Indiana Code 5-20-2-11. Lien of bonds
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Terms Used In Indiana Code 5-20-2-11
- Bonds: means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter. See Indiana Code 5-20-2-2
- Home: means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units. See Indiana Code 5-20-2-2
- Lien: A claim against real or personal property in satisfaction of a debt.
Sec. 11. Lien of Bonds. Bonds issued under this chapter and the interest on them may be secured by a pledge of or lien upon the revenues and receipts derived from or in connection with the home mortgages or from any notes or other obligations of lending institutions with respect to which the bonds have been issued. The governing body may provide in the ordinance authorizing the bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon these revenues and receipts.
As added by Acts 1979, P.L.47, SEC.1.