§ 8-25-5-5 — Optional provisions of ordinance

Indiana § 8-25-5-5

• Jurisdiction: Indiana
• Art. 25: CENTRAL INDIANA PUBLIC
• Ch. 5: Bonding for Central Indiana Public Transportation

Text

An ordinance authorizing the issuance of bonds
under this chapter or trust indenture under which the bonds are issued
may contain the following provisions:
(1) Pledging revenues of the county to secure the payment of the
bonds, subject to section 6 of this chapter and existing agreements
with bondholders.
(2) Setting aside reserves or sinking funds and the regulation and
disposition of these funds.
(3) Limitations on the purposes to which the proceeds from the
sale of bonds may be applied.
(4) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding or other bonds.
(5) The procedure, if any, by which the terms of a contract with
bondholders may be amended or abrogated and the manner in
which the consent to the amendment or abrogation may be given.
(6) Vesting in a trustee property, rights, powers, and trust as the
county fiscal body determines, and limiting or abrogating the right
of the bondholders to appoint a trustee or to limit the rights,
powers, and duties of the trustee.
(7) Defining acts or omissions that will constitute a default and
the obligations or duties of the county fiscal body to the
bondholders and providing for the rights and remedies of the
bondholders in the event of default. However, the rights and
remedies must not be inconsistent with this chapter or other laws
of this state.
(8) A covenant that the fiscal body will not repeal or adversely
modify the taxes or sources of revenue that are pledged to secure
the payment of the bonds.
(9) Any other matter that affects the security or protection of the
bondholders.

Legislative History

As added by P.L.153-2014, SEC.17.