Any holder of bonds issued under this chapter or a trustee under a trust agreement entered into under this chapter, except to the extent that the rights of a holder or a trustee are restricted by any bond resolution, may, by any suitable form of legal proceedings, protect and enforce any rights under the laws of Indiana or granted by the bond resolution. These rights include the right:

1. (1) to compel the performance of all duties of the authority required by this chapter or the bond resolution;
2. (2) to enjoin unlawful activities; and

3. (3) in the event of default with respect to the payment of any principal of, premium, if any, and interest on any bond or in the performance of any covenant or agreement on the part of the authority in the bond resolution, to apply to the circuit court, superior court, or probate court to appoint a receiver:

   1. (A) to administer and operate the project or projects, the revenues of which are pledged to the payment of principal of, premium, if any, and interest on the bonds;
   2. (B) with full power to pay, and to provide for payment of, principal of premium, if any, and interest on the bonds; and

   3. (C) with the powers, subject to the direction of the court, as are permitted by law and are accorded receivers, excluding any power to pledge additional revenues of the authority to the payment of the principal, premium and interest.

      [Pre-2007 Higher Education Recodification Citation: 20-12-63-20.]

As added by P.L.2-2007, SEC.69. Amended by P.L.84-2016, SEC.20.