Indiana Code 14-33-20-24. Restrictions on bonds, notes, or other evidences of indebtedness

Sec. 24. (a) The bonds, notes, or other evidences of indebtedness, including interest, are not any of the following:

(1) A debt of the district or the board.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Lien: A claim against real or personal property in satisfaction of a debt.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Property: includes personal and real property. See Indiana Code 1-1-4-5

(2) A charge, lien, or encumbrance, legal or equitable, upon:

(A) property of the district; or

(B) income, receipts, or revenues of the district other than the revenues of the water facilities that have been pledged to payment.

(b) Every bond, note, or other evidence of indebtedness must recite in substance the following:

(1) That the bond, note, or other evidence of indebtedness, including interest, is payable solely from the revenues pledged to payment.

(2) That the board is not under an obligation to pay the bond, note, or other evidence of indebtedness except from those revenues.

[Pre-1995 Recodification Citation: 13-3-4-8(f) part.]

As added by P.L.1-1995, SEC.26.