Indiana § 36-9-27-97 Bond redemption fund; establishment; composition

Indiana Statutes

§ 36-9-27-97 — Bond redemption fund; establishment; composition

Indiana § 36-9-27-97

Title 36LOCAL GOVERNMENT

Art. 9TRANSPORTATION AND PUBLIC WORKS

Ch. 27Drainage Law

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Bluebook

Ind. Code § 36-9-27-97 (2026).

Text

(a)A bond redemption fund is established for each construction or reconstruction project for which the board authorizes the sale of bonds. The fund consists of all assessments paid by the owners assessed as benefited by the construction or reconstruction, and may be used only to redeem:

(1)the bonds issued to finance the construction or reconstruction; or

(2)any installment note given in lieu of bonds.

(b)The county auditor shall maintain a separate ledger sheet for all assessments to be received into each bond redemption fund. [Pre-Local Government Recodification Citation: 19-4-7-3.] As added by Acts 1981, P.L.309, SEC.101.

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(a) A bond redemption fund is established
for each construction or reconstruction project for which the board
authorizes the sale of bonds. The fund consists of all assessments paid
by the owners assessed as benefited by the construction or
reconstruction, and may be used only to redeem:
(1) the bonds issued to finance the construction or reconstruction;
or
(2) any installment note given in lieu of bonds.
(b) The county auditor shall maintain a separate ledger sheet for all
assessments to be received into each bond redemption fund.
[Pre-Local Government Recodification Citation:
19-4-7-3.]
As added by Acts 1981, P.L.309, SEC.101.