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

(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).]

Legislative History

As added by P.L.1-1996, SEC.16.