§ 36-10-9-11.1 — Defeased bonds; use of funds in capital improvement bond fund and capital improvement fund

Indiana § 36-10-9-11.1

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

Text

1. (a) Upon the defeasance of an issue of
capital improvement board bonds, the board may use funds in its
capital improvement bond fund for those defeased bonds for the
purposes set forth in subsection (b) if the board:
(1) has sold all or part of a capital improvement to a county
convention and recreation facilities authority and leased it back;
or
(2) has leased all or part of a capital improvement to a county
convention and recreation facilities authority and leased it back.
(b) The board may use the funds in the capital improvement fund for
the defeased bonds for the following:
(1) As payment of lease rental or as a reserve for lease rental.
(2) As a deposit with the county convention and recreation
facilities authority or a trustee for the authority's bond owners to
be used for payment of those bonds or as a reserve for those
bonds.
(3) For any purpose for which the board is authorized to expend
or apply funds.
(4) For any combination of the purposes set forth in subdivisions
(1), (2), and (3).

Legislative History

As added by P.L.82-1985, SEC.11.