CHAPTER 6. REVENUE BOND REFINANCING
IC 5-1-6
Chapter 6. Revenue Bond Refinancing
IC 5-1-6-1
Short title
Sec. 1. This chapter may be cited as "The Revenue BondRefinancing Law of 1937."
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-2
Definitions
Sec. 2. The following terms wherever used or referred to in thischapter shall have the following meanings, unless a differentmeaning appears from the context:
(a) The term "issuing body" shall mean counties, cities, towns,townships, school cities, school towns, school townships, districts,political or civil subdivisions, or other public corporate bodies of thisstate.
(b) The term "governing body" shall mean the council,commission, board, or other body, officer, or officers whichconstitutes the governing body of an issuing body.
(c) The term "law" shall mean any law, act, or statute, general,special, or local, of this state.
(d) The term "enterprise" shall mean any work or works,undertaking, utility, or project which the issuing body is authorizedto construct and from which the municipality derives revenues forthe refinancing, or the refinancing and improving of whichenterprise, refunding bonds are issued under this chapter, and suchenterprise shall include all improvements, betterments, extensionsand replacements thereto, and all appurtenances, facilities, lands,rights in land, water rights, franchises, and structures in connectiontherewith or incidental thereto.
(e) The term "federal agency" shall include the United States ofAmerica, the President of the United States of America, or anyagency, instrumentality or corporation of the United States ofAmerica, designated or created by or pursuant to any act or acts orjoint resolution or joint resolutions of the Congress of the UnitedStates of America, or which may be owned or controlled, directly orindirectly, by the United States of America.
(f) The term "improving" shall mean reconstructing, replacing,extending, repairing, bettering, equipping, developing, embellishingor improving or any one (1) or more or all of the foregoing.
(g) The term "refunding bonds" shall mean notes, bonds, or otherobligations of an issuing body issued pursuant to this chapter, orpursuant to any other law, as supplemented by, or in conjunctionwith this chapter.
(h) The term "refinancing" shall mean funding, refunding, paying,or discharging, by means of refunding bonds or the proceedsreceived from the sale thereof, all or any part of any notes, bonds, orother obligations issued to finance or to aid in financing the
acquisition, construction or improving of an enterprise and payablesolely from all or any part of the revenues thereof, including interestthereon in arrears or about to become due, whether or not representedby coupons or interest certificates.
(i) The term "revenues" shall mean all fees, tolls, rates, rentals andcharges to be levied and collected in connection with and all otherincome and receipts of whatever kind or character derived by theissuing body from the operation of any enterprise or arising from anyenterprise.
(j) The term "holder of bonds" or "bondholders" or any similarterm shall mean any person who shall be the bearer of anyoutstanding refunding bond or refunding bonds registered to beareror not registered, or the registered owner of any such outstandingbond or bonds which shall at the time be registered other than tobearer.
(k) Words importing the singular number shall include the pluralnumber in each case and vice versa, and words importing personsshall include firms, limited liability companies, and corporations.
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.8-1993,SEC.46.
IC 5-1-6-3
Issuance of refunding bonds to refinance and improve enterprise
Sec. 3. Any issuing body shall have power and is herebyauthorized to refinance, or to refinance and improve, any enterprise,and for such purpose or purposes to borrow money and issuerefunding bonds from time to time.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-4
Authorization by ordinance or resolution; municipally ownedpublic utility; any enterprise
Sec. 4. (a) The refunding bonds shall be authorized by ordinanceor resolution of the governing body. Such ordinance or resolutionmay be adopted at a regular or special meeting, and at the samemeeting at which they are introduced in the manner now provided bylaw.
