2023 Indiana Code › Title 36. Local Government › Article 7. Planning and Development › Chapter 18. Housing Authorities › 36-7-18-32. Bonds, Notes, and Warrants; Additional Powers of Housing Authorities; Covenants; Limitation on Liability

Sec. 32. (a) In issuing bonds, notes, or warrants, incurring obligations under leases, and securing payment of those obligations, a housing authority may perform all acts necessary or desirable to secure the bonds, notes, or warrants or to make them more marketable. This includes the power to:
(1) pledge or covenant against pledging any of the gross or net rents, fees, or revenues to which it has or will have a right;
(2) mortgage or covenant against mortgaging any of the real or personal property it owns or later acquires;
(3) covenant against permitting a lien on any of its rents, fees, revenues, or real or personal property;
(4) covenant as to limitations on its right to sell, lease, or otherwise dispose of all or part of a housing project;
(5) covenant as to what additional debts or obligations it may incur;
(6) covenant as to the bonds, notes, or warrants to be issued;
(7) covenant as to the issuance of its bonds, notes, or warrants in escrow or otherwise;
(8) covenant as to the use and disposition of the proceeds of its bonds, notes, or warrants;
(9) covenant against extending the time for the payment of its bonds, notes, or warrants or the interest on them;
(10) provide for the replacement of lost, destroyed, or mutilated bonds, notes, or warrants;
(11) redeem its bonds, notes, or warrants, and covenant for that redemption and its terms and conditions;
(12) covenant, subject to the limitations in this chapter, as to the rents and fees to be charged in the operation of housing projects;
(13) covenant as to the amount of rents, fees, and other revenues to be collected in a specified time, and as to the use and disposition of those revenues;
(14) create special funds for money held for construction or operating costs, debt service, reserves, or other purposes, and covenant as to the use and disposition of the money in those funds;
(15) prescribe the procedure, if any, by which the terms of a contract with holders of bonds, notes, or warrants may be amended or abrogated, including the amount of bonds, notes, or warrants that must be held by holders consenting to the amendment or abrogation, and the manner in which that consent may be given;
(16) covenant as to the use of any of its real or personal property;
(17) covenant as to the maintenance, replacement, and insurance of its real and personal property, and as to the use and disposition of insurance money;
(18) covenant as to the rights, liabilities, powers, and duties arising upon its breach of any covenant, condition, or obligation;
(19) prescribe and covenant as to events of default and the terms and conditions upon which any of its bonds, notes, or warrants become or may be declared due before maturity, and as to the waiver of the right to make such a declaration;
(20) vest in one (1) or more trustees or holders of bonds, notes, or warrants the right to enforce the payment of the bonds, notes, or warrants, or any covenants securing or regarding them, and provide the terms and conditions upon which these rights may be exercised;
(21) vest in one (1) or more trustees the right, in the event of a default by the authority, to take possession of and use, operate, and manage a housing project or any part of it, and to collect and dispose of rents and revenues in accordance with the agreement between the authority and trustee;
(22) establish the powers and duties of trustees and limit their liability; and
(23) make any other covenants.
(b) Any covenants made by the department, division, or agency of the consolidated city serving the public housing function under this chapter only binds the consolidated city as to the public housing function and not generally.
[Pre-Local Government Recodification Citation: 18-7-11-16.]
As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.344-1987, SEC.10.