12E.16 - BANKRUPTCY.
12E.16 BANKRUPTCY.
Prior to the date which is three hundred sixty-six days after
which the authority no longer has any bonds outstanding, the
authority is prohibited from filing a voluntary petition under
chapter nine of the federal bankruptcy code, 11 U.S.C. § 901 et seq.,
or such corresponding chapter or section as may, from time to time,
be in effect, and a public official or organization, entity, or other
person shall not authorize the authority to be or become a debtor
under chapter nine or any successor or corresponding chapter or
sections during such periods. The provisions of this section shall
be part of any contractual obligation owed to the holders of bonds
issued under this chapter. Any such contractual obligation shall not
subsequently be modified by state law, during the period of the
contractual obligation. Section History: Recent Form
2000 Acts, ch 1208, §16, 25; 2005 Acts, ch 3, §11