Indiana § 13-21-12-10 - Covenant and agreement with bondholders

§ 13-21-12-10. Covenant and agreement with bondholders

Sec. 10. The general assembly covenants and agrees with the holders of any bonds that as long as any bonds of a district issued under this article or IC 13-9.5-9 (before its repeal) are outstanding and unpaid, the state:

(1) will not limit or alter the rights of the district to:

(A) acquire, construct, reconstruct, improve, enlarge, extend, own, operate, and maintain any project or interest in any project;

(B) establish, maintain, revise, charge, and collect the fees and taxes referred to in this article; and

(C) fulfill the terms of any agreements made with the holders of the bonds; and

(2) will not in any way impair the rights and remedies of the bondholders;

until the bonds, together with interest on the bonds, interest on any unpaid installment of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders, are fully paid, met, and discharged.

[Pre-1996 Recodification Citation: 13-9.5-9-17.]

As added by P.L.1-1996, SEC.11.