Indiana § 36-10-11-23 Application of bond and loan proceeds; lien

Indiana Statutes

§ 36-10-11-23 — Application of bond and loan proceeds; lien

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

All money received from the sale of bonds
or loans negotiated under this chapter, after reimbursement to the city
of all amounts advanced for preliminary expenses as provided in
section 11 of this chapter, shall be applied to the payment of the costs
of buildings and improvements for which the bonds were issued or the
loan was negotiated, including incidental expenses and interest during
construction. A lien exists on all monies until so applied in favor of the
holders of the bonds, the lenders, or the trustees.
As added by Acts 1982, P.L.218, SEC.5.

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All money received from the sale of bonds
or loans negotiated under this chapter, after reimbursement to the city
of all amounts advanced for preliminary expenses as provided in
section 11 of this chapter, shall be applied to the payment of the costs
of buildings and improvements for which the bonds were issued or the
loan was negotiated, including incidental expenses and interest during
construction. A lien exists on all monies until so applied in favor of the
holders of the bonds, the lenders, or the trustees.
As added by Acts 1982, P.L.218, SEC.5.

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