Sec. 28. (a) To adequately secure the payment of the bonds, notes, or other evidences of indebtedness, including interest, payable from revenues, the board and the board's officers, agents, and employees shall do the following:
(1) Pay punctually the principal of every bond, note, or other evidence of indebtedness, including interest:
(A) on the date;
(B) at the place;
(C) in the manner; and
(D) out of the money mentioned in the bonds, notes, other evidences of indebtedness, and coupons;
in accordance with the resolution authorizing issuance.
(2) Preserve and protect the security of the bonds, notes, or other evidence of indebtedness and the rights of the holders, and warrant and defend those rights against all claims and demands of all persons.
(3) Hold in trust the revenues pledged to the payment of the bonds, notes, or other evidence of indebtedness for the benefit of the holders and apply those revenues:
(A) only as provided by the resolution authorizing issuance; or
(B) if the resolution is modified in the manner provided in:
(i) the bonds, notes, or other evidence of indebtedness; or
(ii) this chapter;
only as provided in the resolution as modified.
(4) Keep proper books of record and accounts of the water facilities, separate from all other records and accounts:
(A) in which complete and correct entries shall be made of all transactions relating to the water facilities and any part of the water facilities for which the revenues are pledged; and
(B) that, together with all other books and papers of the board, are at all times subject to the inspection of the holder of the bonds, notes, or other evidences of indebtedness then outstanding or a representative of the holder authorized in writing.
(b) This section does not require the board to expend money other than revenues received or receivable from the water facilities.
[Pre-1995 Recodification Citation: 13-3-4-11.]
As added by P.L.1-1995, SEC.26.
Structure Indiana Code
Title 14. Natural and Cultural Resources
Article 33. Conservancy Districts
Chapter 20. Water Supply Systems
14-33-20-1. Applicability of Chapter
14-33-20-2. "Commission" Defined
14-33-20-3. "Water Facilities" and "Water Supply" Defined
14-33-20-4. District Electing to Furnish Water Supply for Domestic, Industrial, and Public Use
14-33-20-5. District as Legal Entity
14-33-20-6. Territorial Authority
14-33-20-7. Supplying Water Outside Territorial Authority
14-33-20-8. Commission Setting Hearing; Notice
14-33-20-10. Commission's Findings After Hearing
14-33-20-11. Municipality or Public Utility Supplying Water
14-33-20-13. Reasonable and Just Charges for Services; Rates
14-33-20-14. Schedule of Rates and Charges; Regulation
14-33-20-15. "Net Revenues" Defined
14-33-20-16. Resolution Authorizing Bonds, Notes, or Other Evidences of Indebtedness
14-33-20-17. Requirements for Bonds, Notes, or Other Evidences of Indebtedness
14-33-20-20. Recital of Authority of Bond, Note, or Other Evidence of Indebtedness
14-33-20-21. Sale of Bonds, Notes, or Other Evidences of Indebtedness
14-33-20-22. Bonds, Notes, or Other Evidences of Indebtedness Equally and Ratably Secured by Lien
14-33-20-23. Constitutionally Restricted Bonds or Debts Not Authorized
14-33-20-24. Restrictions on Bonds, Notes, or Other Evidences of Indebtedness
14-33-20-26. District Borrowing Money
14-33-20-28. Security of Bonds, Notes, or Other Evidences of Indebtedness
14-33-20-29. Provisions Compromising Parts of Bonds, Notes, or Evidences of Indebtedness
14-33-20-30. Application for Appointment of Receiver of Water Facilities
14-33-20-31. Appointment of Receiver of Water Facilities
14-33-20-32. Receiver Taking Possession of Water Facilities
14-33-20-33. Duties of Receiver
14-33-20-34. Surrender of Possession of Water Facilities by Receiver
14-33-20-35. Court Supervision of Receiver
14-33-20-36. Protection of Holders or Trustees