Indiana § 8-18-22-7 Trust indentures

Indiana Statutes

§ 8-18-22-7 — Trust indentures

Indiana·Art. 18 COUNTY ROADS─FINANCING AND BONDING·Ch. 22 County Road and Bridge Bonding

(a)The bonds may be secured by a trust indenture between the county and a bank having the power of a trust company or any trust company.

(b)The trust indenture may provide for:

(1)protecting and enforcing the rights and remedies of the bondholders as are reasonable and proper and not in violation of law;

(2)covenants setting forth the duties of the county fiscal body in relation to the exercise of its powers and the custody, safekeeping, and application of money related to the bond financing for which the trust indenture exists;

(3)the payment of the proceeds of the bonds and the revenue of the trustee under the trust indenture; and

(4)the method of disbursement of the proceeds of the bonds and the revenue to the trustee, with safeguards and restrictions as the county fiscal body may

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(a) The bonds may be secured by a trust
indenture between the county and a bank having the power of a trust
company or any trust company.
(b) The trust indenture may provide for:
(1) protecting and enforcing the rights and remedies of the
bondholders as are reasonable and proper and not in violation of
law;
(2) covenants setting forth the duties of the county fiscal body in
relation to the exercise of its powers and the custody, safekeeping,
and application of money related to the bond financing for which
the trust indenture exists;
(3) the payment of the proceeds of the bonds and the revenue of
the trustee under the trust indenture; and
(4) the method of disbursement of the proceeds of the bonds and
the revenue to the trustee, with safeguards and restrictions as the
county fiscal body may determine.

Indiana § 8-18-22-7 (Trust indentures) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.