§ 36-9-13-21 — Preliminary expenses

All necessary preliminary expenses that
must be paid by the board of directors of a building authority before the
issuance and delivery of bonds or the negotiation of a loan under this
chapter, including expenses incurred in:
(1) making surveys;
(2) estimating costs and receipts;
(3) employing engineers, architects, or consultants;
(4) giving notices; and
(5) taking options;
may be paid out of money provided by the county and county seat, or
either of them, from money on hand or derived from taxes levied for
that purpose. The fund or funds from which the payments are made
shall be fully reimbursed by the board out of the first proceeds of the
sale of bonds or the loan negotiated by the authority before any other
disbursements are made from those proceeds. The amount advanced to
pay preliminary expenses under this section is a first charge against the
proceeds resulting from the sale of the bonds or the negotiation of the
loan until that amount has been repaid.
[Pre-Local Government Recodification Citation:
19-8-4-8.]
As added by Acts 1981, P.L.309, SEC.86. Amended by
P.L.37-1988, SEC.31.