Sec. 11. (a) As long as any of the revenue bonds issued under section 16 of this chapter are outstanding, the municipality may not mortgage, pledge, otherwise encumber, sell, or dispose of any part of the property of a parking facility, except that it may sell or dispose of:
(1) equipment that is worn out and is to be replaced; or
(2) property that is no longer useful or profitable in the operation of the facility.
(b) The proceeds of a sale under subsection (a) shall be deposited in the fund or account for the payment of the principal of and interest on the revenue bonds.
[Pre-Local Government Recodification Citations: 19-5-11-11 part; 19-5-13-13 part.]
As added by Acts 1981, P.L.309, SEC.84.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 11. Municipal Parking Facilities
36-9-11-1. Application of Chapter
36-9-11-2. Declaration of Public Purpose
36-9-11-3. Powers of Municipality
36-9-11-4. Surveys and Studies; Submission of Recommendations to Safety Board and Legislative Body
36-9-11-5. Preparation and Approval of Plans; Notice and Hearing; Appeals
36-9-11-6. Powers of Works Board; Payment of Expenses; Contracts
36-9-11-7. Rates and Charges; Adoption of Operating Rules; Employees' Bonds
36-9-11-8. Acquisition and Use of Property
36-9-11-10. Tax Liability and Exemptions
36-9-11-12. Leases; Authorization
36-9-11-13. Leases; Procedure; Approval by Legislative Body
36-9-11-14. Lease of Space and Air Rights; Deposit of Rentals
36-9-11-17. Actions by Bondholders; Appointment of Receivers
36-9-11-18. Parking Facilities; Records and Accounts When Revenue Bonds Are Issued
36-9-11-19. Deposit of Revenues From Parking Facilities
36-9-11-20. Pledge of Revenues; Authorization
36-9-11-21. Pledge of Revenues; Deposits; Irrevocability
36-9-11-22. Bond Revenues and Revenues Pledged to Pay Bonds Considered Trust Funds