Indiana Code 21-35-6-4. Security of bonds
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Sec. 4. The revenue bonds and the interest on revenue bonds of Vincennes University may be secured in any one (1) or more of the following ways, as the board of trustees may determine:
(2) By pledge or mortgage of the net income from the property.
(1) By pledge or mortgage of any property, real or personal, used or acquired or to be acquired and used for the purposes of Vincennes University and the improvements made or to be made on the property.
Terms Used In Indiana Code 21-35-6-4
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) By the pledge or mortgage of the unobligated net revenues of any one (1) or more other properties of the board of trustees.
(4) In the case of revenue bonds issued under this chapter for interim financing of any property, by pledge of the funds derived from the sale of the bonds issued and sold under this chapter for the permanent financing of property.
[Pre-2007 Higher Education Recodification Citation: 23-13-18-15(b).]
As added by P.L.2-2007, SEC.276.