§ 36-7-26-26 — Credit account; use of funds

To the extent prescribed by the board, and
subject to the terms and conditions established by the board, any money
credited to the credit account may be used by the commission, and, if
desired by the board, irrevocably pledged by the board, to further
secure bonds or a lease agreement issued or entered into under this
chapter. Further security includes, the following:
(1) Holding money in the credit account and pledging sums to
payment of debt service on bonds issued under or lease rentals
payable under this chapter, or maintenance of debt service
reserves.
(2) Transferring money from the credit account to the net
increment account or, if desired by the board, to the commission
to enable the commission to finance local public improvements.
(3) Payment of bond insurance premiums or other credit
enhancement fees and expenses.

Legislative History

As added by P.L.35-1990, SEC.63.