Indiana § 8-15-2-10.5 Toll road succeeding lien bonds

Indiana Statutes

§ 8-15-2-10.5 — Toll road succeeding lien bonds

Indiana § 8-15-2-10.5

Art. 15TOLL ROADS

Ch. 2Operation and Financing of Toll Roads

This text of Indiana § 8-15-2-10.5 (Toll road succeeding lien bonds) 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 § 8-15-2-10.5 (2026).

Text

5.

(a)If at any time all revenues are pledged to secure the payment of any toll road revenue bonds then outstanding, the authority, rather than providing for the issuance of another series of bonds equally secured by a pledge of such revenues or for immediate refunding of such bonds, may as it considers it advisable, provide by resolution for the issuance of toll road succeeding lien bonds of the state for the purpose of paying all or any part of the cost of any one (1) or more toll road projects, or for the present or future refunding of part or all of the outstanding toll road revenue bonds, or for both purposes.

(b)Notwithstanding any other provision of this chapter, revenues shall not be considered to be pledged for the payment of such succeeding lien bonds, including the interest th

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5. (a) If at any time all revenues are pledged
to secure the payment of any toll road revenue bonds then outstanding,
the authority, rather than providing for the issuance of another series of
bonds equally secured by a pledge of such revenues or for immediate
refunding of such bonds, may as it considers it advisable, provide by
resolution for the issuance of toll road succeeding lien bonds of the
state for the purpose of paying all or any part of the cost of any one (1)
or more toll road projects, or for the present or future refunding of part
or all of the outstanding toll road revenue bonds, or for both purposes.
(b) Notwithstanding any other provision of this chapter, revenues
shall not be considered to be pledged for the payment of such
succeeding lien bonds, including the interest thereon, so long as any of
such prior bonds are outstanding but, upon retirement of such prior
bonds, such revenues shall be subjected immediately to a pledge
securing the succeeding lien bonds by the terms of the trust agreement
under which such succeeding lien bonds are issued without any further
action by the authority.
(c) Succeeding lien bonds must provide that, pending payment of all
such prior outstanding bonds, interest on the succeeding lien bonds
shall be paid solely from the portion of the proceeds of the succeeding
lien bonds designated for the payment of capitalized interest and from
the earnings on such proceeds. After such prior outstanding bonds have
been redeemed or retired, the principal of, premium, if any, and the
interest on, the succeeding lien bonds shall be payable solely from the
revenues and other funds pledged for such payment.
(d) The issuance and sale of succeeding lien bonds, the maturities
and other details thereof, the rights of the holders thereof, and the
rights, duties and obligations of the authority with respect thereto, shall
be governed by the provisions of this chapter insofar as the same may
be applicable, and the authority need not comply with the requirements
of any other law applicable to the issuance of bonds other than as set
forth in this chapter.
As added by Acts 1980, P.L.74, SEC.237. Amended by Acts
1981, P.L.41, SEC.55; P.L.109-1983, SEC.14.