§ 36-10-8-17 — Bonds; application of proceeds to construction cost; deposit in reserve subaccount

(a) All money received from any bonds
issued under this chapter shall be applied solely to the payment of the
construction cost of the capital improvement for which the bonds are
issued. The cost may include:
(1) planning and development of the capital improvement and all
buildings, facilities, structures, and improvements related to it;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that the
board considers necessary or desirable to make the capital
improvement suitable for use and operation;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of bonds; and
(6) interest during construction.
(b) To the extent authorized and directed in any resolution of the
board or in any trust agreement providing for the issuance of bonds
under section 14 of this chapter, proceeds of these bonds may be
deposited in the reserve subaccount of the capital improvement bond
fund established under section 13 of this chapter. However, the amount
deposited, when added to any amount in that subaccount, may not
exceed the maximum amount required to be in the subaccount by
section 14 of this chapter, taking into consideration the bonds then
being issued.
As added by Acts 1982, P.L.218, SEC.3.