Section 8-1.5-5-15 - Use of bond proceeds; actions to compel performance; actions upon default(a) All money received from bonds issued under this chapter shall be applied solely to the acquisition, construction, repair, and maintenance of the storm water system, the cost of the issuance of the bonds, and the creation of any reserve for the bonds.(b) Any holder of the bonds may bring a civil action to compel performance of all duties required by this chapter of the board issuing the bonds or of any officer of the board, including the following:(1) Making and collecting reasonable and sufficient user fees lawfully established for service rendered by the storm water system.(2) Segregating the income and revenues of the department.(3) Applying the respective funds created under this chapter.(c) If there is any default in the payment of the principal or interest of any of the bonds, a court having jurisdiction of the action may: (1) appoint an administrator or receiver to administer the storm water system on behalf of the unit served by the department and the bondholders, with power to: (A) charge and collect user fees lawfully established sufficient to provide for the payment of the operating expenses and also to pay any bonds or obligations outstanding against the storm water system; and(B) apply the income and revenues in conformity with this chapter and the ordinance; or(2) declare the whole amount of the bonds due and payable and direct the sale of the storm water system. Under a sale ordered under subdivision (2), the purchaser is vested with an indeterminate permit as defined in IC 8-1-2-1 to maintain and operate the storm water system to collect and dispose of storm water for the unit served by the department and its citizens.
As added by P.L. 125-1987, SEC.1. Amended by P.L. 282-2003, SEC.12.