§ 36-7-14-26 — Capital fund; deposits; gifts; allocation fund

(a) All proceeds from the sale of bonds
under section 25.1 of this chapter shall be kept as a separate and
specific fund to pay the expenses incurred in connection with the
acquisition and redevelopment of property. The fund shall be known as
the redevelopment district capital fund. Any surplus of funds remaining
after all expenses are paid shall be paid into and become a part of the
redevelopment district bond fund established under section 27 of this
chapter.
(b) All gifts or donations that are given or paid to the department of
redevelopment or to the unit for redevelopment purposes shall be
promptly deposited to the credit of the redevelopment district capital
fund. The redevelopment commission may use these gifts and
donations for the purposes of this chapter.
(c) Before the eleventh day of each calendar month the fiscal officer
shall notify the redevelopment commission and the officers of the unit
who have duties in respect to the funds and accounts of the unit of the
amount standing to the credit of the redevelopment district capital fund
at the close of business on the last day of the preceding month.
(d) A redevelopment commission shall deposit in the allocation fund
established under section 39(b)(4) of this chapter of an allocation area
the proceeds from the sale or leasing of property in the area under
section 22 of this chapter if:
(1) there are outstanding bonds that were issued to pay costs of
redevelopment in the allocation area; and
(2) the bonds are payable solely or in part from tax proceeds
allocated under section 39(b)(4) of this chapter.
[Pre-Local Government Recodification Citations: 18-7-7-24
part; 18-7-7-27 part; 18-7-7.1-24; 18-7-7.1-27 part.]
As added by Acts 1981, P.L.309, SEC.33. Amended by
P.L.72-1983, SEC.3; P.L.38-1988, SEC.10; P.L.203-2011, SEC.7;
P.L.236-2023, SEC.177.