(b) Whenever refunding bonds are to be authorized and issuedunder this chapter for the purpose of refinancing and improving anymunicipally owned public utility (other than a sewage treatmentworks or a municipally owned public utility originally constructedpursuant to IC 8-1-2) the issuing body desiring to issue suchrefunding bonds shall file its petition in the office of the utilityregulatory commission setting forth the facts showing the necessityfor refinancing and improving such municipally owned utility andpraying for the approval thereof by said commission. The petitionershall give notice of the filing of such petition and hearing thereon tothe citizens and taxpayers of said issuing body by publication onceeach week for two (2) weeks prior to such hearing in a newspaperpublished in such issuing body, or in case no newspaper is there
published, then in a newspaper published in the county in which suchissuing body is situated, and if there be no newspaper published insuch county, notice shall be posted for fifteen (15) days in three (3)public places therein. On the hearing of such petition, if it appearsthat a necessity exists for the relief prayed for, the utility regulatorycommission shall approve the issuance of the refunding bonds, eitheras prayed for or with such modifications or on such conditions asmay be deemed just and proper. Such approval shall contain acertification that the income and revenues of said utility, in additionto providing for operation and maintenance, and depreciation, aresufficient to pay the principal and interest of said bonds, togetherwith a margin of ten percent (10%) in excess thereof. All such bondsso issued under the order of such commission shall be incontestableexcept for fraud, forgery, or violation of constitutional limitations. Ifon such hearing it shall appear that such relief should not be granted,the utility regulatory commission shall so declare and such bondsshall not be issued; however, in case any petition for the approval ofthe issuance of such bonds has been denied by the commission, thegoverning body affected by such denial may within ten (10) daysfrom the date of such denial, file a petition with the commissionpraying for submission of the question of whether such bonds shallbe issued, to the legal voters of such issuing body affected thereby.If such commission be satisfied that said last mentioned petition is indue form, it shall grant the prayer thereof within ten (10) days fromthe filing of such petition and order such election at a time to befixed in such order. The county auditor shall give notice for suchelection and all proceedings for the holding of such election shall begoverned by the law regulating general elections in such issuingbody. The county auditor shall certify the result of such election tothe utility regulatory commission, and if such result be in favor of theissuance of such bonds, said commission within ten (10) days afterthe filing of such certificate of result shall enter an order approvingthe issuance of said bonds. All cost and expenses for the holding ofsuch election shall be paid by the issuing body proposing to issuesuch bonds.
(c) Whenever refunding bonds are to be authorized and issued,under this chapter, for the purpose of refinancing any enterprise, orfor the purpose of refinancing and improving any enterprise exceptthose mentioned in subsection (b), no proceedings or procedure ofany character whatever, other than the adoption of the ordinance orresolution authorizing the issuance of such refunding bonds, shall berequired for the issuance of such refunding bonds by the issuingbody.
(d) Notwithstanding subsection (b) or any other law, refundingbonds may be issued under this chapter by an issuing body withoutapproval of the utility regulatory commission if the governing bodyof the issuing body finds that the refunding will either provide asavings to the issuing body or will not, by itself, result in a rateincrease.
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.44-1987,
SEC.3; P.L.23-1988, SEC.4.
IC 5-1-6-5
Terms and covenants of refunding bonds; negotiability
Sec. 5. The refunding bonds may be issued in one (1) or moreseries, may bear such date or dates, may mature at such time or timesnot exceeding forty (40) years from their respective dates, may bearinterest at any rate, payable annually or at shorter intervals, may bein such denomination or denominations, may be in such form, eithercoupon or registered, may carry such registration and conversionprivileges, may be executed in such manner, may be payable in suchmedium of payment, at such place or places, may be subject to suchterms of redemption, with or without a premium, may be declared orbecome due before the maturity date, may provide for thereplacement of mutilated, destroyed, stolen, or lost bonds, may beauthenticated in such manner and upon compliance with suchconditions, and may contain such other terms and covenants, as maybe provided by ordinance or resolution of the governing body.Notwithstanding the form or tenor, and in the absence of an expressrecital on the face thereof that the bond is nonnegotiable, allrefunding bonds shall at all times be, and shall be treated as, andhave all the qualities and incidents of negotiable instruments for allpurposes.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-6
Validity of authorization; issuance and obligations; recitals in bond
Sec. 6. Refunding bonds bearing the signatures of officers of theissuing body in office on the date of the signing shall be valid andbinding obligations of the issuing body for all purposes,notwithstanding that before the delivery thereof any or all of thepersons whose signatures appear thereon shall have ceased to beofficers of the issuing body, the same as if such persons hadcontinued to be officers of the issuing body until after delivery. Thevalidity of the authorization and issuance of the refunding bondsshall not be dependent on or affected in any way by proceedingstaken for the improving of any enterprise for the refinancing andimproving of which the refunding bonds are to be issued, or bycontracts made in connection with the improving of any suchenterprise. Any resolution or ordinance authorizing refunding bondsmay provide that any such refunding bond may contain a recital thatsuch refunding bond is issued pursuant to this chapter, and anyrefunding bond containing such recital under authority of any suchresolution shall be conclusively deemed to be valid and to have beenissued in conformity with the provisions of this chapter.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-7
Sale and exchange of refunding bonds
Sec. 7. (a) The refunding bonds may be sold or exchanged in
installments at different times, or an entire issue or series may besold or exchanged at one (1) time. Any issue or series of refundingbonds may be exchanged in part or sold in part in installments atdifferent times or at one (1) time. The refunding bonds may be soldor exchanged at any time, on, before, or after the maturity of any ofthe outstanding notes, bonds, or other obligations to be refinancedthereby.
