Indiana Code 36-9-23-22. Bonds; security by trust indenture permitted; terms of indenture
(b) The ordinance authorizing the revenue bonds may provide that:
Terms Used In Indiana Code 36-9-23-22
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
(A) the construction, acquisition, improvement, operation, repair, maintenance, and insurance of the sewage works; and
(B) the custody, safeguarding, and application of all money; and
(2) the works shall be contracted for, constructed, and paid for under the supervision and approval of consulting engineers employed or designated by the board and satisfactory to the original bond purchasers or their successors, assigns, or nominees, who may be given the right to specify the security to be given by contractors and by any depository of the proceeds of bonds, revenues of the works, or other money pertaining to the works.
(b) The trust indenture may set forth the rights and remedies of the bondholders and trustee, restricting the individual right of action of bondholders as is customary in a trust indenture securing bonds and debentures of corporations. Except as otherwise provided in this chapter, the municipal legislative body may, by ordinance or in the trust indenture, specify:
(1) the officer, board, or depository that shall collect the proceeds of the sale of the bonds and the revenues of the sewage works; and
(2) the method of disbursing the proceeds and revenues.
[Pre-Local Government Recodification Citation: 19-2-5-15.]
As added by Acts 1981, P.L.309, SEC.96.