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5-1.4-7-1. Achievement of purpose of article without jeopardizing holders of bonds or notes

IN Code § 5-1.4-7-1 (2019) (N/A)
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Sec. 1. In order to:

(1) carry out its purpose under this article by purchasing securities of qualified entities and by receipt of its income from service charges and from payments of interest on and the maturing principal of securities purchased and held by it; and

(2) produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this article and to pay the principal of and interest on its outstanding bonds and notes when due;

the bank must at all times, and to the greatest extent possible, plan to issue its bonds and notes and purchase securities of qualified entities so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bank or adversely affecting other matters under this article.

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.19.

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5-1.4-7-2. Default; appointment of trustee to represent holders of bonds or notes