Sec. 10. A resolution or indenture for bonds may include provisions for: (1) protecting and enforcing the rights and remedies of the holders of the bonds being issued; (2) covenants setting forth the duties of the state educational institution and its officers in relation to: (A) the acquisition, construction, operation, maintenance, use, and abandonment of the building facility; and (B) insurance of the building facility; (3) the custody, safeguarding, application, and investment of all money; (4) the rights and remedies of the trustee and the holders of the bonds being issued; (5) the issuance of additional bonds as provided in the resolution or indenture; and (6) other terms, conditions, and covenants as the board of trustees of the state educational institution determine are proper, including provision for the establishment of a debt service reserve by: (A) the use of bond proceeds or other sources; (B) the furnishing of an insurance policy, surety bond, or letter of credit; or (C) any combination of clause (A) or (B). [Pre-2007 Higher Education Recodification Citation: 20-12-6-7(c).]
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.