(b) If the governing body determines to exchange any refundingbonds, such refunding bonds may be exchanged privately for and inpayment and discharge of any of the outstanding notes, bonds orother obligations of the issuing body issued to finance or to aid infinancing the acquisition, the construction, the improving, therefinancing, or the improving and refinancing, of an enterprise. Therefunding bonds may be exchanged for a like or greater principalamount of such notes, bonds or other obligations of the issuing body,except that the principal amount of the refunding bonds may exceedthe principal amount of such outstanding notes, bonds, or otherobligations to the extent necessary or advisable, in the discretion ofthe governing body, to fund interest in arrears or about to becomedue. The holder or holders of such outstanding notes, bonds, or otherobligations need not pay accrued interest on the refunding bonds tobe delivered in exchange therefor if and to the extent that interest isdue or accrued and unpaid on such outstanding notes, bonds, or otherobligations to be surrendered.
(c) If the governing body determines to sell any refunding bonds,such refunding bonds shall be sold at not less than par at public salein such manner and upon such terms as the governing body shalldeem best for the interests of the issuing body.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-8
Lien on revenues of enterprise to secure bonds; additional security;priority; restrictions
Sec. 8. (a) The refunding bonds shall be special obligations of theissuing body and shall be payable from and secured by a lien uponthe revenues of the enterprise, as shall be more fully described in theordinance or resolution of the governing body authorizing theissuance of the refunding bonds, and, subject to the constitution andto the prior or superior rights of any person, any issuing body shallhave power by ordinance or resolution of its governing body topledge and assign for the security of the refunding bonds all or anypart of the gross or the net revenues of such enterprise.
(b) As additional security for any issue of refunding bondshereunder, or any part thereof, any issuing body shall have power,and is hereby authorized, by ordinance or resolution of its governingbody to confer upon the holders of the refunding bonds all rights,powers and remedies which said holders would be entitled to if theywere the owners and had possession of the notes, bonds or otherobligations for the refinancing of which such refunding bonds shallhave been issued including, but not limited to, the preservation of the
lien of such notes, bonds or other obligations withoutextinguishment, impairment or diminution thereof. In the event anyissuing body exercises the power conferred by this subsection:
(1) each refunding bond shall contain a recital to the effect thatthe holder thereof has been granted the additional securityprovided by this subsection; and
(2) each note, bond or other obligation of the issuing body to berefinanced by any such refunding bonds, shall be kept intact andshall not be cancelled or destroyed until the refunding bonds,and interest thereon, have been finally paid and discharged butshall be stamped with a legend to the effect that such note,bond, or other obligation has been refunded pursuant to thischapter.
(c) All refunding bonds of the same issue shall be equally andratably secured, without priority by reason of number, date of bonds,of sale, of execution or of delivery, by a lien upon the revenues of theenterprise in accordance with the provisions of this section and theordinance or resolution authorizing the issuance of such refundingbonds.
(d) Nothing in this section or in any other section of this chaptershall be deemed in any way to alter the terms of any agreementsmade with the holders of any outstanding notes, bonds, or otherobligations of the issuing body or to authorize the issuing body toalter the terms of any such agreements, or to impair, or to authorizethe issuing body to impair the rights and remedies of any creditors ofthe issuing body.
(e) Nothing in this section or any other section of this chaptershall be deemed in any way to authorize any issuing body to doanything in any manner or for any purpose which would result in thecreation or incurring of a debt or indebtedness or the issuance of anyinstrument which would constitute a bond or debt within the meaningof any provision, limitation, or restriction of the constitution relatingto the creation or incurring of a debt or indebtedness or the issuanceof an instrument constituting a bond or debt.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-9
Liability of issuing body
Sec. 9. (a) No recourse shall be had for the payment of therefunding bonds, or interest thereon, or any part thereof, against thegeneral fund of any issuing body, nor shall the credit or taxing powerof any issuing body be deemed to be pledged thereto.
