§ 36-10-8-13 — Capital improvement bond fund; amount of revenue to be deposited; excess revenues; use of funds

(a) If there are bonds outstanding issued
under section 14 of this chapter, the treasurer of the board shall deposit
in a separate and distinct fund called the "capital improvement bond
fund" all tax revenues received as provided by law until there are
sufficient funds from those tax revenues, the proceeds of the bonds, or
both of these sources, in the capital improvement bond fund to provide
the amount required by the resolution or resolutions or trust agreement
or agreements pursuant to which the bonds are issued. The treasurer of
the board shall then deposit sufficient tax revenues in the fund to
maintain such amounts in the fund as are required by the resolution or
resolutions or trust agreement or agreements. The various accounts
within the capital improvement bond fund shall be held by the treasurer
of the board or by an escrow agent, depository, or trustee as may be
provided in the resolution or resolutions or trust agreement or
agreements pursuant to which the bonds are issued.
(b) Any excess tax revenues not required by this section to be
deposited in the capital improvement bond fund shall be deposited in
the capital improvement fund, or, in the discretion of the board, in any
special fund that may be established by the board for the payment of
principal and interest on any bonds outstanding issued under this
chapter. Amounts in the capital improvement bond fund shall be
applied to the payment of principal of the bonds and the interest on
them and to no other purpose.
As added by Acts 1982, P.L.218, SEC.3.