Indiana § 36-9-15-10 Debt service fund; creation; purposes; tax levy

Indiana Statutes

§ 36-9-15-10 — Debt service fund; creation; purposes; tax levy

Indiana § 36-9-15-10

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 15Cumulative Building Fund, Sinking Fund, and Debt

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Bluebook

Ind. Code § 36-9-15-10 (2026).

Text

(a)The county fiscal body may establish a debt service fund for the payment of:

(1)a debt or other obligation arising out of money borrowed or advanced for a jail that it purchases from the proceeds of a bond issue for capital construction under IC 36-2-6-18; or

(2)a lease to provide capital construction under IC 36-1-10.

(b)The county fiscal body shall levy a tax each year in an amount sufficient to pay all debt service obligations for jails for that year. IC 6-1.1-18.5-8 applies to such a tax levy. [Pre-Local Government Recodification Citation: 17-3-84.8-1.] As added by Acts 1981, P.L.309, SEC.88. Amended by P.L.73-1983, SEC.21.

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(a) The county fiscal body may establish a
debt service fund for the payment of:
(1) a debt or other obligation arising out of money borrowed or
advanced for a jail that it purchases from the proceeds of a bond
issue for capital construction under IC 36-2-6-18; or
(2) a lease to provide capital construction under IC 36-1-10.
(b) The county fiscal body shall levy a tax each year in an amount
sufficient to pay all debt service obligations for jails for that year. IC 6-1.1-18.5-8 applies to such a tax levy.
[Pre-Local Government Recodification Citation:
17-3-84.8-1.]
As added by Acts 1981, P.L.309, SEC.88. Amended by
P.L.73-1983, SEC.21.