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Indiana Code Title 14. Natural and Cultural Resources § 14-33-20-34

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 34. (a) Whenever:

(1) all that is due:

(A) upon the bonds, notes, or other evidences of indebtedness payable from revenues, including interest;  and

(B) upon other notes, bonds, or other obligations, including interest, having a charge, lien, or encumbrance on the revenues of the water facilities;

under the terms of covenants or agreements with the holders have been paid or deposited as provided;  and

(2) all defaults have been cured;

the court may, after notice and hearing that the court considers reasonable and proper, direct the receiver to surrender possession of the facilities to the board.

(b) The same right of the holders of the bonds, notes, or other evidences of indebtedness to secure the appointment of a receiver exists upon a subsequent default as provided in this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 14. Natural and Cultural Resources § 14-33-20-34 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-14-natural-and-cultural-resources/in-code-sect-14-33-20-34/

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