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Indiana Code Title 36. Local Government § 36-7-18-33

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

Sec. 33. (a) For purposes of this chapter, the following persons are considered obligees of a housing authority:

(1) A holder of bonds, notes, or warrants.

(2) A trustee for such a holder.

(3) A person who leases property to the authority for use in connection with a housing project, or an assignee of that person's interest.

(4) The federal government, when it is a party to a contract with the authority.

(b) In addition to an obligee's other rights and subject only to any contractual restrictions binding upon an obligee, an obligee of a housing authority may:

(1) by proceedings at law or in equity compel the authority and its commissioners, officers, agents, or employees to perform every term, provision, and covenant contained in any contract of the authority with or for the benefit of the obligee, and require the authority to perform all duties imposed upon it by this chapter;  and

(2) by proceedings in equity enjoin unlawful conduct or the violation of any of the obligee's rights as an obligee of the authority.

(c) A housing authority may, by resolution, trust indenture, mortgage, lease, or other contract, confer upon any obligee holding or representing a specified amount in bonds, notes, or warrants, or holding a lease, the right, upon the happening of an event of default as defined in the resolution or contract, to:

(1) cause possession of a housing project, or any part of a project, to be surrendered to  the obligee;

(2) require the authority and its commissioners to account as if they were the trustees of an express trust;  and

(3) obtain the appointment of a receiver of a housing project, or any part of a project, and of rents and profits from it.

If a receiver is appointed under subdivision (3), the receiver may enter, take possession of, operate, and maintain the project.  The receiver may collect all fees, rents, and other revenues arising from the project, and the receiver shall keep them in one (1) or more separate accounts and apply them in accordance with the obligations of the authority, as directed by the court.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-18-33 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-18-33/

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