§ 36-10-4-38 — Special tax to pay principal of bonds and accruing interest; collection; accumulations of fund before use for payment

Indiana § 36-10-4-38

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 4: Parks Department in Certain Cities

Text

(a) To raise money to pay all bonds issued
under section 35 of this chapter, including interest, the board shall levy
each year a special tax upon all of the real and personal property
located in the district to pay the principal of the bonds as they mature,
together with all accruing interest. The board shall have the tax levied
each year certified to the auditor of the county in which the district is
located by October 1 each year.
(b) The tax levied and certified shall be collected and enforced in
the same manner as other city taxes are collected and enforced. As the
tax is collected, it shall be accumulated and kept in a separate fund to
be known as the park district bond fund. The tax shall be used to pay
the bonds and interest as they mature and may not be used for any other
purpose.
(c) All accumulations of the fund before use for the payment of
bonds and interest shall be deposited, at interest, with one (1) of the
depositories of other public funds of the city, with interest collected
belonging to the fund.
[Pre-Local Government Recodification Citations: 19-7-9-12;
19-7-30-33.]
As added by Acts 1981, P.L.309, SEC.111.