Sec. 4. (a) The operator may finance its obligations with respect to the project and the public-private agreement in the amounts and upon the terms and conditions determined by the operator.

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Terms Used In Indiana Code 8-15.5-5-4

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Trustee: A person or institution holding and administering property in trust.
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
     (b) The operator may:

(1) issue debt, equity, or other securities or obligations;

(2) enter into sale and leaseback transactions; and

(3) secure any financing with a pledge of, security interest in, or lien on any user fees charged and collected for the use of a toll road project or a facility project and any property interest of the operator in a toll road project or a facility project.

However, any bonds, debt, other securities, or other financing issued for the purposes of this article shall not be considered to constitute a debt of the state or any political subdivision of the state or a pledge of the faith and credit of the state or any political subdivision.

     (c) The operator may deposit any user fees charged and collected for the use of a toll road project or a facility project in a separate account held by a trustee or escrow agent for the benefit of the secured parties of the operator.

As added by P.L.47-2006, SEC.39. Amended by P.L.205-2013, SEC.152; P.L.213-2015, SEC.112.

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