§ 8-18-21-11 — Trust indentures

Indiana § 8-18-21-11

• Jurisdiction: Indiana
• Art. 18: COUNTY ROADS─FINANCING AND BONDING
• Ch. 21: County Toll Road Financing

Text

(a) The board of directors of an authority
may secure bonds issued or loans made under this chapter by a trust
indenture between the authority and a corporate trustee, which may be
any trust company or national or state bank within Indiana that has trust
powers.
(b) The trust indenture may:
(1) mortgage all or part of the toll road facility for which the
bonds are issued or loan is made;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders or lenders,
including covenants setting forth the duties of the authority and
board concerning:
(A) the construction, operation, repair, maintenance, and
insurance of the toll road facility; and
(B) the custody, safeguarding, and application of all money
received or to be received by the authority on account of the toll
road facility financed by the bonds or loan;
(3) set forth the rights and remedies of the bondholders or lenders
and trustee; and
(4) restrict the individual right of action of bondholders or
lenders.
(c) Except as otherwise provided in this chapter, the board of
directors may, by resolution or in the trust indenture, specify:
(1) the officer, board, or depository to which the proceeds of the
bonds or loan shall be paid; and
(2) the method of disbursing those proceeds.

Legislative History

As added by P.L.386-1987(ss), SEC.21.