IC 16-22-8-57: Corporation required to pay bonds or leases in full; corporation prohibited from consenting to or permitting certain actions

Sec. 57. (a) This section applies notwithstanding any other law.

(b) The corporation is required to pay in full the principal of, and interest and premium, if any, on, or rental payments under, its bonds or leases entered into with the building authority, in accordance with the terms of these bonds or leases.

(c) With respect to these bonds or leases, the corporation is prohibited from consenting to or permitting, and shall never be construed as consenting to or permitting, without the consent of one hundred percent (100%) of the owners of all the bonds then outstanding and those bonds then outstanding that are secured by those leases, to any of the following:

(1) An extension of the stated maturity or a reduction in the principal amount of, or a reduction in the rate or an extension of the time of payment of interest on, the bonds.

(2) An extension of the due date or a reduction in the amount of a rental payment under the leases.

(3) The creation of any lien on the revenues, other money, or property pledged to these bonds or leases, which is senior or prior to the lien upon the revenues, other money, or property pledged to these bonds or leases.

(4) A reduction in the aggregate principal amount of the bonds or aggregate amount of rental payments under the leases.

(5) The granting of a privilege, priority, or preference to any of the bonds or any bonds secured by the leases over any other of these bonds.

(6) Any amendment or modification of the powers, remedies, rights, duties, privileges, or immunities of the owners of the bonds.