Sec. 57. (a) This section applies notwithstanding any other law.

     (b) The corporation is required to pay in full the principal of, and interest and premium, if any, on, or rental payments under, its bonds or leases entered into with the building authority, in accordance with the terms of these bonds or leases.

Terms Used In Indiana Code 16-22-8-57

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • building authority: means the building authority established pursuant to IC 36-9-13 by the county in which the corporation is established. See Indiana Code 16-22-8-2.5
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (c) With respect to these bonds or leases, the corporation is prohibited from consenting to or permitting, and shall never be construed as consenting to or permitting, without the consent of one hundred percent (100%) of the owners of all the bonds then outstanding and those bonds then outstanding that are secured by those leases, to any of the following:

(1) An extension of the stated maturity or a reduction in the principal amount of, or a reduction in the rate or an extension of the time of payment of interest on, the bonds.

(2) An extension of the due date or a reduction in the amount of a rental payment under the leases.

(3) The creation of any lien on the revenues, other money, or property pledged to these bonds or leases, which is senior or prior to the lien upon the revenues, other money, or property pledged to these bonds or leases.

(4) A reduction in the aggregate principal amount of the bonds or aggregate amount of rental payments under the leases.

(5) The granting of a privilege, priority, or preference to any of the bonds or any bonds secured by the leases over any other of these bonds.

(6) Any amendment or modification of the powers, remedies, rights, duties, privileges, or immunities of the owners of the bonds.

As added by P.L.189-2018, SEC.147.

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