(b) The refunding bonds, and interest thereon, shall not be a debtof the issuing body, nor a charge, lien, or encumbrance, legal orequitable, upon any property of the issuing body, or upon anyincome, receipts, or revenues of the issuing body other than such ofthe revenues of the enterprise as shall have been pledged to thepayment thereof, and every refunding bond shall recite in substancethat said bond, including interest thereon, is payable solely from therevenues pledged to the payment thereof and that the issuing body is
under no obligation to pay the same, except from said revenues.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-10
Exemption from taxation; exception
Sec. 10. The refunding bonds and the income therefrom shall beexempt from taxation, except the financial institutions tax andinheritance, estate and transfer taxes.
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.21-1990,SEC.4.
IC 5-1-6-11
Fiscal agent
Sec. 11. Any issuing body shall have power in connection with theissuance of refunding bonds to appoint a fiscal agent, to provide forthe powers, duties and functions and compensations of such fiscalagent, to limit the liabilities of such fiscal agent, to prescribe amethod for the resignation, removal, merger or consolidation of suchfiscal agent and the appointment of a successor fiscal agent and thetransfer of rights and properties to such successor fiscal agent.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-12
Duties of issuing body and others to secure payment of bonds andinterest
Sec. 12. (a) In order that the payment of the refunding bonds, andinterest thereon, shall be adequately secured, any issuing bodyissuing refunding bonds pursuant to this chapter and the properofficers, agents and employees thereof, are hereby directed, and itshall be the mandatory duty of such issuing body and such officers,agents and employees under this chapter, and it shall further be of theessence of the contract of such issuing body with the bondholders, atall times:
(1) to pay or cause to be paid punctually the principal of everyrefunding bond, and the interest thereon, on the date or datesand at the place or places and in the manner and out of thefunds mentioned in such refunding bonds and in the couponsthereto appertaining and in accordance with the resolutionauthorizing their issuance;
(2) to operate the enterprise in an efficient and economicalmanner and to establish, levy, maintain, and collect such fees,tolls, rentals, rates and other charges in connection therewith asmay be necessary or proper, which said fees, tolls, rates, rentals,and other charges shall be at least sufficient after making dueand reasonable allowances for contingencies and for a marginof error in the estimates:
(i) to pay all current expenses of operation, maintenance andrepair of such enterprise;
(ii) to pay the interest on and principal of the refundingbonds as the same shall become due and payable; (iii) to comply in all respects with the terms of the ordinanceor resolution authorizing the issuance of refunding bonds orany other contract or agreement with the holders of therefunding bonds; and
(iv) to meet any other obligations of the issuing body whichare charges, liens, or encumbrances upon the revenues ofsuch enterprise;
provided, however, that nothing in this section shall beconstrued as curtailing any authority of the utility regulatorycommission to approve rates or charges;
(3) to operate, maintain, preserve, and keep, or cause to beoperated, maintained, preserved, and kept, the enterprise andevery part and parcel thereof, in good repair, working order andcondition;
(4) to preserve and protect the security of the refunding bondsand the rights of the holders thereof, and to warrant and defendsuch rights against all claims and demands of all personswhomsoever;
(5) to pay and discharge, or cause to be paid or discharged anyand all lawful claims for labor, materials, and supplies, which,if unpaid, might by law become a lien or charge upon therevenues or any part thereof, prior or superior to the lien of therefunding bonds, or which might impair the security of therefunding bonds, to the end that the priority and security of therefunding bonds shall be fully preserved and protected;
(6) to hold in trust the revenues pledged to the payment of therefunding bonds for the benefit of the holders of the refundingbonds and to apply such revenues only as provided by theresolution or resolutions authorizing the issuance of therefunding bonds or, if such resolution or resolutions shallthereafter be modified in the manner provided therein or herein,only as provided in such resolution or resolutions as modified;and
(7) to keep proper books of record and accounts of theenterprise (separate from all other records and accounts) inwhich complete and correct entries shall be made of alltransactions relating to the enterprise or any part thereof, andwhich, together with all other books and papers of the issuingbody, shall at all times be subject to the inspection of the holderor holders of not less than ten percent (10%) of the refundingbonds then outstanding or his or their representatives dulyauthorized in writing.
(b) None of the foregoing duties shall be construed to require theexpenditure in any manner or for any purpose by the issuing body ofany funds other than revenues received or receivable from theenterprise.
As added by Acts 1980, P.L.8, SEC.10. Amended by P.L.23-1988,SEC.5.
