§ 36-9-23-20 — Bonds; disposition of proceeds; lien of holders or trustee

Indiana § 36-9-23-20

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 23: Municipal Sewage Works

Text

(a) The first proceeds of any revenue bonds
issued under this chapter shall be used to repay all amounts advanced
for preliminary expenses under section 13 of this chapter. The
remaining proceeds of the bond issue shall be applied to the cost of
acquiring, constructing, or improving the sewage works.
(b) After the payments required by subsection (a) have been made,
any proceeds of the bond issue that have not been spent shall be
deposited in the sinking fund established by section 21 of this chapter.
(c) The holders of the revenue bonds, or the trustees under section
22 of this chapter, have a lien on the bond proceeds until they are
applied under this section.
[Pre-Local Government Recodification Citations: 19-2-5-12
part; 19-2-5-14.]
As added by Acts 1981, P.L.309, SEC.96.