§ 16-22-5-15 — Uses of funds from tax levies for cumulative building fund

As the tax is collected, the levies become a
part of the hospital funds without further appropriation by the county
fiscal body and may be invested in accordance with IC 16-22-3-20. The
levies shall be separately accounted for as a hospital cumulative
building fund and may not be used for any purposes other than that for
which the cumulative building fund was established, except for the
following:
(1) A lease entered into with an authority or the Indiana finance
authority under IC 5-1.2-7 may provide that the lease agreement
to pay lease rentals be paid in whole or in part from the hospital
cumulative building fund.
(2) If a loan has been obtained for the same purposes for which
the cumulative building fund was established, the fund may be
used to pay principal and interest on the bonds, notes, or other
evidences of indebtedness of the hospital.
[Pre-1993 Recodification Citation: 16-12.1-4-4(k).]

Legislative History

As added by P.L.2-1993, SEC.5. Amended by P.L.43-1993, SEC.18; P.L.235-2005, SEC.194; P.L.162-2007, SEC.37; P.L.189-2018, SEC.143.