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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 3. (a) The revenue bonds:
(1) are special obligations of the district;
(2) are payable solely from and secured by a lien upon the revenues of all or part of the facilities whether or not the facilities are being financed with revenue bonds under this chapter or IC 13-9.5-9-4 (before its repeal), as shall be more fully described in the resolution authorizing the issuance of the revenue bonds; and
(3) including interest, are not:
(A) a debt of the board, the district, or the units that comprise the district; or
(B) a charge, a lien, or an encumbrance, legal or equitable, upon:
(i) the property of the board;
(ii) the property of the district; or
(iii) the revenues of the board or district other than the revenues of the facilities that have been pledged to the payment of the revenue bonds.
(b) Each revenue bond must recite in substance that:
(1) the revenue bond, including interest, is payable solely from the revenues pledged to the bond's payment; and
(2) neither the board or the district is under any obligation to pay the bond, except from those revenues.
Cite this article: FindLaw.com - Indiana Code Title 13. Environment § 13-21-8-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-13-environment/in-code-sect-13-21-8-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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