Indiana § 36-9-11-9 Insurance

Indiana Statutes

§ 36-9-11-9 — Insurance

Indiana·Title 36 LOCAL GOVERNMENT·Art. 9 TRANSPORTATION AND PUBLIC WORKS·Ch. 11 Municipal Parking Facilities

(a)A municipality that operates one (1) or more parking facilities financed in whole or in part by the issuance of revenue bonds shall maintain insurance of the kinds and in the amounts ordinarily carried by persons operating similar facilities.

(b)All insurance proceeds received due to damage to a parking facility must be:

(1)used in replacing the property damaged; or

(2)deposited in the fund or account for the payment of the principal of and interest on the revenue bonds. [Pre-Local Government Recodification Citations: 19-5-11-11 part; 19-5-13-13 part.] As added by Acts 1981, P.L.309, SEC.84.

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(a) A municipality that operates one (1) or
more parking facilities financed in whole or in part by the issuance of
revenue bonds shall maintain insurance of the kinds and in the amounts
ordinarily carried by persons operating similar facilities.
(b) All insurance proceeds received due to damage to a parking
facility must be:
(1) used in replacing the property damaged; or
(2) deposited in the fund or account for the payment of the
principal of and interest on the revenue bonds.
[Pre-Local Government Recodification Citations:
19-5-11-11 part; 19-5-13-13 part.]
As added by Acts 1981, P.L.309, SEC.84.

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