5-1.4-7-1. Achievement of Purpose of Article Without Jeopardizing Holders of Bonds or Notes
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 […]
5-1.4-7-2. Default; Appointment of Trustee to Represent Holders of Bonds or Notes
Sec. 2. If the bank: (1) defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption; or (2) fails or refuses to comply with this article or defaults in an agreement made with the holders of an issue […]
5-1.4-7-3. Trustee; Duties; Powers; Venue; Notice
Sec. 3. (a) A trustee appointed under section 2 of this chapter shall, in the trustee’s name, upon written request of the holders of twenty-five percent (25%) in principal amount of the outstanding notes or bonds: (1) by civil action enforce all rights of the holders, including the right to require the bank to: (A) […]
5-1.4-8-1. Purchase of Securities Offered by Qualified Entity; Private Sale; Issuance of Bonds or Notes for Purpose of Purchase
Sec. 1. The bank, to carry out the purposes and policies of this article, may purchase securities offered by a qualified entity. Notwithstanding any law to the contrary, a qualified entity may sell its securities to the bank at a negotiated, private sale. The bank, for this purpose, may issue its bonds and notes payable […]
5-1.4-8-2. Securities to Be Purchased and Held in Name of Bank; Required Documentation
Sec. 2. (a) All securities at any time purchased, held, or owned by the bank shall at all times be purchased and held in the name of the bank. (b) All securities at any time purchased by the bank, upon delivery to the bank, shall be accompanied by all documentation required by the board. The […]
5-1.4-8-3. Contracts With Bank for Purchase of Securities; Terms and Conditions; Fees and Charges; Denomination; Prices; Private Sale
Sec. 3. Every qualified entity is authorized and empowered to contract with the bank with respect to the purchase of its securities, and the contracts shall contain the terms and conditions of the purchase and may be in any form agreed to by the bank and the qualified entity, including a customary form of bond […]
5-1.4-4-9. Purchase of Bonds or Notes of Bank; Disposition
Sec. 9. The bank may purchase bonds or notes of the bank out of its funds or money available for the purchase of its own bonds and notes. The bank may hold, cancel, or resell the bonds or notes subject to, and in accordance with, agreements with holders of its bonds or notes. Unless cancelled, […]
5-1.4-8-4. Agreement With Bank; Waiver of Statutory Defenses to Nonpayment; Rights and Remedies of Bank
Sec. 4. Upon the sale and delivery by a qualified entity of any securities to the bank, the qualified entity shall be deemed to have agreed that upon its failure to pay interest or principal on the securities owned or held by the bank when payable, all statutory defenses to nonpayment are waived. Upon nonpayment […]
5-1.4-4-10. Purchase of Securities; Documentation
Sec. 10. All securities purchased, held, or owned by the bank, upon delivery to the bank, must be accompanied by all documentation required by the board. As added by P.L.42-1985, SEC.1.
5-1.4-8-5. Bond Anticipation Notes of Qualified Entities; Purchase by Bank; Renewal or Extension; Maturity; Terms and Conditions
Sec. 5. (a) Notwithstanding any law applicable to a qualified entity concerning the issuance of bonds, a qualified entity that has complied with all statutory requirements for the issuance of its bonds may (in lieu of issuing bonds at that time and without complying with any other law applicable to the issuance of bonds, notes, […]