§ 8-14.5-6-19 — Trust agreements or resolutions

Indiana § 8-14.5-6-19

• Jurisdiction: Indiana
• Art. 14.5: LEASE FINANCING FOR TRANSPORTATION
• Ch. 6: Issuance of Bonds and Notes

Text

(a) In the discretion of the authority, any
bonds and notes issued under this chapter may be secured by a trust
agreement by and between the authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust
company in Indiana. Such a trust agreement may also provide for a
cotrustee, which may be any trust company or bank in Indiana or
another state.
(b) The trust agreement or the resolution providing for the issuance
of the bonds or notes may contain provisions for protecting and
enforcing the rights and remedies of the owners of bonds or notes as
may be reasonable and proper, in the discretion of the authority, and
not in violation of law.
(c) The trust agreement or resolution may set forth the rights and
remedies of the owners of any bonds or notes of the trustee and may
restrict the individual right of action by the owners.
(d) Any trust agreement or resolution may contain other provisions
that the authority considers reasonable and proper for the security of
the owners of bonds or notes.
(e) All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be paid from money pledged or assigned
to the payment of the principal of and interest on bonds or notes or
from any other funds available to the authority.

Legislative History

As added by P.L.68-1988, SEC.12.