Indiana § 36-9-30-20 - Revenue bonds; action to question validity and to protect and enforce bondholders' rights

§ 36-9-30-20. Revenue bonds; action to question validity and to protect and enforce bondholders' rights

Sec. 20. (a) An action to question the validity of the revenue bonds or to prevent their issuance may not be brought after the date fixed for their sale.

(b) Any holder of any of the revenue bonds or the coupons attached to them may bring any action necessary to:

(1) protect and enforce the holder's rights under this chapter or the ordinance authorizing the bonds; and

(2) enforce and compel performance of all duties required by this chapter or the ordinance authorizing the bonds, including the making and collecting of reasonable and sufficient fees for the use of and services rendered by the facilities for the disposal of solid waste.

However, the unit may not be compelled to pay fees on behalf of other users or owners.

(c) If there is a failure to pay the principal or interest of any of the bonds on the date named for payment, any court having jurisdiction of the action may appoint a receiver to administer the facilities on behalf of the unit and the bondholders. The receiver may:

(1) charge and collect from all users or owners fees sufficient to provide for the payment of the expenses of operation, repair, and maintenance;

(2) pay any bonds and interest outstanding; and

(3) apply the revenues in conformity with this chapter and the ordinance authorizing the bonds.

[Pre-Local Government Recodification Citations: 19-2-1-13 part; 19-2-1-17 part.]

As added by Acts 1981, P.L.309, SEC.106. Amended by P.L.127-2017, SEC.373.