Sec. 17. State Power to Alter Authority; Pledge Against Impairment of Authority Contracts. The state may at any time, or from time to time, alter or change the structure, organization programs, activities or powers of the authority and may, at its sole discretion, terminate the existence of the authority. However, the state pledges and agrees with the holders of any obligations issued pursuant to this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the right and remedy of the holders until the notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.
As added by Acts 1978, P.L.28, SEC.1.
Structure Indiana Code
Title 5. State and Local Administration
Chapter 1. Indiana Housing and Community Development Authority
5-20-1-1. Legislative Findings and Declaration of Public Policy
5-20-1-4. Powers of the Authority
5-20-1-4.5. Housing for Special Needs Populations; Allocation of Federal Low Income Housing Credits
5-20-1-8. Authorization to Use Revenue Bond Financing; Approval of Public Finance Director Required
5-20-1-9. Trust Agreements to Secure Authority Obligations
5-20-1-10. Pledge of Authority Assets to Obligations of the Authority
5-20-1-11. Receipts as Trust Funds; Investment
5-20-1-12. Enforcement of Authority Duties; Rights of Holders of Authority Obligations
5-20-1-13. Declaration of Negotiability of Authority Obligations
5-20-1-14. Authority Obligations as Authorized Investments
5-20-1-15. Authorization for Issuance of Refunding Obligations
5-20-1-16. Capital Reserve Fund
5-20-1-17. State Power to Alter Authority; Pledge Against Impairment of Authority Contracts
5-20-1-18. Annual Report; Annual Audit
5-20-1-19. Limitation of Liability; Authority Members or Officers
5-20-1-20. Authority to Accept and Expend Funds
5-20-1-22. Disclosure of Conflicts of Interest
5-20-1-23. Authority Assets; Disposition Upon Termination or Dissolution
5-20-1-24. Chapter as Supplemental to Other Laws
5-20-1-25. Liberal Construction