IC 5-1-6-13
Additional powers of governing body; restrictions
Sec. 13. (a) The governing body shall have power, in addition tothe other powers conferred by this chapter, to insert provisions in anyordinance or resolution authorizing the issuance of refunding bonds,which shall be a part of the contract with the holders of the refundingbonds, as to:
(1) limitations on the purpose to which the proceeds of sale ofany issue of refunding bonds, or any notes, bonds, or otherobligations then or thereafter to be issued to finance theimproving of the enterprise, may be applied;
(2) limitations on the issuance of additional refunding bonds, oradditional notes, bonds, or other obligations to finance theimproving of the enterprise, and on the lien thereof;
(3) limitations on the right of the issuing body or its governingbody to restrict and regulate the use of the enterprise;
(4) the amount and kind of insurance to be maintained on theenterprise, and the use and disposition of insurance monies;
(5) pledging all or any part of the revenues of the enterprise towhich its right then exists or the right to which may thereaftercome into existence;
(6) covenanting against pledging all or any part of the revenuesof the enterprise to which its right then exists or the right towhich may thereafter come into existence;
(7) events of default and terms and conditions upon which anyor all of the refunding bonds shall become or may be declareddue before maturity and as to the terms and conditions uponwhich such declaration and its consequences may be waived;
(8) the rights, liabilities, powers, and duties arising upon thebreach by it of any covenants, conditions or obligations;
(9) the vesting in a trust or trustees the right to enforce anycovenants made to secure, to pay, or in relation to the refundingbonds, as to the powers and duties of such trustee or trustees,and the limitation of liabilities thereof, and as to the terms andconditions upon which the holders of the refunding bonds orany proportion or percentage of them may enforce anycovenants made under this chapter or duties imposed hereby;
(10) a procedure by which the terms of any resolution orordinance authorizing refunding bonds, or any other contractwith bondholders, including but not limited to an indenture oftrust or similar instrument, may be amended or abrogated as tothe amount of refunding bonds, the holders of which mustconsent thereto, and the manner in which such consent may begiven;
(11) the execution of all instruments necessary or convenient inthe exercise of the powers granted by this chapter or in theperformance of the duties of the issuing body and the officers,agents, and employees thereof;
(12) refraining from pledging or in any manner whateverclaiming or taking the benefit or advantage of any stay or
extension law whenever enacted, which may affect the duties orcovenants of the issuing body in relation to the refunding bonds,or the performance thereof, or the lien of such refunding bonds;
(13) the purchase out of any funds available therefor, includingbut not limited to the proceeds of refunding bonds, of anyoutstanding notes, bonds, or obligations, including but notlimited to refunding bonds, and the price or prices at which andthe manner in which such purchases may be made; and
(14) any other acts and things as may be necessary orconvenient or desirable in order to secure the refunding bonds,or as may tend to make the refunding bonds more marketable.
(b) Nothing in this section shall be construed to authorize anyissuing body to make any covenants, to perform any act or to doanything which shall require the expenditure in any manner or forany purpose by the issuing body of any funds other than revenuesreceived or receivable from the enterprise.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-14
Default in payment of principal or interest of bonds; receiver;rights and powers; subsequent defaults; supervision of courts
Sec. 14. (a) In the event that the issuing body shall default in thepayment of the principal or interest on any of the refunding bondsafter the same shall become due, whether at maturity or upon call forredemption, and such default shall continue for a period of thirty (30)days, or in the event that the issuing body or the governing body orofficers, agents, or employees thereof shall fail or refuse to complywith the provisions of this chapter or shall default in any agreementmade with the holders of the refunding bonds, any holder or holdersof refunding bonds, or trustee therefor, shall have the right to applyin an appropriate judicial proceeding in the circuit or superior courtof the county in which the issuing body or the greater territorialportion thereof is situated, or in which the enterprise is located, orany court of competent jurisdiction, for the appointment of a receiverof the enterprise, whether or not all refunding bonds have beendeclared due and payable and whether or not such holder or holders,or trustee therefor, is seeking or has sought to enforce any otherright, or exercise any remedy in connection with such refundingbonds. Upon such application the circuit or superior court mayappoint, and if the application is made by the holders of twenty-fivepercent (25%) in principal amount of such refunding bonds thenoutstanding, or any trustee for holders of such refunding bonds insuch principal amount, shall appoint a receiver of the enterprise.
