§ 36-10-7.5-25 — Tax levy; district bond fund

Indiana § 36-10-7.5-25

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 7.5: Township General Park and Recreation Law

Text

(a) To raise money to pay all bonds issued
under this chapter, the fiscal body shall levy annually a special tax
upon all of the real and personal property located in the district
sufficient to pay the principal of the bonds as the bonds mature,
including accrued interest. The fiscal body shall have the tax to be
levied each year certified to the auditor of the county in which the
township is located at the time for certification of tax levies. The tax
shall be collected and enforced by the county treasurer in the same
manner as other taxes are collected and enforced.
(b) As the tax is collected, the tax shall be accumulated and kept in
a separate fund to be known as the district bond fund. The tax shall be
applied to the payment of the bonds and interest as the bonds mature
and may not be used for another purpose.

Legislative History

As added by P.L.157-1991, SEC.15.