Indiana § 8-22-3.7-19 Trust indentures securing bonds

Indiana Statutes

§ 8-22-3.7-19 — Trust indentures securing bonds

Indiana § 8-22-3.7-19

Art. 22AIRPORTS

Ch. 3.7Airport Development Authority

This text of Indiana § 8-22-3.7-19 (Trust indentures securing 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 § 8-22-3.7-19 (2026).

Text

(a)The development authority may secure bonds issued under this chapter by a trust indenture between the development 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)pledge or assign lease rentals, receipts, and income from leased airport projects;

(2)contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants setting forth the duties of the authority and the board;

(3)set forth the rights and remedies of bondholders and trustee; and

(4)restrict the individual right of action of bondholders. However, the trust indenture may not mortgage airport projects.

(c)Any pledge or assignment made by the develo

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(a) The development authority may secure
bonds issued under this chapter by a trust indenture between the
development 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) pledge or assign lease rentals, receipts, and income from
leased airport projects;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants setting forth the duties of the authority and the board;
(3) set forth the rights and remedies of bondholders and trustee;
and
(4) restrict the individual right of action of bondholders.
However, the trust indenture may not mortgage airport projects.
(c) Any pledge or assignment made by the development authority
under this section is valid and binding in accordance with IC 5-1-14-4
from the time that the pledge or assignment is made, against all persons
whether they have notice of the lien or not. Any trust indenture by
which a pledge is created or an assignment need not be filed or
recorded. The lien is perfected against third parties in accordance with
IC 5-1-14-4.