Indiana § 13-26-10-8 Revenue bonds; disposition of proceeds

Indiana Statutes

§ 13-26-10-8 — Revenue bonds; disposition of proceeds

Indiana § 13-26-10-8

Art. 26REGIONAL WATER, SEWAGE, AND SOLID

Ch. 10Bonds

This text of Indiana § 13-26-10-8 (Revenue bonds; disposition of proceeds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 13-26-10-8 (2026).

Text

(a)A surplus of revenue bond proceeds over the cost of the works shall be paid into the sinking fund provided by this article.

(b)If the proceeds of the bonds, by error of calculation or otherwise, are less than the cost of the works, additional bonds may in the same manner be issued to provide the amount of the deficit. Unless otherwise provided in:

(1)the ordinance authorizing the issuance of the bonds first issued; or

(2)the trust indenture authorized by this article or IC 13-3-2 (before its repeal); the additional bonds are considered to be of the same issue and are entitled to payment from the same fund, without preference or priority of the bonds first issued. [Pre-1996 Recodification Citation: 13-3-2-17(e).]

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(a) A surplus of revenue bond proceeds over
the cost of the works shall be paid into the sinking fund provided by
this article.
(b) If the proceeds of the bonds, by error of calculation or otherwise,
are less than the cost of the works, additional bonds may in the same
manner be issued to provide the amount of the deficit. Unless otherwise
provided in:
(1) the ordinance authorizing the issuance of the bonds first
issued; or
(2) the trust indenture authorized by this article or IC 13-3-2
(before its repeal);
the additional bonds are considered to be of the same issue and are
entitled to payment from the same fund, without preference or priority
of the bonds first issued.
[Pre-1996 Recodification Citation: 13-3-2-17(e).]