Indiana § 36-10-11-11 Preliminary expenses; payment; reimbursement

Indiana Statutes

§ 36-10-11-11 — Preliminary expenses; payment; reimbursement

Indiana·Title 36 LOCAL GOVERNMENT·Art. 10 RECREATION, CULTURE, AND COMMUNITY·Ch. 11 Gary Building Authority

(a)All necessary preliminary expenses actually incurred in the:

(1)making of surveys;

(2)estimates of cost and receipts;

(3)employment of engineers or other employees;

(4)giving of notices;

(5)taking of options; and

(6)all other expenses necessary to be paid before the issue and delivery of bonds or the negotiation of the loan under this chapter; may be met and paid out of funds provided by the city from funds on hand or derived from taxes levied for that purpose.

(b)The funds of the city from which payments are made shall be fully reimbursed and repaid by the board out of the first proceeds of the sale of bonds or the loan negotiated by the authority before any other disbursements are made. The amount advanced shall be a first charge against the proceeds resulting from the sale of

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(a) All necessary preliminary expenses
actually incurred in the:
(1) making of surveys;
(2) estimates of cost and receipts;
(3) employment of engineers or other employees;
(4) giving of notices;
(5) taking of options; and
(6) all other expenses necessary to be paid before the issue and
delivery of bonds or the negotiation of the loan under this chapter;
may be met and paid out of funds provided by the city from funds on
hand or derived from taxes levied for that purpose.
(b) The funds of the city from which payments are made shall be
fully reimbursed and repaid by the board out of the first proceeds of the
sale of bonds or the loan negotiated by the authority before any other
disbursements are made. The amount advanced shall be a first charge
against the proceeds resulting from the sale of the bonds or the
negotiation of the loan until the loan has been repaid.
As added by Acts 1982, P.L.218, SEC.5.

Indiana § 36-10-11-11 (Preliminary expenses; payment; reimbursement) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.