IC 36-7-15.3-17 — Trust indenture; provisions
Chapter 15.3. Redevelopment Authority in Marion County
Section text
Sec. 17. (a) The authority may secure bonds issued under this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers. (b) The trust indenture may: (1) pledge or assign lease rentals, receipts, and income from leased local public improvements, but may not mortgage land or local public improvements; (2) contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants setting forth the duties of the authority and board; (3) set forth the rights and remedies of bondholders and trustee; and (4) restrict the individual right of action of bondholders. (c) Any pledge or assignment made by the authority under this section is valid and binding in accordance with IC 5-1-14-4 from the time that the pledge or assignment is made, against all persons whether they have notice of the lien or not. Any trust indenture by which a pledge is created or an assignment need not be filed or recorded. The lien is perfected against third parties in accordance with IC 5-1-14-4.
As added by P.L.84-1987, SEC.14.
Source: official publisher (2026 edition)