§ 36-10-9-10 — Capital improvement fund

Indiana § 36-10-9-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 9: Marion County Capital Improvement Board

Text

(a) Unless there are bonds or notes
outstanding under this chapter and secured in whole or in part by
money deposited in the capital improvement bond fund, the proceeds
of excise taxes received from the treasurer of the state shall be
deposited in a separate and distinct fund called the "capital
improvement fund". The gross income received by the board from the
operation of capital improvements under this chapter shall be deposited
in the capital improvement fund, regardless of whether or not there are
any bonds or notes outstanding. Any money in the fund may be
expended by the board without the necessity of an appropriation to pay
or provide for the payment of operating expenses. Money in the fund
may also be used by the board without appropriation or approval to pay
the principal on, or interest of, any bonds or notes issued under this
chapter that cannot be paid from funds in the capital improvement bond
fund or may be used for the payment of the principal of, redemption
premium, if any, for, and interest on any bonds or notes issued under
this chapter, upon prior redemption, or for all or part of the cost of a
capital improvement.
(b) The board may covenant in any resolution, ordinance, or trust
agreement providing for the issuance of bonds or notes as to the order
of application of money deposited in the capital improvement fund,
including the holding or disposing of any surplus in that fund.
(c) The net income from the operation of capital improvements
under this chapter shall be transferred from the capital improvement
fund to the capital improvement bond fund to the extent of any
deficiency in the amount required to be in the capital improvement
bond fund.
As added by Acts 1982, P.L.77, SEC.28.