(b) The receiver so appointed shall forthwith, directly or by hisagents and attorneys, enter into and upon and take possession of theenterprise and each and every part thereof and may exclude theissuing body, its governing body, officers, agents, and employees andall persons claiming under them wholly therefrom and shall have,hold, use, operate, manage, and control the same and each and everypart thereof, and, in the name of the issuing body or otherwise, as the
receiver may deem best, and shall exercise all rights and powers ofthe issuing body with respect to the enterprise as the issuing bodyitself might do. Such receiver shall maintain, restore, insure and keepinsured, the enterprise, and from time to time shall make all suchnecessary or proper repairs as to such receiver may seem expedientand shall establish, levy, maintain and collect such fees, tolls, rentals,and other charges in connection with the enterprise as such receivermay deem necessary or proper and reasonable, and shall collect andreceive all revenues and shall deposit the same in a separate accountand apply such revenues so collected and received in such manner asthe court shall direct.
(c) Whenever all that is due upon the refunding bonds, andinterest thereon, and upon any other notes, bonds or otherobligations, and interest thereon, having a charge, lien, orencumbrance on the revenues of the enterprise and under any of theterms of any covenants or agreements with bondholders shall havebeen paid or deposited as provided therein, and all defaults shall havebeen cured and made good, the court may in its discretion, and aftersuch notice and hearing as it deems reasonable and proper, direct thereceiver to surrender possession of the enterprise to the issuing body,the same right of the holders of the refunding bonds to secure theappointment of a receiver to exist upon any subsequent default ashereinabove provided.
(d) Such receiver shall in the performance of the powershereinabove conferred upon him, act under the direction andsupervision of the court making such appointment and shall at alltimes be subject to the orders and decrees of such court and may beremoved thereby. Nothing herein contained shall limit or restrict thejurisdiction of such court to enter such other and further orders anddecrees as such court may deem necessary or appropriate for theexercise by the receiver of any functions specifically set forth herein.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-15
Remedy; nature
Sec. 15. (a) Subject to any contractual limitations binding uponthe holders of any issue of refunding bonds, or trustee therefor,including but not limited to the restrictions of the exercise of anyremedy to a specified proportion or percentage of such holders, anyholder of refunding bonds, or trustee therefor, shall have the rightand power, for the equal benefit and protection of all holders ofrefunding bonds similarly situated:
(1) by mandamus or other suit, action or proceeding at law or inequity to enforce his rights against the issuing body and itsgoverning body and any of its officers, agents and employeesand to require and compel such issuing body or such governingbody or any such officers, agents, or employees to perform andcarry out its and their duties and obligations under this chapterand its and their covenants and agreements with bondholders;
(2) by action or suit in equity to require the issuing body and the
governing body thereof to account as if they were the trustee ofan express trust;
(3) by action or suit in equity to enjoin any acts or things whichmay be unlawful or in violation of the rights of the bondholders;and
(4) to bring suit upon the refunding bonds.
(b) No remedy conferred by this chapter upon any holder ofrefunding bonds, or any trustee therefor, is intended to be exclusiveof any other remedy, but each such remedy is cumulative and inaddition to every other remedy and may be exercised withoutexhausting and without regard to any other remedy conferred by thischapter or by any other law. No waiver of any default or breach ofduty or contract, whether by any holder of refunding bonds, or anytrustee therefor, shall extend to or shall affect any subsequent defaultor breach of duty or contract or shall impair any rights or remediesthereon. No delay or omission of any bondholder or any trusteetherefor to exercise any right or power accruing upon any defaultshall impair any such right or power or shall be construed to be awaiver of any such default or acquiescence therein. Everysubstantive right and every remedy, conferred upon the holders ofrefunding bonds, may be enforced and exercised from time to timeand as often as may be deemed expedient. In case any suit, action, orproceeding to enforce any right or exercise any remedy shall bebrought or taken and then discontinued or abandoned, or shall bedetermined adversely to the holder of the refunding bonds, or anytrustee therefor, then and in every such case the issuing body andsuch holder, or such trustee, shall be restored to their formerpositions and rights and remedies as if no such suit, action orproceeding had been brought or taken.
As added by Acts 1980, P.L.8, SEC.10.
IC 5-1-6-16
Powers conferred by chapter
Sec. 16. This chapter constitutes full and complete authority forthe issuance of refunding bonds. No procedure or proceedings,publications, notices, consents, approvals, orders, acts or things byany governing body, or any board, officer, commission, department,agency, or instrumentality of the state or any issuing body shall berequired to issue any refunding bonds or to do any act or perform anything under this chapter, except as may be prescribed in this chapter.The powers conferred by this chapter shall be in addition andsupplemental to, and not in substitution for, and the limitationsimposed by this chapter shall not affect, the powers conferred by anyother law. This chapter is remedial in nature and shall be liberallyconstrued.
As added by Acts 1980, P.L.8, SEC.10.