IC 5-1.5-7-1 Achievement of purpose of article
Sec. 1. In order to:
(1) carry out its purpose under this article of making loans to
qualified entities by purchase of the securities and by receipt of
its income from service charges and from payments of interest
on and the maturing principal of securities purchased and held
by it; and
(2) produce revenues or income to the bank sufficient at all
times to meet its costs and expenses of operation under this
article and to pay the principal of and interest on its outstanding
bonds and notes when due;
the bank must at all times, and to the greatest extent possible, plan to
issue its bonds and notes and lend money to qualified entities so that
the purpose is achieved without in any way jeopardizing any rights
of the holders of bonds or notes of the bank or adversely affecting
other matters under this article. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.
IC 5-1.5-7-2 Default; appointment of trustee to represent holders of notes or
bonds
Sec. 2. If the bank:
(1) defaults in the payment of principal or interest on an issue
of notes or bonds after they become due, whether at maturity or
upon call for redemption, and the default continues for thirty
(30) days; or
(2) fails or refuses to comply with this article or defaults in an
agreement made with the holders of an issue of notes or bonds;
and there is no trustee under a trust agreement, then the holders of
twenty-five percent (25%) in the aggregate principal amount of the
outstanding notes or bonds of that issue, by instrument filed in the
office of the clerk of Marion County and executed in the same
manner as a deed to be recorded, may appoint a trustee to represent
the holders of those notes or bonds for the purposes provided in this
article. As added by P.L.25-1984, SEC.1.
IC 5-1.5-7-3 Trustees; duties; powers; venue; notice
Sec. 3. (a) A trustee appointed under section 2 of this chapter
shall, in his name, upon written request of the holders of twenty-five
percent (25%) in principal amount of the outstanding notes or bonds:
(1) by civil action enforce all rights of the holders, including the
right to require the bank to:
(A) collect rates, charges, and other fees and to collect
interest and principal payments on securities held by it
adequate to carry out an agreement as to, or pledge of, the
rates, charges, and other fees and of the interest and
principal payments; and
(B) carry out any other agreements with the holders of the
notes or bonds and to perform its duties under this article;
(2) bring a civil action upon the notes or bonds;
(3) by civil action require the bank to account as if it were the
trustee of an express trust for the holders of the notes or bonds;
(4) by civil action enjoin anything that may be unlawful or in
violation of the rights of the holders of the notes or bonds; and
(5) declare all the notes or bonds due and payable, and if all
defaults are made good, then with the consent of the holders of
twenty-five percent (25%) of the principal amount of the
outstanding notes or bonds, annul the declaration and its
consequences.
(b) The trustee also has all the powers necessary for the exercise
of functions specifically set out or incident to the general
representation of holders in the enforcement and protection of their
rights.
(c) The venue of any suit, action, or proceeding brought by the
trustee on behalf of the holders shall be laid in Marion County,
Indiana.
(d) Before declaring the principal of notes or bonds due and
payable, the trustee must first give not less than thirty (30) days
notice in writing to the chairman of the board and the attorney
general. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.25.
IC 5-1.5-7-1 Achievement of purpose of article
Sec. 1. In order to:
(1) carry out its purpose under this article of making loans to
qualified entities by purchase of the securities and by receipt of
its income from service charges and from payments of interest
on and the maturing principal of securities purchased and held
by it; and
(2) produce revenues or income to the bank sufficient at all
times to meet its costs and expenses of operation under this
article and to pay the principal of and interest on its outstanding
bonds and notes when due;
the bank must at all times, and to the greatest extent possible, plan to
issue its bonds and notes and lend money to qualified entities so that
the purpose is achieved without in any way jeopardizing any rights
of the holders of bonds or notes of the bank or adversely affecting
other matters under this article. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.
IC 5-1.5-7-2 Default; appointment of trustee to represent holders of notes or
bonds
Sec. 2. If the bank:
(1) defaults in the payment of principal or interest on an issue
of notes or bonds after they become due, whether at maturity or
upon call for redemption, and the default continues for thirty
(30) days; or
(2) fails or refuses to comply with this article or defaults in an
agreement made with the holders of an issue of notes or bonds;
and there is no trustee under a trust agreement, then the holders of
twenty-five percent (25%) in the aggregate principal amount of the
outstanding notes or bonds of that issue, by instrument filed in the
office of the clerk of Marion County and executed in the same
manner as a deed to be recorded, may appoint a trustee to represent
the holders of those notes or bonds for the purposes provided in this
article. As added by P.L.25-1984, SEC.1.
