Indiana Code 8-22-3.7-23. Impairment of bondholder rights
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Sec. 23. The general assembly covenants that it will not:
(2) in any way impair the rights of owners of bonds of the development authority, or the owners of bonds secured by lease rentals, secured by a pledge of revenues under this chapter or IC 8-22-3.6.
(1) repeal or amend this chapter, IC 8-22-3.5, or IC 8-22-3.6 in a manner that would adversely affect owners of outstanding bonds, or payment of any lease rentals, secured by the revenues pledged under this chapter, IC 8-22-3.5, or IC 8-22-3.6; or
Terms Used In Indiana Code 8-22-3.7-23
- bonds: means bonds, notes, or other evidences of indebtedness issued by the development authority. See Indiana Code 8-22-3.7-2
- development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
As added by P.L.108-1993, SEC.11.