Sec. 17. (a) In the discretion of the IFA or the NWIRDA, any bonds and notes issued under this chapter may be secured by a trust agreement by and between the IFA or the NWIRDA and a corporate
trustee, which may be any trust company or bank having the powers of a trust company in Indiana. Such a trust agreement may also provide for a co-trustee, which may be any trust company or bank in the
United States.
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Terms Used In Indiana Code 5-1.3-6-17
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(c) The trust agreement or resolution may set forth the rights and remedies of the owners of any bonds or notes of the trustee and may restrict the individual right of action by the owners.
(d) Any trust agreement or resolution may contain other provisions that the IFA or the NWIRDA considers reasonable and proper for the security of the owners of bonds or notes.
(e) All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from money pledged or assigned to the payment of the principal of and interest on bonds or notes or from funds available to the IFA or the NWIRDA.
As added by P.L.189-2018, SEC.26.