IC 5-1.5-7-3 Trustees; duties; powers; venue; notice
Sec. 3. (a) A trustee appointed under section 2 of this chapter
shall, in his name, upon written request of the holders of twenty-five
percent (25%) in principal amount of the outstanding notes or bonds:
(1) by civil action enforce all rights of the holders, including the
right to require the bank to:
(A) collect rates, charges, and other fees and to collect
interest and principal payments on securities held by it
adequate to carry out an agreement as to, or pledge of, the
rates, charges, and other fees and of the interest and
principal payments; and
(B) carry out any other agreements with the holders of the
notes or bonds and to perform its duties under this article;
(2) bring a civil action upon the notes or bonds;
(3) by civil action require the bank to account as if it were the
trustee of an express trust for the holders of the notes or bonds;
(4) by civil action enjoin anything that may be unlawful or in
violation of the rights of the holders of the notes or bonds; and
(5) declare all the notes or bonds due and payable, and if all
defaults are made good, then with the consent of the holders of
twenty-five percent (25%) of the principal amount of the
outstanding notes or bonds, annul the declaration and its
consequences.
(b) The trustee also has all the powers necessary for the exercise
of functions specifically set out or incident to the general
representation of holders in the enforcement and protection of their
rights.
(c) The venue of any suit, action, or proceeding brought by the
trustee on behalf of the holders shall be laid in Marion County,
Indiana.
(d) Before declaring the principal of notes or bonds due and
payable, the trustee must first give not less than thirty (30) days
notice in writing to the chairman of the board and the attorney
general. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.25.
IC 5-1.5-7-1 Achievement of purpose of article
Sec. 1. In order to:
(1) carry out its purpose under this article of making loans to
qualified entities by purchase of the securities and by receipt of
its income from service charges and from payments of interest
on and the maturing principal of securities purchased and held
by it; and
(2) produce revenues or income to the bank sufficient at all
times to meet its costs and expenses of operation under this
article and to pay the principal of and interest on its outstanding
bonds and notes when due;
the bank must at all times, and to the greatest extent possible, plan to
issue its bonds and notes and lend money to qualified entities so that
the purpose is achieved without in any way jeopardizing any rights
of the holders of bonds or notes of the bank or adversely affecting
other matters under this article. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.
IC 5-1.5-7-2 Default; appointment of trustee to represent holders of notes or
bonds
Sec. 2. If the bank:
(1) defaults in the payment of principal or interest on an issue
of notes or bonds after they become due, whether at maturity or
upon call for redemption, and the default continues for thirty
(30) days; or
(2) fails or refuses to comply with this article or defaults in an
agreement made with the holders of an issue of notes or bonds;
and there is no trustee under a trust agreement, then the holders of
twenty-five percent (25%) in the aggregate principal amount of the
outstanding notes or bonds of that issue, by instrument filed in the
office of the clerk of Marion County and executed in the same
manner as a deed to be recorded, may appoint a trustee to represent
the holders of those notes or bonds for the purposes provided in this
article. As added by P.L.25-1984, SEC.1.
IC 5-1.5-7-3 Trustees; duties; powers; venue; notice
Sec. 3. (a) A trustee appointed under section 2 of this chapter
shall, in his name, upon written request of the holders of twenty-five
percent (25%) in principal amount of the outstanding notes or bonds:
(1) by civil action enforce all rights of the holders, including the
right to require the bank to:
(A) collect rates, charges, and other fees and to collect
interest and principal payments on securities held by it
adequate to carry out an agreement as to, or pledge of, the
rates, charges, and other fees and of the interest and
principal payments; and
(B) carry out any other agreements with the holders of the
notes or bonds and to perform its duties under this article;
(2) bring a civil action upon the notes or bonds;
(3) by civil action require the bank to account as if it were the
trustee of an express trust for the holders of the notes or bonds;
(4) by civil action enjoin anything that may be unlawful or in
violation of the rights of the holders of the notes or bonds; and
(5) declare all the notes or bonds due and payable, and if all
defaults are made good, then with the consent of the holders of
twenty-five percent (25%) of the principal amount of the
outstanding notes or bonds, annul the declaration and its
consequences.
(b) The trustee also has all the powers necessary for the exercise
of functions specifically set out or incident to the general
representation of holders in the enforcement and protection of their
rights.
(c) The venue of any suit, action, or proceeding brought by the
trustee on behalf of the holders shall be laid in Marion County,
Indiana.
(d) Before declaring the principal of notes or bonds due and
payable, the trustee must first give not less than thirty (30) days
notice in writing to the chairman of the board and the attorney
general. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.25.
