authorized, the rates
of fees, tolls, rentals, or other charges, to be collected for the use of the
project, and the custody, safeguarding, and application of all moneys,
and provisions for the employment of consulting engineers in
connection with the construction or operation of such project. 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 bonds or other
funds of the ports of Indiana, to furnish such indemnifying bonds or to
pledge such securities as may be required by the ports of Indiana. Any
such trust agreement may set forth the rights and remedies of the
bondholders and of the trustee, and may restrict the individual right of
action by bondholders as is customary in trust agreements or trust
indentures securing bonds or debentures of private corporations. In
addition to the foregoing, any such trust agreement may contain such
other provisions as the ports of Indiana may deem reasonable and
proper for the security of the bondholders. All expenses incurred in
carrying out the provisions of any such trust agreement may be treated
as a part of the cost of the operation of the port or project.
Formerly: Acts 1961, c.11, s.16. As amended by P.L.224-2003,
SEC.216 and P.L.271-2003, SEC.16; P.L.232-2005, SEC.7;
P.L.98-2008, SEC.26.