Sec. 9. Trust Agreement to Secure Authority Obligations. In the discretion of the authority, any obligations issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the state of Indiana. Such trust agreement or the resolution providing for the issuance of such obligations, whether or not secured, may pledge or assign all or any part of the revenues or assets of the authority, including, without limitation, mortgage loans, mortgage loan commitments, construction loans, loans to lenders, contracts, agreements and other security or investment obligations, the fees or charges made or received by the authority, the moneys received in payment of loans and interest thereon, and any other moneys received or to be received by the authority. Such trust agreement or resolution may contain such provisions for protecting and enforcing the rights and remedies of the holders of any such obligations as may be reasonable and proper and not in violation of law, including convenants setting forth the duties of the authority in relation to the purposes to which obligation proceeds may be applied, the disposition or pledging of the revenues or assets of the authority, the terms and conditions for the issuance of additional obligations, and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of obligations, revenues, or other money to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any such trust agreement or resolution may set forth the rights and remedies of the holders of any obligations and of the trustee, and may restrict the individual right of action by any such holders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the holders of any obligations. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be paid from the revenues or assets pledged or assigned to the payment of the principal of and the interest on obligations, or from any other funds available to the authority.
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