Sec. 4. (a) A financing agreement must provide for payments in an amount not less than an amount sufficient to pay:
(1) the principal of;
(2) the premium, if any, of; and
(3) interest on;
the waste management development bonds authorized for the financing of the facilities.
(b) The term of a financing agreement may not exceed forty (40) years from the date of any waste management development bonds issued under the agreement. However, a financing agreement does not terminate after forty (40) years if a default under the agreement remains uncured, unless the termination is authorized under the terms of the financing agreement.
(c) If the district retains an interest in the facilities, the financing agreement must require the user or developer to pay all:
(1) costs of maintenance and repair;
(2) taxes;
(3) assessments;
(4) insurance premiums;
(5) trustee's fees; and
(6) any other expenses relating to the facilities;
so that the district will not incur any expenses due to the facilities that are not covered by the payments provided for in the financing agreement.
[Pre-1996 Recodification Citation: 13-9.5-9-5(f).]
As added by P.L.1-1996, SEC.11.
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